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Buisness > Key Words > Flashcards

Key Words Flashcards

1
Q

Factors of production

A

Resources or materials businesses use to manufacture or produce it’s goods or services.
Land-labour-capital-enterprise

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2
Q

Land

A

Refers to all natural resources involved in production- physical land, minerals ,oils

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3
Q

Labour

A

Include inputs into productions done by humans- physical or mental

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4
Q

Capital

A

Man made resourced in production- machines, buildings

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5
Q

Enterprise

A

Skills of the people managing or establishing the business resources to meet demands of customers.

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6
Q

Opportunity cost

A

What is given up as a consequence of making a different decision

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7
Q

Objectives of entrepreneurs

A

Have an interest or an idea
Find a gap in the market
Being there own boss

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8
Q

Characteristics of entrepreneurs

A

Willingness to take risks
Hardworking and committed
Innovative
Organised

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9
Q

Business sectors

A

Primary
Secondary
Tertiary

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10
Q

Primary

A

First stage of production. Extracting raw materials. Farming , agriculture or forestry

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11
Q

Second sector

A

Converts primary sectors raw material Into products adding value. Car manufacturing, construction

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12
Q

Tertiary sector

A

Businesses that supply service. Education, healthcare

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13
Q

Buisness environment

A

Refers to external factors of the business that have an effect on it.
Technological, economic,legal change and environmental expectations.

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14
Q

Technological change

A

Technology has led to many new products and new methods of productions

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15
Q

Economic change

A

Interest rates - affect cost of borrowing money
Exchange rates - influence price of goods brought from overseas
Inflation - price increasing
GDP- value of incomes earned in the economy

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16
Q

Legal change

A

Legal changes could affect the way the product must be produced or sold

17
Q

Environmental expectations

A

Businesses are under pressure to use environmentally friendly ways to produce there products and might use sustainable supplies instead.

18
Q

Sole trader

A

Owns and manages a business on there own.

19
Q

Adv and dis-adv of sole trade

A

Simple quick and easy to set up Unlimited liability
Keeps all profit Can be hard work and stressful
Control over decisions Difficult to raise money to start the business

20
Q

Partnership

A

Formed when tow to 20 people set up a business together.

21
Q

Adv and dis-adv of partnership

A

Wider range of skills available Profits must be shared
Potentially more access to finance Disagreements are common
Can cover for each other on holidays Most have unlimited liability

22
Q

Private limited company

A

Existing shareholders in a LTD can control who is able to control and buy shares in there company. They are re usually small and owned by families.

23
Q

Public limited companies

A

Anyone can buy shares in a PLC. Tend to be larger. Most advertise and share stock on stock exchange

24
Q

Qualities of a private limited company

A

Limited liability
Separate legal identity
Able to hire experts to mange it
Higher status

25
Q

Qualities of a public limited company.

A

Sell shares to the general public
Often reviewed media coverage so boost sale
Banks are More willing to lend money

26
Q

Stakeholders

A

Groups or individuals effected by the decisions of a business
Owners, employees, local community, suppliers

27
Q

Owners

A

Sole traders, partnerships, or shareholders of a buisness

28
Q

Employees

A

Individuals who work for the business and receive wages of salaries in return.

29
Q

Local community

A

People or other enterprises who live and operate close to the buisness.

30
Q

Supplier

A

Businesses or individuals that sell the business goods

31
Q

Location of business

A

Proximity to market
Availability of raw materials
Suitable supplies of labour
Competition
Costs

Buisness (3 decks)

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