Key Words Flashcards
What is a business?
a private organisation which converts products and services into a profit by selling them on a market to customers/consumers.
What are goods?
Goods are a product that can be touched e.g cars, machineary, mobiles.
What are services?
Services are products that can’t be touched. Accountancy, cleaner, hair dresser.
what is B2B?
B2B is busness to business, where one sells to snother.
What is B2C?
Business to customer, where a business sells to a customer.
What are factors of production or input?
items that are used to make goods or services
Adding/Added value?
increase in value between buying buying the factors of producution and selling the goods/services to a customer.
What is a customer?
someone or business that buys the goods/service
What is a consumer?
a member of the public who buys the final finished product.
What is a market?
a place where buyers and seller go to exchge goods/services.
What is a profit?
reward to the owner for risking their money
What are Dividends?
Dividends are the share of profir that is given to the share holders.
What is a private sector?
a bsuness owned by a private individual, their main objective is profit.
What is a public sector?
and organistaion which is funded by the governement, it benefits the citizens.
What are consumer wants and needs?
Consumer needs are things that re essential, such as food and water a want is a luxury item that we can live without.
What is an Entrepreneur?
a person who has an idea for a business and risks their own money
What is an SME or SME’s?
Small-Medium business, small has less than 50 employees, medium has 50-250.
What is a primary sector?
agriculter, farming, fishing, mining.
What is a secondary sector?
manufacturing, constructing, supplying electricity.
What is a tertiary sector?
in the supply of services, such as hotels, catering.
What is marketing?
the function that understands customer needs and decides on products, costs and promotion
What is Human Resources?
HR is the function that deals with recruiting and training of emplyees.
What is finance?
the function which monitors and records cost.
What is operations?
the function which managers the supply chain from sourcing suppliers.
What is External Environent?
the factors outside of the business which it needs to respond to, such as law.
Wht is an objective?
something the business wants to achieve.
What is a strategy?
How they plan to acheve their objective.
