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business studies > Key Words > Flashcards

Key Words Flashcards

1
Q

What is land?

A

The natural resources available for the enterprise, providers of this receive rent

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2
Q

What is labour?

A

Human input into a production process

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3
Q

What is capital?

A

Man made goods that are used for the production of other goods

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4
Q

What is entrepreneurial spirit?

A

People who risk their own finances and make business decisions

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5
Q

What is demand?

A

The amount of products consumers are willing to purchase at a given price

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6
Q

What are wants?

A

Things that are not vital for survival, but make life easier or more pleasant

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7
Q

What are needs?

A

Things vital for survival

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8
Q

What is the developed world?

A

Where everyone is entitled to the basic needs in the developed world these are available to nearly everyone

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9
Q

What is GDP?

A

Total value of goods and services produced by country every year

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10
Q

What is the third world?

A

A place in the world where the five basic needs are rarely available

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11
Q

What is disposable income?

A

Money to spend after taxes are paid

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12
Q

What is a wholesaler?

A

Someone who provides a link between the producer and the retailer

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13
Q

What is profit?

A

The selling price taken away from the cost of production

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14
Q

What is the chain of production?

A

The stages from raw materials to the finished product

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15
Q

Who are the consumers?

A

The people who buy the goods and services

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16
Q

What are the five basic needs?

A 
Water 
food 
shelter 
warmth 
clothes
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17
Q

What is opportunity cost?

A

When we have to make a choice between two things because there is only enough money to do one of them, the one you don’t do you is the opportunity cost

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18
Q

What is choice?

A

When resources can be allocated in various ways

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19
Q

What is trade?

A

The exchange of goods and services for money

20
Q

What is barter?

A

Exchanging good for other goods without the use of money

21
Q

What is the customer?

A

A person who buys goods and services from a supplier

22
Q

What is demand

A

You amount of a product that will be bought at a specified price at a given time

23
Q

What are resources?

A

Everything that is needed to produce goods and services

24
Q

What is scarcity?

A

Is exist when the resources available are not sufficient to supply human wants

25
Q

What is the economy?

A

A system in a country that ensures the people survive

26
Q

What are the three main types of economy?

A

Planned economy
mixed economy
market economy

27
Q

What is planned economy

A

Things that are government owned and government run

28
Q

What is mixed economy

A

Some is government owned and some is owned by individuals

29
Q

What is market economy

A

Run by the people who make the decisions and own it

30
Q

What is a sole trader / proprietor?

A

A small business that is owned and financed by one person

31
Q

What is liability

A

Unlimited liability means they are responsible for their debts, they may have to sell private and personal possessions to pay this off

32
Q

What is tax?

A

A compulsory payment to the government taking from workers wages and businesses profit

33
Q

What is a partnership

A

A business that can have a minimum of two owners and a maximum of 20

34
Q

What is internal growth?

A

A business increases in size without joining with another business
Growth is shown by a higher sales turnover and usually more profit

35
Q

What is external growth?

A

When businesses join together to form a larger business

36
Q

What is a merger?

A

When two or more businesses agree to join together to form a larger business
Are usually similarly sized businesses

37
Q

What is a takeover?

A

When one business buys another business
big businesses usually buy smaller businesses
may be agreed and the business being bought is happy with the agreement
may be contested where the business does not want to be bought out

38
Q

What is acquisition?

A

This usually means the business buys just part of another business

39
Q

What is a joint-venture?

A

When businesses join to sell a product together

40
Q

What is horizontal integration?

A

Went two businesses join together that make or sell the same products at the same stage of the chain of production

41
Q

What is vertical integration?

A

When one business joints with another somewhere in its chain of production

42
Q

What is recruitment?

A

The process by which a business hires staff

43
Q

What is induction?

A

The sessions given to new workers when they first start work

44
Q

What is a co-operative?

A

Businesses that have objectives other than making a profit. Usually aim to support the community, and encourage ethical business practices.

45
Q

What is a franchise?

A

An arrangement in which a well known businesses name is sold of to an individual or company who can then start trading under that name.

46
Q

What is the franchisor?

A

The business selling the right to trade it product or service

47
Q

What is the franchisee

A

The company / person buying the franchise

business studies (5 decks)

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