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Business Studies > Key Words > Flashcards

Key Words Flashcards

1
Q

What is a Shareholder

A

A person who has invested in a business. Bought a share of the business for a sum of money.

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2
Q

What is Limited Liability

A

A person only lose what they invest in the business

e.g if I invest £250 I can only lose £250

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3
Q

What is Unlimited Liability

A

Partners and sole traders are responsible for paying off all of the company debts personally if the company can’t make payments.

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4
Q

What is LTC

A

Private limited company

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5
Q

What is PLC

A

Public limited company

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6
Q

What is Land

A

Natural resources e.g forest, sea

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7
Q

What is Labour

A

Mental and physical effort

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8
Q

What is Enterprise

A

An enterprise is someone who organises the 3 factors of production

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9
Q

What is Capital

A

Manufactured goods used to make other goods and services eg machinery

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10
Q

3 factors of Production

A

Land, Labour and capital

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11
Q

What is a Primary Sector Business

A

Extracts raw material from natural resources eg farming

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12
Q

What is a Secondary Sector Business

A

Take raw materials (steel) and turn them into the final product (cars) eg factories

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13
Q

What is a Tertiary Sector Business

A

Provide a service. Provide the final product

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14
Q

Unique Selling Point (USP)

A

Something about your product or service that’s different from competitors. It makes your product or service standout

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15
Q

Stakeholder

A

A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business.
E.g employee, suppliers, customer

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16
Q

Entrepreneur

A

Someone who is willing to take risks involving in starting a business.

17
Q

Social Entrepreneur

A

A business that is set up to help society rather than to make money

18
Q

Consumer

A

A purchase of a good or service in retail. A user of the product

19
Q

USP

A

Unique selling point

20
Q

Franchisor

A

Selling the rights to the business name

21
Q

Franchisee

A

Buying the rights to the business name

22
Q

Friendly takeover

A

Shareholders are agreeable to takeover

23
Q

Hostile Takepver

A

Shareholders are opposed to takeover

24
Q

Horizontal merges

A

Occurs between business in the same industry at the same stage of production

25
Q

Vertical merges

A

Occurs between business in the same industry but at different stages of productions

26
Q

Diversification/Conglomerate merges

A

Occurs when business completely different industries merge

27
Q

Diversification/Conglomerate merges Advantages

A

Risks is reduced, works when a business is very successful one market and need to expand

28
Q

Horizontal merges Advantage

A

Economies of scale less competition greater share of market power

Business Studies (8 decks)

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