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BS GCSE > Key Words > Flashcards

Key Words Flashcards

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1
Q

Want

A

A good or service which we would like to have but isn’t particularly essential for us to live

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2
Q

Need

A

A good or service in which we need to survive

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3
Q

Goods

A

Product that has a physical existence- you can touch it

eg. Food, Dog , chair

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4
Q

Service

A

Something somebody does for you

eg. Lawyer, teacher, coach

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5
Q

Scarcity

A

Economic problem- humans have unlimited wants and there are limited resources

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6
Q

Equilibrium

A

The point when both the buyer and seller are happy

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7
Q

Resources

A

Things you need to produce a product

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8
Q

Land

A

Natural resources

eg. Horse

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9
Q

Labor

A

Human physical and mental effort

eg. Accountant

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10
Q

Capital

A

All man made resources

Eg. Money

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11
Q

Enterprise

A

Management, organization, risk taking

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12
Q

Consumer

A

Someone that uses the product

eg. Student

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13
Q

Customer

A

Someone that buys the product

Eg. Parent

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14
Q

Opportunity cost

A

Decision deciding in which the item/ product is more beneficial and it involves you giving up something in return

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15
Q

Stakeholders

A

Someone who is interested in the success of a business

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16
Q

Shareholder

A

An owner of shares in a business

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17
Q

Added value

A

The idea of increasing the perception of the customer. It increases what the customer gets.

Eg. Adding a name brand

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18
Q

Partnership

A

Between 2 and 20 people

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19
Q

Sole trader

A

Have unlimited liability- business is in their hands

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20
Q

Business plan

A

A plan that a business used to guide them through their operating years

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21
Q

Deed of partnership

A

An agreement between the partners discussing the business plans and other issues

Eg. Obligations

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22
Q

Dividends

A

Profit between shareholders

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23
Q

Franchise

A

A business based upon the use of brand names

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24
Q

Franchisee

A

Buys the license to operate using the name of the francisor

25
Q

Franchisor

A

The ‘big name’ that allows ty franchisee to pay for the right to use their company name

26
Q

Public corporation

A

A company whose shares are sold freely on the stock market

Eg Govt. companies

27
Q

Co-operative

A

When several smaller companies come together to form one business where everyone is equal

28
Q

Joint venture

A

Separate companies come together to make a company that benefits both of them

29
Q

Primary sector

A

Industries that are involved in the extraction of raw materials

30
Q

Secondary sector

A

Industries that are involved in manufacturing (making things)

31
Q

Tertiary sector

A

All services

Eg. Lawyer , insurance, travel agent

32
Q

Interval growth

A

Growth is often paid for by profits from the existing business.

Slow but easier to manage

33
Q

External growth

A

Involves a take over or merger with another business

34
Q

Horizontal merger/ integration

A

When one firm merged with or takes over another in the same industry at the same stage of production

35
Q

Vertical merger/ integration

A

When one firm merged with or takes over another on the SAME industry it at DIFFERENT stages of production

Can be forward or backwards

36
Q

Conglomerate merger/ integration

A

When a firm merges with or takes over a firm in a completely different industry - DIVERSIFICATION

37
Q

Organizational structure

A

Refers to the levels or management and division of responsibilities within an organization. Often presented as an organizational chart

38
Q

Chain or command

A

The line in which all information and all instructions are passed down

39
Q

Spam of control

A

The number of people one person is directly responsible for

40
Q

Hierarchy

A

The order of authority that employees fall under

41
Q

Delegation

A

A reduction of direct control by supervisors and managers as subordinates are delegated to preform tasks. This increases trust

42
Q

Functional department

A

Department in which that persons job or function is in

43
Q

Hierarchical structure

A

The structure of authority and the order in which employees fall under that authority

44
Q

Line manager

A

Someone directly above you in the chain of command

45
Q

Staff manager

A

Someone who is brought in for a particular project or event because of their special skills

46
Q

Manager

A

Someone who oversees the business or department, organizes, coordinates and demands

47
Q

Salary

A

Annual payment divided by 12

48
Q

Wage

A

Payment for what you do

Either- time rate (per hour)
OR - piece rate (per item produced)

49
Q

Leaders

A

Influence and inspire people

50
Q

Autocratic leader

A

Workers do as they say

51
Q

Laissez-faire leader

A

Do this or that as you see fit

52
Q

Democratic leader

A

Which is best x or y

53
Q

Recruitment

A

Finding the right person for the right job

54
Q

On the job training

A

Employee is trained by watching a more experienced worker doing the job

55
Q

Off the job training

A

Worker goes away from their work place to be trained by a professional. It is more general

56
Q

Induction training

A

Training when an employee is new to the post. You’re told what’s expected of you and showed around

57
Q

Dismissal

A

When an employee is asked to leave their job because of their behavior is unsatisfactory

58
Q

Redundancy

A

Occasions when an employee is no longer needed, through no fault of their own

Eg. Company gone bankrupt

59
Q

Trade union

A

A group of workers who come together to protect each other’s rights

BS GCSE (2 decks)

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