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Key Words Flashcards

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
Franchisor
The ‘big name’ that allows ty franchisee to pay for the right to use their company name
26
Public corporation
A company whose shares are sold freely on the stock market Eg Govt. companies
27
Co-operative
When several smaller companies come together to form one business where everyone is equal
28
Joint venture
Separate companies come together to make a company that benefits both of them
29
Primary sector
Industries that are involved in the extraction of raw materials
30
Secondary sector
Industries that are involved in manufacturing (making things)
31
Tertiary sector
All services Eg. Lawyer , insurance, travel agent
32
Interval growth
Growth is often paid for by profits from the existing business. Slow but easier to manage
33
External growth
Involves a take over or merger with another business
34
Horizontal merger/ integration
When one firm merged with or takes over another in the same industry at the same stage of production
35
Vertical merger/ integration
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
Conglomerate merger/ integration
When a firm merges with or takes over a firm in a completely different industry - DIVERSIFICATION
37
Organizational structure
Refers to the levels or management and division of responsibilities within an organization. Often presented as an organizational chart
38
Chain or command
The line in which all information and all instructions are passed down
39
Spam of control
The number of people one person is directly responsible for
40
Hierarchy
The order of authority that employees fall under
41
Delegation
A reduction of direct control by supervisors and managers as subordinates are delegated to preform tasks. This increases trust
42
Functional department
Department in which that persons job or function is in
43
Hierarchical structure
The structure of authority and the order in which employees fall under that authority
44
Line manager
Someone directly above you in the chain of command
45
Staff manager
Someone who is brought in for a particular project or event because of their special skills
46
Manager
Someone who oversees the business or department, organizes, coordinates and demands
47
Salary
Annual payment divided by 12
48
Wage
Payment for what you do Either- time rate (per hour) OR - piece rate (per item produced)
49
Leaders
Influence and inspire people
50
Autocratic leader
Workers do as they say
51
Laissez-faire leader
Do this or that as you see fit
52
Democratic leader
Which is best x or y
53
Recruitment
Finding the right person for the right job
54
On the job training
Employee is trained by watching a more experienced worker doing the job
55
Off the job training
Worker goes away from their work place to be trained by a professional. It is more general
56
Induction training
Training when an employee is new to the post. You’re told what’s expected of you and showed around
57
Dismissal
When an employee is asked to leave their job because of their behavior is unsatisfactory
58
Redundancy
Occasions when an employee is no longer needed, through no fault of their own Eg. Company gone bankrupt
59
Trade union
A group of workers who come together to protect each other’s rights

BS GCSE (2 decks)

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