More Key Words Flashcards
Finance
Payment of interest on outstanding debt.
Government
Payment of taxes contribution to the economy.
Shareholder
A shareholder owns part of the business. They own a share in the decision making and get a split of the profits.
Stakeholders
Stakeholders are individuals or groups who are affected by a business decision or action. They have an interest in the success of a business. Examples of these are staff, customers, owners, suppliers, local community, government, competitors and the trade union
Conflict of interest
Where different groups of stakeholders each have a different perspective on an issue.
Market research
Market research can be used to find out different things about markets or customers or competition. It involves gathering, analysing and presenting information.
A business needs to know what customers want, what they are likely to spend and what they think.
Business
An organisation or economic system where goods and services are exchanged for one another or for money.
Business is not just about making a profit - important to rememberer - The Private and Public sector both have different aims and objectives.
Market size
This is the value of the total sales of all firms in the market.