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Business Studies (Edexcel IGCSE 4BS0) > Section 1 - Business and the environment in which it operates > Flashcards

Section 1 - Business and the environment in which it operates Flashcards

1
Q

Business

A

An organisation which produces goods and services.

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2
Q

Consumer goods

A

Goods and services sold to ordinary people (consumers) rather than businesses.

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3
Q

Entrepreneurs

A

People who take risks and set up businesses.

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4
Q

Goods

A

Physical products like a mobile phone, packet of crisps or shoes.

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5
Q

Needs

A

Basic requirements for human survival.

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6
Q

Private sector

A

Business organisations owned by individuals or groups of individuals.

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7
Q

Public sector

A

Business organisations owned by central or local government.

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8
Q

Scarce resources

A

The amount of resources available is limited.

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9
Q

Services

A

Non-physical products like banking, car washing and waste disposal.

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10
Q

Stakeholder

A

An individual or group with an interest in the operation of a business.

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11
Q

Wants

A

People’s desires for goods and services.

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12
Q

Mission statement

A

A brief summary of a firm’s aims and objectives.

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13
Q

Objectives

A

The goals or targets set by a business.

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14
Q

Profit maximisation

A

Making as much profit as possible in a given time period.

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15
Q

Deed of partnership

A

A binding legal document which states the formal rights of partners.

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16
Q

Franchise

A

Where a business (the franchisor) allows another operator (the franchisee) to trade under their name.

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17
Q

Incorporated businesses

A

Where a business has a separate legal identity from that of its owners.

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18
Q

Limited liability

A

Where a business owner is only liable for the original amount of money invested in the business.

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19
Q

Limited liability partnership

A

A partnership where all partners have limited liability.

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20
Q

Limited partnership

A

A partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business.

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21
Q

Partnership

A

A business owned by between 2-20 people.

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22
Q

Sole trader

A

A business owned by a single person.

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23
Q

Unincorporated business

A

Those businesses where there is no legal difference between the owner and the business.

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24
Q

Unlimited liability

A

Where the owner of the business is personally liable for all business debts.

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25
Q

Flotation

A

The process of a company ‘going public’.

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26
Q

Joint venture

A

Where two or more companies share the cost, responsibility and profits from a business venture.

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27
Q

Limited company

A

A business organisation which has a separate legal identity from that of its owners.

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28
Q

Stock market

A

A market for shares in plcs.

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29
Q

Globalisation

A

The growing integration of the world’s economies.

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30
Q

Multinational

A

A large business with markets and production facilities in several different countries.

31
Q

Repatriation of profit

A

Where a multinational returns the profits from an overseas venture to the country where it is based.

32
Q

Capital-intensive production

A

Production methods that make more use of machinery relative to labour

33
Q

Division of labour

A

Specialisation in specific tasks or skills by an individual

34
Q

Entrepreneur

A

An individual who organises the other factors of production and risks their own money in the business venture

35
Q

Factors of production

A

The resources used to produce goods and services. They include land, labour, capital and enterprise

36
Q

Fixed capital

A

The stock of ‘man-made’ resources such as machines and tools used to help make goods and service

37
Q

Labour

A

The people used in production

38
Q

Labour-intensive production

A

Production methods that make more use of labour relative to machinery

39
Q

Production

A

The transformation of resources into goods or services

40
Q

Specialisation

A

In business the production of a limited range of goods

41
Q

De-industrialisation

A

The decline in manufacturing

42
Q

Primary industry

A

Production involving the extraction of raw materials from the earth

43
Q

Secondary industry

A

Production involving the conversion of raw materials into finished and semi-finished goods

44
Q

Tertiary industry

A

The production of services in the economy

45
Q

Economic growth

A

An increase in income, output and expenditure over a period of time.

46
Q

Fiscal policy

A

Using changes in taxation and government expenditure to manage the economy.

47
Q

Inflation

A

A rise in the general price level.

48
Q

Interest

A

The price of borrowed money.

49
Q

Monetary policy

A

Using changes in interest rates and the money supply to manage the economy.

50
Q

Monopoly

A

Where one business dominates the whole market.

51
Q

Unemployment

A

When people are out of work and cannot find a job.

52
Q

Anti-competitive practices or restrictive trade practices

A

An attempt by firms to prevent or restrict competition.

53
Q

Barriers to entry

A

Obstacles that make it difficult for new firms to enter a market.

54
Q

Balance of trade or visible balance

A

The difference between visible exports and visible imports.

55
Q

Devaluation

A

The depreciation or fall in value of a currency.

56
Q

Exchange rate

A

The price of one currency in terms of another.

57
Q

Exports

A

Goods and services sold overseas.

58
Q

Free trade

A

Trade between nations that is completely without government restrictions.

59
Q

Imports

A

Goods and services bought from overseas.

60
Q

Invisible trade

A

Trade in services.

61
Q

Visible trade

A

Trade in physical goods.

62
Q

Protectionism

A

An approach used by a government to protect domestic producers.

63
Q

Quota

A

A physical limit on the quantity of imports allowed into a country.

64
Q

Subsidy

A

Financial support given to a domestic producer to help compete with overseas firms.

65
Q

Tariff

A

A tax on imports to make them more expensive.

66
Q

Trade barriers

A

Measures designed to restrict trade.

67
Q

Assisted Areas

A

Areas that are designated by the UK or EU as having economic problems and are eligible for support in a variety of forms.

68
Q

Brownfield Site

A

Areas of land which were once used for urban development.

69
Q

Greenfield Site

A

Areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time.

70
Q

Regional Policy

A

Measures used by the government to attract businesses to ‘depressed’ areas.

71
Q

Business Ethics

A

Ideas, in business, about what is morally right or wrong.

72
Q

Pressure Groups

A

Groups of people without political power who seek to influence decision makers in politics, society and businesses.

73
Q

Sustainable Development

A

The idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of life of future generations.

74
Q

Social Audit

A

The collection of information and reporting on the impact that a business has on society and the environment.

Business Studies (Edexcel IGCSE 4BS0) (5 decks)

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