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iGCSE Business Studies > 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

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

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3
Q

Entrepreneurs.

A

People who take risk and set up businesses.

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4
Q

Goods.

A

Physical products like a mobile phone, packet of crisps or pair of 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

Producer Goods.

A

Goods and services produced by one business for another.

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8
Q

Public Sector.

A

Business organisations owned by central or local government.

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9
Q

Scarce Resources.

A

The amount of resources available is limited.

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10
Q

Services.

A

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

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11
Q

Stakeholders.

A

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

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12
Q

Wants.

A

Peoples’ desires for goods and services.

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13
Q

Mission Statement.

A

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

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14
Q

Objectives.

A

The goals or targets set by a business.

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15
Q

Profit Maximisation.

A

Making as much profit as possible in a given period.

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16
Q

Deed of Partnership.

A

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

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17
Q

Franchise.

A

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

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18
Q

Incorporated Businesses.

A

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

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19
Q

Limited Liability.

A

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

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20
Q

Limited Liability Partnership.

A

A partnership where all partners has limited liability.

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21
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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22
Q

Partnership.

A

A business owned by between 2 and 20 people.

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23
Q

Sole Trader or Sole Proprietor.

A

A business owned by a single person.

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24
Q

Unincorporated Business.

A

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

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25
Q

Unlimited Liability.

A

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

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26
Q

Flotation.

A

The process of a company ‘going public’.

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27
Q

Joint Venture.

A

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

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28
Q

Limited Company.

A

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

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29
Q

Stock Market.

A

A market for shares in PLCs.

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30
Q

Globalisation.

A

The growing integration of the World’s economies.

31
Q

Multinational.

A

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

32
Q

Repatriation (of Profit).

A

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

33
Q

Capital-Intensive Production.

A

Production methods that make more use of machinery relative to labour.

34
Q

Division of Labour.

A

Specialisation in specific tasks or skills by an individual.

35
Q

Entrepreneur.

A

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

36
Q

Factors of Production.

A

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

37
Q

Fixed Capital.

A

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

38
Q

Labour.

A

The people used in production.

39
Q

Labour-Intensive Production.

A

Production methods that make more use of labour relative to machinery.

40
Q

Production.

A

The transformation of resources into goods and services.

41
Q

Specialisation.

A

In business, the production of a limited range of goods.

42
Q

De-Industrialisation.

A

The decline of manufacturing.

43
Q

Primary Industry.

A

Production involving the extraction of raw materials from the earth.

44
Q

Secondary Industry.

A

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

45
Q

Tertiary Industry.

A

The production of services in the economy.

46
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.

47
Q

Brownfield Site.

A

Areas of land, which were once used for urban development.

48
Q

Greenfield Areas.

A

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

49
Q

Regional Policy.

A

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

50
Q

Economic Growth.

A

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

51
Q

Fiscal Policy.

A

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

52
Q

Inflation.

A

A rise in the general price level.

53
Q

Interest.

A

The price of borrowed money.

54
Q

Monetary Policy.

A

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

55
Q

Monopoly.

A

Where one business dominates the whole market.

56
Q

Unemployment.

A

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

57
Q

Anti-Competitive Practices or Restrictive Trade Practices.

A

An attempt by firms to prevent or restrict competition.

58
Q

Barriers to Entry.

A

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

59
Q

Balance of Trade or Visible

Balance.

A

The difference between visible exports and visible imports.

60
Q

Devaluation.

A

The depreciation or fall in the value of a currency.

61
Q

Exchange Rate.

A

The price of one currency in terms of another.

62
Q

The price of one currency in terms of another.

A

Goods and services sold overseas.

63
Q

Free Trade.

A

Trade between nations that is completely without government restrictions.

64
Q

Imports.

A

Goods and services bought from overseas.

65
Q

Invisible Trade.

A

Trade in services.

66
Q

Protectionism.

A

An approach used by a government to protect domestic producers.

67
Q

Quota.

A

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

68
Q

Subsidy.

A

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

69
Q

Tariff.

A

A tax on imports to make them more expensive.

70
Q

Trade Barriers.

A

Measures designed to restrict trade.

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.

iGCSE Business Studies (5 decks)

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