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Business > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

Business:

A

Organisation that produces G&S

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2
Q

Organisation:

A

Group that’s formed for a particular purpose

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3
Q

Goods:

A

Physical products, e.g. phone, shoes

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4
Q

Services:

A

Non-physical products, e.g. car washing, banking

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5
Q

Output:

A

Amount of goods/work produced

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6
Q

Producer goods:

A

G&S produced by one business for another

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7
Q

Consumer goods:

A
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8
Q

Consumer goods:

A

G&S sold to ordinary people (consumers) rather than businesses

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9
Q

Needs:

A

Basic requirements for human survival

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10
Q

Wants:

A

People’s desires for G&S

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11
Q

Premises:

A

Buildings and land used by a shop or business

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12
Q

Infinite:

A

Without limits

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13
Q

Finite:

A

Having and end or limit

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14
Q

Scarce:

A

Resources with limited availability

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15
Q

Private sector:

A

Business owned by individuals or group of individuals

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16
Q

Public sector:

A

Business owned by government

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17
Q

Stakeholder:

A

Individual or group with interest in the operation of the business

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18
Q

Entrepreneur:

A

A person who takes the financial risk of setting up a business

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19
Q

EBITDA:

A

Earnings before interest, tax, depreciation & amortisation

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20
Q

Objectives:

A

Goals/ targets set by a business

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21
Q

Executives:

A

Managers in a company who help make important decisions

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22
Q

Diversify:

A

Increasing the range of G&S produced

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23
Q

Profit maximisation:

A

Making as much profit as possible in given time period

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24
Q

Financial return:

A

Monetary return

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25
Q

Shareholders:

A

Owners of limited companies

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26
Q

Dividends:

A

Share of the profit paid to shareholders in a company

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27
Q

Profit satisficing:

A

Making enough profit to satisfy the needs of the business owners

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28
Q

Automation:

A

Use of computers & machines instead of people to do a job

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29
Q

Economies of scale:

A

Financial advantages of producing something in very large quantities

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30
Q

Large business:

A

A business that employs more than 250 people

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31
Q

Small business:

A

A business that employs fewer than 50 people

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32
Q

Revenue:

A

Money from the sale of G&S

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33
Q

Innovater:

A

Someone who intorduces changes & new ideas

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34
Q

Labour:

A

People employed in a business/ use in production

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35
Q

Unincorporated:

A

In business - no legal difference between owner & business

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36
Q

Incorporated:

A

Business that has separates legal identitiy from that of its owners

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37
Q

Sole trader:

A

Business owned by a single person

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38
Q

Unlimited liability:

A

Owner is personally liable for business debts - must pay with personal assets

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39
Q

Partnership:

A

Business owned by between 2 - 20 people

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40
Q

Deed of partnership:

A

Binding legal document that states the formal rights of partners

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41
Q

Limited partnership:

A

Where some partners contrii=bute capital + enjoy profit.. Don’t take part in the running of the business

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42
Q

Audits:

A

Official examination of a comapny’s financial records - checking if they are correct

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43
Q

Limited liability:

A

Owner only liable for original amount of money put in the business

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44
Q

Franchise:

A

Structure in which business allows another operator to trade under their name

45
Q

Merchandise:

A

Goods that are being sold

46
Q

Social enterprise:

A

Business aiming to improve human or environmental well-being. e.g. Charities

47
Q

Cooperative:

A

Company in which all the people working there own an equal share of it

48
Q

Consumer cooperative:

A

Cooperative owned by its customers

49
Q

Retail cooperative:

A

Cooperative of retail members

50
Q

Charities:

A

Organisations that give money, goods or help to people who are poor, sick, or in need

51
Q

Venture capitalists:

A

Specialist investors who provide moneyfor business purpose, often to new businesses

52
Q

Limited companies:

A

Business’s that have a separate legal identity from that of their owners

53
Q

Chairperson:

A

Someone who’s in charge of a meeting or directs the work of an organisation

54
Q

Stock market:

A

Market for shares in PLC’s

55
Q

PLC:

A

A public limited company is a business that is managed by directors and owned by shareholders

56
Q

LTD:

A

Private limited company

57
Q

Prospectus:

A

Document produced by a company that wants the public to buy its shares

58
Q

Regulatory control:

A

official power to control an activity and to make sure that it is done in a satisfactory way

59
Q

Flotation:

A

Process of a company ‘going public’

60
Q

Multinational company:

A

Large business with significant production or service operations in at least two different countries

61
Q

Productivity:

A

Rate at which goods are produced, & the amount produced. In relation to the work, time and money needed to produce them

62
Q

Public corporations:

A

Business’s owned & controlled by the governnment

63
Q

Portfolio:

A

Collection of business interests or products

64
Q

Infrastructure:

A

Basic systems/structures a company/organisation needs in order to work properly

65
Q

Natural monopoly:

A

Market where it’s more efficient to have just one organisation meeting total market demand

66
Q

Privatisation:

A

Transfer of public sector resources to the private sector

67
Q

Primary sector:

A

Production involving extraction of raw materials

68
Q

Secondary sector:

A

Production invloving conversion of raw materials to finished goods

69
Q

Assembly plant:

A

Factory where parts are put together to make a finished product

70
Q

Tertiary sector:

A

Production of services in the economy

71
Q

De-industrialisation:

A

Decline in manufacturing

72
Q

Trade bloc:

A

Group of countries situated in the same region that join together & enjoy trade free of barriers

73
Q

Emerging economies:

A

Rapidly growing economies

74
Q

Globalisation:

A

Growing integration of the world’s economies

75
Q

Monetary system:

A

System of money controlled by governments & central banks

76
Q

Saturate:

A

To offer so much of a product that there’s more than people want to buy

77
Q

Predator:

A

Business that tries to use another’s weakness to get advantages

78
Q

Hostile takeover:

A

Takeover that the company being taken over doesn’t want to agree to

79
Q

Bid:

A

Offer to pay a particular price for something

80
Q

Commodities:

A

Products that are bought and sold

81
Q

Ventures:

A

New business activity that involves taking risks

82
Q

Human capital:

A

People & their skills

83
Q

Enterprise:

A

The activity of starting & running a business

84
Q

Exploitation

A

Situation in which you constantly ask for something but give very little in return

85
Q

Livelihood:

A

Way you earn money in order to live

86
Q

Exports:

A

Goods & services sold overseas

87
Q

Imports:

A

Goods & services bought from overseas

88
Q

Visible trade:

A

Trade in physical goods

89
Q

Invisible trade:

A

Trade in services

90
Q

Balance of trade:

A

Difference between visible exports & visible imports

91
Q

Transactions:

A

Business deals/actions, such as buyig or selling something

92
Q

Exchange rate:

A

Value of one currency in terms of another

93
Q

Merger:

A

Two or more business joing togetehr to form one new firm

94
Q

Protectionism:

A

Use of trade barriers to protect domestic producers

95
Q

Trade barriers:

A

Measures designed to restrict trade

96
Q

Infant industries:

A

New industries that are yet to be established

97
Q

Dumping:

A

When a business sells goods in another country, often below cost

98
Q

Quota:

A

Physical limit on the quantity of imports allowed into a country

99
Q

Subsidy:

A

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

100
Q

Interest:

A

Price of borrowed money

101
Q

Monetary policy:

A

Using changes in interest rates & the money supply to manage the economy

102
Q

Tax allowences:

A

Part of income that isn’t taxed

103
Q

Budgetry measures:

A

Actions taken by the government to influence business & the economy

104
Q

Urbanisation:

A

process of constructing more & more buildins on rural land

105
Q

Capital-intensive:

A

Use of relatively more machinery than labour in production

106
Q

Sustainable development:

A

Idea that people should satisfy their basic needs & enjoy improved living standards without compromising the quality of life of future generations

107
Q

Capital-employed:

A

Amount of money invested in a business

108
Q

Overtrading:

A

Taking on more work than a business can afford o fund effectively

109
Q

Inventory:

A

Stocks of goods

Business (2 decks)

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