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Business Gcse > Unit 1 Business In The Real World Key Words > Flashcards

Unit 1 Business In The Real World Key Words Flashcards

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1
Q

Acquisition / Takeover

A

One business takes control and ownership of another

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2
Q

Business environment

A

The range of external factors that influence a business: PESTLE-C – Political, Economic, Social,
Technological, Legal, Environmental and Ethical, and Competition.

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3
Q

Capital

A

Investment in machinery, and the money required to start the business. One of the four
Factors of Production.

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4
Q

Competition

A

The rivalry between businesses looking to sell their goods/services in the same market

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5
Q

Competitive market

A

Businesses compete for the same customers, no one business has more than 25% market
share.

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6
Q

Conglomerate

A

A business that owns brands in a range of different industries. For example, easyGroup own easyJet, easyHotel, easyPizza, easyGym, easyMoney, easyEnergy, and more

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7
Q

Costs

A

The money spent by a business on goods and services

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8
Q

Variable costs

A

Any expenses that change based on how much a company produces and sells

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9
Q

Fixed costs

A

The costs that stay largely the same, regardless of the business’ output.

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10
Q

Creditor

A

These are people or organisations who have supplied goods or services to a firm but have
not yet been paid for them

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11
Q

Deed of partnership

A

This is a legal document which shows how responsibilities, profits and workload
are to be shared.

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12
Q

Diseconomies of scale

A

When a business grows too large, leading to a possible increase in unit cost.

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13
Q

Dividend

A

A portion of the after-tax profit that is paid to shareholders according to the number of shares they own

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14
Q

E-Commerce

A

Business transactions carried out electronically on the internet

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15
Q

Economies of scale

A

The cost advantage of producing on a large scale. As output increases the unit cost decreases

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16
Q

Technical economies of scale

A

Being a larger organisation allows you access to more capital, with which you can buy larger machines that enable you to increase you output while lowering unit costs

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17
Q

Purchasing economies of scale

A

Buying in larger quantities enables you to access higher price breaks which leads to a fall in the unit costs.

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18
Q

Enterprise

A

The ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate. One of the four Factors of Production

19
Q

Entrepreneur

A

A person who is willing to take a risk by investing money into a business, organising the
resources and hoping to make a profit.

20
Q

Entrepreneurship

A

The act of being an entrepreneur

21
Q

Footloose

A

A business that can be set up virtually anywhere – it has no specific need to be close to any specific resource or set of customers.

22
Q

Integration

A

Businesses joining together through either a Merger or Acquisition / Takeover

23
Q

Intrapreneurship

A

Encouraging your employees to take risks and act as if they were an entrepreneur– but while working for you

24
Q

Labour

A

The work done by employees are those running the business. One of the four Factors of
Production.

25
Q

Land

A

Land and buildings. One of the four Factors of Production.

26
Q

Liability/ limited liability

A

The extent of the owner’s/owners’ responsibility for the debts of the business.

Limited Liability: The owners are not responsible for the debts of the business. The limit of their liability for the business’ debts is the amount they have already invested.

27
Q

Merger

A

When two or more businesses agree to join together.

28
Q

Monopoly

A

Where a business has a market share of 25% or more. This allows them to dictate prices, their
size in the market makes them difficult to compete with as they are able to achieve economies of scale.

29
Q

Objective

A

A specific statement that defines a precise goal that can be measured and delivered within a
given time.

30
Q

Opportunity cost

A

The cost of the next-best alternative that has to be given up when a choice is made.

31
Q

Outsourcing

A

Contracting another business to carry out some of the business’ activities, often to reduce
costs

32
Q

Primary industry

A

Industries which extract natural resources. e.g. farming, oil drilling & mining.

33
Q

Private sector

A

Businesses not owned by the state (government) but by individuals or groups

34
Q

Profit/Loss

A

Profit: Where income is greater than expenditure

Loss: Where expenditure is greater than income.

35
Q

Public sector

A

Organisations where the activities are carried out either by national or local government

36
Q

Raw materials

A

Materials and resources that are found / grown / extracted in the form that they will be used

37
Q

Revenue

A

Income from the sale of goods and services over a period of time

38
Q

Secondary Industry

A

Industries which manufacture, assemble, process and construct goods

39
Q

Sleeping Partner

A

A partner who puts in finance but does not take part in running the business. They have limited
liability.

40
Q

Special Interest Group

A

A stakeholder in an organisation with a particular interest, such as the Environmental Lobby – a group with a specific interest in businesses operating in an environmentally friendly way

41
Q

Tertiary sector

A

Industries which provide services both to individuals and other sectors of industry

42
Q

Trade union

A

An organisation who work to ensure that the interests and rights of their members (a group of workers) are protected

43
Q

Unit cost

A

The costs of the raw materials and components that have been combined to create a product

Business Gcse (4 decks)

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