Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

commerce > unit 1 definitions > Flashcards

unit 1 definitions Flashcards

all definitions found in 144 pages

1
Q

production

A

a process which involves converting goods to services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

services

A

where tasks are carried out for customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

manufacturing

A

the use of raw materials to create physical goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

mass produced

A

goods that are produced in bulk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

consumers

A

people who buy goods and services for personal use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

consumer goods

A

goods produced for other people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

intermediate goods

A

goods produced for other companies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

capital goods

A

goods produced to make other goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

direct services

A

services directed towards consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

commercial services

A

services used to help other businesses with distributing goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

trade

A

the exchange of goods and services for money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

aids to trade

A

services provided to businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

indirect services

A

services provided by commercial enterprises to support businesses while trading

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

working capital/circulatory capital

A

stocks of raw materials that will be used up in production/ finished goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

fixed capital

A

stuff that will help convert working capital to goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

land

A

natural resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

labour

A

the workforce of the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

enterprise

A

entrepreneurs are people who own a business, come up with the business idea, take risk of setting up a business and are responsible for organising resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

productivity

A

the amount of goods produced per net time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

globalisation

A

the spread of technology, trade, information and jobs across different countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

intermediary/middleman

A

person that acts like a link between buyers and sellers- like a wholesaler

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

tariff

A

tax paid on goods that are imported

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

protectionism

A

measures taken by the gov to reduce imports and stuff like dumping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

lead time

A

time between placing an order and receiving it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

outsourcing

A

to arrange someone outside the business to do work for the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

value added tax (VAT)

A

sales tax imposed on every stage of production. can vary from country to country (currently is sri lanka is 18%)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

sales tax

A

tax paid by consumers when buying a good or service (usually a small percentage of the transaction)

28
Q

sole trader

A

business owned by one person (hint: sole=1)

29
Q

unlimited liability

A

owner is personally responsible for all debts, even beyond what is payable by him/her

30
Q

coorporative

A

business owned and controlled by people who use its supplies

31
Q

public sector

A

government orgs that provide goods and services in the economy

32
Q

private sector

A

private orgs owned by individuals that provide goods and services in the economy

33
Q

unincorporated business

A

businesses with no legal difference between the owner and the business

34
Q

incorporated business/limited company

A

businesses where there is a legal difference between the business and its owner.

35
Q

annual general meeting (AGM)

A

an annual meeting for cooperative company’s shareholders

36
Q

dividend

A

the amount of money paid to shareholders from profits

37
Q

partnership

A

a business owned by between 2 to 20 people

38
Q

deed of partnership

A

an official document stating the terms and conditions in a partnership

39
Q

limited partnership/sleeping partner

A

where some partners aren’t involved in the business but give capital (the partner doing this is called a sleeping partner [usually has limited liability])

40
Q

limited liability

A

when a business goes in debt, the partner can only pay what he invested beforehand

41
Q

sue/to sue

A

to make a legal claim against someone because they/their product have hurt you in some way

42
Q

chairperson

A

someone who is in charge of a meeting and administrates the work of an organisation

43
Q

certificate of incorporation

A

the document needed for an incorporated company before they can start trading.

44
Q

franchise

A

a business model where a well-established company gives the license to a new company to operate under it’s name

45
Q

privatisation

A

the transfer of a public sector company to the private sector

46
Q

productivity

A

the amount of goods and services produced per net time

47
Q

distribution channel

A

the route taken by a product from a producer to the consumer

48
Q

bulk breaking

A

buying a large amount of goods and selling them in small quantities

49
Q

point of sale

A

any point where a consumer buys a product

50
Q

impulse buying

A

where shoppers make an unplanned purchase

51
Q

footfall

A

the number of people walking by an area

52
Q

brownfield sites

A

areas of land that were once used for urban development

53
Q

greenfield sites

A

areas of land where businesses develop for the first time

54
Q

brand

A

a type of product manufactured by a particular company under a particular name

55
Q

touchpoint

A

a point where business and customers interact

56
Q

retained profit

A

profit kept by the business for future use (in case of emergency)

57
Q

wholesaling

A

selling goods to retailers rather than customers

58
Q

current balance

A

the difference between a nation’s exports and imports of goods and services

59
Q

current account deficit

A

when imports > exports

60
Q

current account surplus

A

when exports > imports

61
Q

balance of payments

A

a record of all transactions relating to international trade

62
Q

trading blocs

A

a group of countries, usually in the same region that join together and enjoy trade between them free of all trade barriers

63
Q

trade barriers

A

measures designed to restrict trade

64
Q

quota

A

a restriction placed by the government on the quantity of imported goods allowed in country

65
Q

multinational company/corporation

A

a large business with significant production or service operations in more than one country

commerce (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions