Brainscape's Knowledge GenomeTM

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


See full index

Business > vocabulary > Flashcards

vocabulary Flashcards

1
Q

need

A

a good or service essential for living

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

want

A

a good or service which people would like to have, but is not essential for living.
People’s wants are unlimited

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

economic problem

A

there exist unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity

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

factors of production

A

resources needed to produce goods or services. there are 4 factors of production and they are in limited supply. they are -> land, labour, capital, enterprise

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

scarcity

A

lack of sufficient products to fulfill the total wants of the population

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

opportunity cost

A

next best alternative given up by choosing another item (what you lose due to a decision)

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

specialisation

A

occurs when people and businesses concentrate on what they are best at

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

division of labour

A

when the production process is split up into different tasks and each worker performs one of these tasks. it is a form of specialisation.

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

businesses

A

combine factors of production to make products (goods and services) which satisfy people’s wants

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

added value

A

difference between the selling price of a product and the cost of brought-in materials and components

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

primary sector

A

the primary sector of industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses

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

secondary sector

A

the secondary sector of industry manufactures goods using the raw materials provided by the primary sector

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

tertiary sector

A

the tertiary sector of industry provides services to consumers and the other sectors of industry

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

de-industrialisation

A

occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in a country

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

mixed economy

A

economy that has both a private sector and a public (state) sector

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

private sector

A

businesses not owned by the government

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

public sector

A

government/state owned and controlled businesses and organisations

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

capital

A

the money invested into a business by the owners

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

entrepreneur

A

a person who organises, operates, and takes the risk for a new business venture

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

business plan

A

a document containing the business objectives and important details about the operations, finance, and owners of the new business

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

capital employed

A

the total value of capital used in the business

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

internal growth

A

occurs when a business expands its existing operations

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

external growth

A

when a business takes over or merges with another business. it is often called integration as one business is integrated into another one

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

takeover / acquisition

A

when one business buys out the owners of another business, which then becomes part of the ‘predator’ business (the business which has taken it over)

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

merger

A

when the owners of 2 businesses agree to join their businesses together to make 1 business

26
Q

horizontal integration / merger

A

when one business merges with or takes over another business in the same industry at the same stage of production

27
Q

vertical integration / merger

A

when one business merges with or takes over another business in the same industry but at a different stage of production. vertical integration can be forward or backward.
(forward is with later stage of production - closer to consumer like tertiary sectors. (primary -> secondary -> tertiary) backward is with a earlier stage of production - closer to raw material supplies like primary sectors (tertiary -> secondary -> primary))

28
Q

conglomerate integration / diversification

A

when one business merges with or takes over a business in a completely different industry

29
Q

sole trader

A

a business owned by 1 person

30
Q

limited liability

A

the liability of shareholders in a company is limited to only the amount they invested

31
Q

unlimited liability

A

the owners of a business can be held responsible for the debts of the business they own. their liability is not limited to the investment they made in the business.

32
Q

partnership

A

a form of business in which 2 or more people agree to jointly own a business

33
Q

partnership agreement

A

written and legal agreement between business partners. it is not essential for partners to have such an agreement but it is always recommended.

34
Q

unincorporated business

A

one that does not have a separate legal identity such as sole traders and partnerships

35
Q

incorporated businesses

A

companies that have a separate legal status from their owners

36
Q

sharehoders

A

owners of a limited company. they buy shares which represent part-ownership of the company

37
Q

private limited companies

A

businesses owned by shareholders but they cannot sell shares to the public.

38
Q

public limited companies

A

businesses owned by shareholders but they can sell shares to the public and their shares are tradeable on the Stock Exchange

39
Q

annual general meeting

A

legal requirement for all companies. shareholders may attend and vote on who they want to be on the Board of Directors for the coming year

40
Q

dividends

A

payments made to shareholders from the profits (after tax) of a company. they are the return to shareholders for investing in the company

41
Q

franchise

A

business based upon the use of the brand names, promotional logos and trading methods of an existing successful business. The franchisee buys the license to operate this business from the franchisor (branches)

42
Q

joint venture

A

where 2 or more businesses start a new project together, sharing capital, risks and profits

43
Q

public corporation

A

business in the public sector that is owned and controlled by the state (government)

44
Q

business objectives

A

aims or targets that a business works towards

45
Q

profit

A

total income of a business (revenue) less total costs

46
Q

market share

A

percentage of total market sales held by one brand or business

47
Q

social enterprise

A

has social objectives as well as an aim to make a profit to reinvest back into the business

48
Q

stakeholder

A

any person or group with a direct interest in and is directly affected by the performance and activities of a business

49
Q

motivation

A

the reason why employees want to work hard and work effectively for the business

50
Q

wage

A

payment for work, usually paid weekly

51
Q

time rate

A

the amount paid to an employee for 1 hour of work

52
Q

piece rate

A

amount paid for each unit of output

53
Q

salary

A

payment for work, usually paid monthly

54
Q

bonus

A

additional amount of payment above basic pay as a reward for good work

55
Q

commission

A

payment relating to the number of sales made

56
Q

profit sharing

A

a system whereby a proportion of the company’s profits is paid out to employees

57
Q

job satisfaction

A

the enjoyment derived from feeling that you have done a good job

58
Q

job rotation

A

involves workers swapping around and doing each specific task for only a limited time and then changing around again

59
Q

job enrichment

A

involves looking at jobs and adding tasks that require more skill and/or responsibility

60
Q

teamworking

A

involves using groups of workers and allocating specific tasks and responsibilities to them

61
Q

training

A

the process of improving a worker’s skills

62
Q

promotion

A

the advancement of an employee in an organisation, for example, to a higher job/managerial level

Business (7 decks)

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