Year 10 - Business Activity

Question 1

Gap in the Market

Answer 1

Offering a product that is wanted, but which other businesses do not provide.

Question 2

Products

Answer 2

A good or service.

Question 3

Goods

Answer 3

Things that can be touched.

Question 4

Service

Answer 4

Things done to or for a customer.

Question 5

Internal Stakeholders

Answer 5

Those with a direct interest in a business.

Question 6

Shareholders

Answer 6

Owners of shares in a business.

Question 7

Stakeholders

Answer 7

A person, group or organisation with a direct stake in a business.

Question 8

External Stakeholders

Answer 8

Individuals, groups or other businesses that have a less direct stake in a business.

Question 9

Aims

Answer 9

Long term goals towards which a business can work.

Question 10

Objectives

Answer 10

Shorter term targets that can be measured.

Question 11

Mission Statement

Answer 11

Statement of values and ambitions of a business that defines how it operates.

Question 12

Social Enterprise

Answer 12

An organisation with social objectives, aimed at stakeholders such as members, customers and communities.

Question 13

Co - operatives

Answer 13

A group that shares in a business to ensure a fair deal for members.

Question 14

Mutual Society

Answer 14

A society set up to provide benefit to its members.

Question 15

Charity

Answer 15

A ‘business’ that tries to do the most good for its chosen cause.

Question 16

Primary Production

Answer 16

The first stage of the production process, dealing with raw materials.

Question 17

Secondary Production

Answer 17

The second stage of production, dealing with making the good.

Question 18

Tertiary Production

Answer 18

The third stage of production, dealing with services.

Question 19

Chain of Production

Answer 19

The stages of production through which a product passes, from primary to secondary to tertiary.