Year 12 unit 3 Flashcards
Definition of business?
An organisation that provides goods and services to consumers in order to make profit.
Defintion of profit?
When the income earned (revenue) is greater than the costs of production (expenses).
Defintion of ‘Finished Goods’?
Are those that are ready for customers to buy and use.
What is a for profit organisation?
A business that’s main objective is to make a profit.
What is a not for profit business?
Not for profit organisations operate to support a cause rather than to make a profit.
Define market share?
Refers to the business’s share of the total industry sales for a certain product.
What is a multinational cooperation?
Is a company that has branches in many different countries.
What is an objective?
States what an organisation expects to achieve over a set period.
What are the three main objectives that may help the business financially?
- increase sales
- increase market share
- expand the business
What are 4 objectives that can help a business socially?
- Community service
- Provision of employment
- Social Justice
- Ecological sustainability
What is a personal objective?
A personal objective is setting a goal to accomplish something within a certain time frame. They are not often made public.
Define economy?
An economy is a system set up to determine what to produce, how to produce and whom production will be distributed.
Define economic growth
Occurs when the real value of goods and services increases over a set period of time.
What is GDP?
GDP is the total market value of all final goods produced by a country over a set period of time.
Define export?
Export refers to the sales of our goods and services to other countries.
