Karteikarten
Definitions 1.1 Scarcity, choice and potential conflicts
Karten in diesem Stapel (26)
- 1Scarce resourceAnything useful which is not available in unlimited quantities
- 2Opportunity costThe best alternative given up when using a scarce resource in one way
- 3Trade-offA balance between two choices, choosing more of one and less of the other rather than making a simple either/or choice
- 4Positive statementA statement in economics which is testable as factual or false, normally on the basis of observation and evidence.
- 5Normative statement/value judgementA statement in economics which depends on opinion and judgement, often involving ideas on what should be done
- 6ProfitA surplus of sales revenue over costs
- 7EntrepeneurAn individual who sets up in business, accepting the risks involved, taking the decisions about what to produce and how, and working out how to market the product
- 8SatisficingReaching a good enough profit level without maximising
- 9SurvivalA possible business objective to keep the business going
- 10Profit maximisationA possible business objective to maximise profits, which can be either short-term or long-term
- 11Sales maximisationA possible business objective to maximise sales, which can be either short-term or long-term
- 12Market shareThe proportion of a specific market that is supplied by one business. Calculated as total sales by the business as a percentage of total sales in the market.
- 13Return on investmentOwners and others who provide finance might prioritise this; it would come from interest on loans or dividends for shareholders
- 14Cost efficiencyAn objective for some businesses that helps them to compete effectively.
- 15Social objectivesBusiness objectives such as employee welfare, sustainability and ethics.
- 16Customer satisfactionA business objective that ensures repeat purchases, or an outcome of fair and responsible business behaviour that secures a good reputation for the business concerned. It may be pursued in order to ensure good profits or as a matter of principle based on concern for the customer.
- 17Economic agentsA term which includes all those groups of people and organisations that are involved in economic activity and take decisions that affect how resources are used.
- 18StakeholderAnyone with an interest in a business, or feeling an impact from it
- 19ShareholdersThe legal owners of a business. They may have helped to set up the business or bought shares on the stock exchange.
- 20SuppliersFirms from which a business can buy the material inputs or services that are needed in the production process
- 21CreditorsFirms or individuals to which a business owes money
- 22Corporate social responsibilityA business behaving in an ethical way and accepting responsibility for its effects on all its stakeholders, including the wider community and the environment
- 23Tax evasionIllegally failing to pay taxes that are due
- 24Tax avoidanceFinding legal ways to reduce tax liability
- 25Transnational corporations/multinational corporationsBusinesses with operations in more than one country
- 26Zero-hours contractWhere an employee works only when they are needed, often at short notice. Their pay depends on hours worked. Some contracts oblige workers to take shifts that are offered, others don't.
Informationen
- Beschreibung
- 1.1.1 The economic problem 1.1.2 Business objectives 1.1.3 Stakeholders (economic agents) and their objectives
- Erstellt von
- Harry Lewis
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- 23
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