Flashcards
Unit 1 Business Studies
Cards in this deck (12)
- 1Lateral ThinkingThinking differently to find new and unexpected ideas.
- 2De Bono's Six Thinking HatsRed - Emotions, gut feelings
Blue - Thinking about what they want
Green - Getting around a problem creatively
Grey - Difficulties
White - Facts
Yellow - Positive aspects - 3PatentsRight of ownership of an invention, design or process when it is registered with the government.
- 4Invention and InnovationResearch and Development = Invention = Potential products and processes = Innovation = Products ready to sell to customers
- 5Franchise- Ready made business.
Advantages:
- Ready made business
- Training
- Equipment
- Ongoing support
- Access to goods/services
- Advertising/promotion
- Operate in an exclusive area - 6Franchisee- A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor
- 7FranchisorThe business that give franchisees the right to sell its products or service.
- 8Unlimited LiabilitySole traders are businesses owned by one person, the owner has unlimited liability. The owner is responsible for all debts, therefore they could lose belongings to pay for debts.
- 9Limited LiabilityPrivate limited companies have limited liability. Any debts by the business belong to the business so the owner can only lose how much they invested.
- 10SupplyAmount that sellers are willing and able to sell at any given price.
- 11DemandAmount that buyers are willing and able to purchase at any given price.
- 12Commodity MarketsMarkets for raw materials, such as oil, steel and wheat in production of other goods.