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Business and its environment Unit 1
Fichas del conjunto (37)
- 1Limited LiabilityThe only liability a shareholder has if the company fails is the amount invested in the company, not the wealth of him
- 2Consumer goodsPhysical goods sold to the public.
- 3Consumer servicesThe products that don't not physically exist that are sold to the public (barber shop)
- 4Capital goodsGoods used by a company to help it in production
- 54 factors of productionLand
Labour
Capital
Enterprise - 6Added valueDifference between cost of production and selling price
- 7EntrepreneurSomeone who takes the financial risk of starting and managing a new business
- 8Social enterpriseA business with many social objectives that reinvests most of its profit into society (not a charity) Has economic, social and environmental objectives
- 9Opportunity costThe benefit of the next most desired option which is not chosen
- 10Primary sector business activityIndustry that extracts natural resources
- 11Secondary sector business activityFirms that manufactures and processes natural resources into finished goods
- 12Tertiary sectorFirms that provide services to consumers and other businesses
- 13Private sectorThe business that is owned and controlled by individual or group of individuals
- 14Public sectorA sector that is controlled by central or local government
- 15Mixed economyEconomic resources are owned and controlled by both private and public sectors
- 16Free-market economyEconomic resources owned largely by the private sector with little state intervention
- 17Command economyEconomic resources owned, planned and controlled by the state
- 18Sole traderA business in which one person keeps the profit, has full control of the business and provides financing
- 19PartnershipA business formed by two or more individuals to carry out business together, with shared responsibilities and capital invested
- 20ShareA certificate confirming the part of ownership of a company and owner has certain rights
- 21FranchiseA business that uses the name, logo and trading of an existing business
- 22Joint venturesTwo or more businesses agree to work closely together on a particular project
- 23Holding companyA business organization that owns and controls a number of separate businesses but doesn't unite them in one
- 24Public corporationA business enterprise owned and controlled by state
- 25Different measures of size1number of employees
2sales turnover
3capital employed
4market share
5market capitalisation - 26Sales turnoverTotal value of sales made in a period of time
- 27Capital employedThe total value of all long term finance invested in the business
- 28Market capitalisationThe total value of company's issued share
Share price x number of shares issued - 29Market shareSales of business as a proportion of total sales in a market
Total sales of business/total sales of industry - 30Internal growth of businessExpansion of business by opening new shops,factories, branches etc.
- 31External growth of businessExpansion of business due to takeovers and mergers
- 32Most effective business objectives(list)Specific
Measurable
Achievable
Realistic
Time-specific - 33Mission statementA statement of the business aims, phrased in a way to motivate employees and stimulate the interest of people
- 34Corporate social responsibilityThis applies to businesses which are interested in benefiting the society by taking responsibility for the impact of their activities
- 35EthicsThe moral guidelines that determine decision making
- 36Ethical codeA document detailing a company's rules and guidelines on staff behaviour that must be followed by employees
- 37StakeholdersPeople or groups of people who are interested in the business activity
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- Descripción
- A level Business studies Fichas sobre Business and its environment Unit 1, creado por Влад Ермаков el 09/04/2014.
- Creado por
- Влад Ермаков
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