Flashcards
Edexcel IGCSE Business Studies Key terms Ch 1-9
Cards in this deck (51)
- 1BusinessAn organization which produces goods and services
- 2Consumer goodsgoods and services sold to ordinary people rather than business
- 3EntrepreneursPeople who take risk and set up businesses
- 4Goodsphysical products like a mobile phone, packet or crisps or a pair of shoes.
- 5Needsbasic requirements for human survival
- 6Private sectorbusiness organizations owned by individuals or groups of individuals
- 7Producer goodsgoods and services produced by one business for another
- 8Public sectorbusiness organizations owned by central or local government
- 9Scarce resourcesthe amount of resources available is limited
- 10Servicesnon-physical products like banking, car washing and waste disposal
- 11Stakeholderan individual or group with ann interest in the operation of a business.
- 12Wantspeoples' desires for goods and services
- 13Mission statementa brief summary of a firm's aims and objectives.
- 14Objectivesthe goals or targets set by a business
- 15Profit maximisationmaking as much profit as possible in a given time period
- 16Deed of partnershipa binding legal document which states the formal rights of partners.
- 17Franchisewhere a business (the franchisor) allows another operator (the franchisee) to trade under their name
- 18Incorporated businesseswhere the business has a separate legal identity from that of its owners
- 19Limited liabilitywhere a business owner is only liable for the original amount of money invested in the business.
- 20Limited liability partnershipa partnership where all partners have limited liability
- 21Limited partnershipa partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business
- 22Partnershipa business owned by between 2 and 20 people
- 23Sole trader / sole proprietora business owned by a single person
- 24Unincorporated businessthose businesses where there is no legal difference between the owner and the business
- 25Unlimited liabilitywhere the owner of a business is personally liable for all business debts.
- 26Flotationthe process of a company 'going public'
- 27Joint venturewhere two or more companies share the cost, responsibility and profits from a business venture
- 28Limited companya business organization which has a separate legal identity from that of its owners
- 29Stock marketa market for shares in plcs
- 30Private limited companyA limited company that is not on the stock market. Shares are traded privately.
- 31Public limited companyLarger limited companies. Shares can be traded on the stock market.
- 32Globalisationthe growing integration of the world's economies
- 33Multinationala large business with markets and production facilities in several different countries
- 34Repatriation (of profit)where a multinational returns the profits from an overseas venture to the country where it is based
- 35Capital-intensive productionproduction methods that make more use of machinery relative to labour
- 36Division of labourspecialisation in specific tasks or skills by an individual
- 37Entrepreneuran individual who organizes the other factors of production and risks their own money in a business venture.
- 38Factors of productionthe resources used to produce goods and services. They include land, labour, capital and enterprise.
- 39Fixed capitalthe stock of 'man-made' resources such as machines and tools used to help make goods and services.
- 40Labourthe people used in production
- 41Labour intensive productionproduction methods that make more use of labour relative to machinery
- 42Productionthe transformation of resources into goods or services
- 43Specialisationin business, the production of a limited range of goods
- 44De-industrialisationthe decline in manufacturing
- 45Primary industryproduction involving the extraction of raw materials from the earth.
- 46Secondary industryproduction involving the conversion of raw materials into finished and semi-finished goods
- 47Tertialry industrythe production of services in the economy.
- 48Assisted areasareas that are designated by the UK or EU as having economic problems and are eligible for support in a variety of forms
- 49Brownfield siteareas of land which were once used for urban development
- 50Greenfield sitesareas of land, usually on the outskirts of towns and cities, where businesses develop for the first time.
- 51Regional policymeasures used by the government to attract businesses to 'depressed' areas
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- The key terms from chapter 1 of the book 'Edexcel International GCSE Business studies' to chapter 9. Few extra key terms added. Made for revision.
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- minsung.kang
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