1635166
Description
Flashcards by minsung.kang, updated more than 1 year ago
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Created by minsung.kang
over 9 years ago
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| Question | Answer |
| Business | An organization which produces goods and services |
| Consumer goods | goods and services sold to ordinary people rather than business |
| Entrepreneurs | People who take risk and set up businesses |
| Goods | physical products like a mobile phone, packet or crisps or a pair of shoes. |
| Needs | basic requirements for human survival |
| Private sector | business organizations owned by individuals or groups of individuals |
| Producer goods | goods and services produced by one business for another |
| Public sector | business organizations owned by central or local government |
| Scarce resources | the amount of resources available is limited |
| Services | non-physical products like banking, car washing and waste disposal |
| Stakeholder | an individual or group with ann interest in the operation of a business. |
| Wants | peoples' desires for goods and services |
| Mission statement | a brief summary of a firm's aims and objectives. |
| Objectives | the goals or targets set by a business |
| Profit maximisation | making as much profit as possible in a given time period |
| Deed of partnership | a binding legal document which states the formal rights of partners. |
| Franchise | where a business (the franchisor) allows another operator (the franchisee) to trade under their name |
| Incorporated businesses | where the business has a separate legal identity from that of its owners |
| Limited liability | where a business owner is only liable for the original amount of money invested in the business. |
| Limited liability partnership | a partnership where all partners have limited liability |
| Limited partnership | a partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business |
| Partnership | a business owned by between 2 and 20 people |
| Sole trader / sole proprietor | a business owned by a single person |
| Unincorporated business | those businesses where there is no legal difference between the owner and the business |
| Unlimited liability | where the owner of a business is personally liable for all business debts. |
| Flotation | the process of a company 'going public' |
| Joint venture | where two or more companies share the cost, responsibility and profits from a business venture |
| Limited company | a business organization which has a separate legal identity from that of its owners |
| Stock market | a market for shares in plcs |
| Private limited company | A limited company that is not on the stock market. Shares are traded privately. |
| Public limited company | Larger limited companies. Shares can be traded on the stock market. |
| Globalisation | the growing integration of the world's economies |
| Multinational | a large business with markets and production facilities in several different countries |
| Repatriation (of profit) | where a multinational returns the profits from an overseas venture to the country where it is based |
| Capital-intensive production | production methods that make more use of machinery relative to labour |
| Division of labour | specialisation in specific tasks or skills by an individual |
| Entrepreneur | an individual who organizes the other factors of production and risks their own money in a business venture. |
| Factors of production | the resources used to produce goods and services. They include land, labour, capital and enterprise. |
| Fixed capital | the stock of 'man-made' resources such as machines and tools used to help make goods and services. |
| Labour | the people used in production |
| Labour intensive production | production methods that make more use of labour relative to machinery |
| Production | the transformation of resources into goods or services |
| Specialisation | in business, the production of a limited range of goods |
| De-industrialisation | the decline in manufacturing |
| Primary industry | production involving the extraction of raw materials from the earth. |
| Secondary industry | production involving the conversion of raw materials into finished and semi-finished goods |
| Tertialry industry | the production of services in the economy. |
| Assisted areas | areas that are designated by the UK or EU as having economic problems and are eligible for support in a variety of forms |
| Brownfield site | areas of land which were once used for urban development |
| Greenfield sites | areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time. |
| Regional policy | measures used by the government to attract businesses to 'depressed' areas |
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