Edexcel IGCSE Business Studies Key terms Ch 1-9

minsung.kang
Flashcards by , created almost 5 years ago

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
Created by minsung.kang almost 5 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