5605807
Description
Flashcards by Maitha Al Rumaithi, updated more than 1 year ago
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Created by Maitha Al Rumaithi
almost 8 years ago
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| Question | Answer |
| Basic Needs | Things that are essential for existence |
| Consumers | People who buy goods or services |
| Goods | Physical object that can be bought for a price |
| Profit | The difference between the selling price and cost production |
| Services | Non-physical products |
| Wants | Desire to obtain goods |
| Market Forces | The forces of demand and supply which help to decide the price and control what should be produced |
| Market | Putting buyers and sellers in touch so that an exchange of goods of services can take place |
| Chain of production | The various stages of production |
| GDP | Gross domestic Production |
| Primary Production | Getting raw materials |
| Secondary Production | Processing raw materials into finished goods |
| Tertiary Production | Distributing and selling goods |
| Interdependence | The dependency of businesses upon each other |
| Specialisation | Businesses or people who concentrate on one particular activity |
| Ent-re-pren-eurs | People who take risks in developing new businesses |
| Tender | An offer to do a specified job at a stated price |
| Enterprise | A willingness to try out new ideas |
| Factors of production | Land,labour,capital and entrepreneur ship |
| Infastructure | The human-made environment |
| Private Sector | The part of the economy which is controlled by private firms and individuals |
| Public Sector | The part of the economy which is controlled by the government |
| Sleeping Partners | People who lend money, to a partnership for a share of the profits |
| Franchisee | A person who pays an initial fee and royalties |
| Franchiser | A firm which allows another person to use its products and to trade under its name for a fee |
| Royalty Payments | A percentage payments made for the use of another person |
| Dividends | Annual payments made to shareholders for each share they hold in a company |
| Limited Liability | Limiting the financial liability of shareholders to the money they have invested |
| Private Limited Company | A firm whose finical liabilities are limited to the amount of money they put up by shareholders, its shares cannot be sold to the public (LTD) |
| Shareholders | People who have bought shares in a company which gives them a share in the ownership |
| Public Sector | Organizations and businesses which are owned and controlled by the government |
| Market Share | The proportion of the total sales of a market that a business holds |
| Objectives | The aims of a business |
| Venture Capital Company | A firm which invests money in other companies |
| Niche Market | A segment of the market |
| Multinational | Large conglomerates which operate in many companies |
| Stake Holders | Internal or external groups which were affected by the activities of a business |
| Variable Costs | Any cost which changes according to the number of goods produced, |
| Breakeven | The relation of income and costs to the amount produced |
| Breakeven Point | The point at which the cost are equal to the amounts of sales |
| Capital | Money or assets |
| Market Research | Getting information about consumers |
| Primary Data | First hand information |
| Secondary Data | Information which already exists |
| List The Fours P's | Production, Price , Promotion, Place |
| Test Market | A trail launch of a product in one area of the country |
| Product Life Cycle | The phases a product goes through from its introduction to its final decline |
| Cost-Plus Pricing | Fixing a price by adding a percentage to the cost production |
| Market-Oriented Price | A price which is determined by the whole range of factors in the marketing mix instead of by the cost-plus of a product |
| Penetration Price | A price which is set low enough to allow a firm to enter a new market |
| Price Plateu | The level of price that consumers expect to pay for a particular product |
| Skimming Price | Changing a high price for a new product while it remains unique |
| Batch Production | is created stage by stage over a series of workstations |
| Flow Production | Continues production of a large quantity of items |
| Job production | Making a single item at once |
| Quality Control | Inspecting samples of goods to see that they are up to a firms usual standard |
| Capital Intensive | Machinery that are expensive to buy by a company |
| Downsizing | Dismissing employees to cut costs |
| Redundant | Job roll no longer needed |
| Appraisal | An assessment of an employees work which is usually made by a superior |
| External Recruitment | Finding a suitable recruit out side the company |
| Internal Recruitment | Finding a suitable recruit inside the company |
| Induction | The process of introducing new employees to the firm |
| External economies of scale | Cost-saving benefits which arise when similar forms are located near each other or when a whole industry set up an organisation to take common action |
| Greenfield Site | Farm or waste land used for building new towns |
| Industrial Estate | Factory sites in selected areas of towns |
| Census | An official count of popluatiopn |
| Pressure Groups | People who band together to try to change attitudes of firms. |
| Tariffs | Custom duties (tax) |
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