Flashcards
Key Definitions
Flashcards do conjunto (23)
- 1ScarcityShortage of products to meet the total wants of the population
- 2Opportunity CostThe next best alternative given up when a choice is made is opportunity cost.
- 3BusinessA business combines factors of production to produce goods and services to satisfy people's wants
- 4Market SharePercentage of total market sales achieved by the business is the market share of that business
- 5SpecializationIn specialization, a worker focuses on a specific skill and becomes an expert at it
- 6Division of laborWhen work is divided into smaller tasks and each worker is assigned to a specific task, it is called Division of Labour. It is a form of specialization.
- 7ProfitTotal sales minus total costs is profit
- 8NeedGoods and services that are essential for living
- 9WantGoods and services that are not essential for living, but which people would like to have. Wants are unlimited,
- 10Business ObjectiveAn objective is a target or aim that a business wants to work towards.
- 11Primary SectorBusinesses that extract natural resources and convert them into raw material for use by other businesses.
- 12Secondary SectorBusinesses which manufacture goods by using raw materials produced by the primary sector.
- 13Tertiary sectorBusinesses that provide services to consumers as well as to the primary sector and secondary sector.
- 14StakeholderPerson or business with direct interest in the performance of the business or activities of the business,
- 15Factors of productionResources needed to produce goods and services. Land, Labour, Capital and Enterprise are the factors of production. They are limited.
- 16Added ValueDifference between selling price of product and the cost of bought in materials.
- 17IndustrializationIncrease in importance of the secondary sector is called industrialization.
- 18De-industrializationDecrease in importance of secondary sector is de-industrialization
- 19Mixed economyA mixed economy has businesses belonging to both private sector and public sector
- 20Private sectorBusinesses that do not have any government ownership
- 21Public sectorBusinesses that are owned by the government
- 22CapitalMoney invested into the business by the owners
- 23Social enterpriseBusinesses that have a social objective as well as a profit objective are called social enterprises.
Informações
- Descrição
- IGCSE IGCSE - Business Studies (Ch 1 - Business Activity) FlashCards sobre Key Definitions, criado por Rajesh Krishnamurthy em 27-01-2017.
- Criado por
- Rajesh Krishnamurthy
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