Businesess Come In Small, Medium And Large. 1.2 Flashcards
What is market share?
The total of market sales the business has compared to competitors.
What is legal structure?
Is how the organisation is set up as a sole trader, partnership or company.
What is meant by a business which has a monopoly?
Means they are the only distributor of that product. They can then sell it for how much they want.
How many employees does a small business have?
Less than 20
How many employees does a medium-sized business have?
20-199
How many employees does a large business have?
200 or more
What is a sole trader?
A single owner of a business, usually a small one, whom makes all the decisions and receives the profit.
Type of ownership small business.
Owned and usually operated by one or two people
Type of ownership for medium sized business.
Owned and operated by a few people and/or private shareholders.
Type of ownership for large scale business.
Owned usually by thousands of public shareholders.
