Business 1 Flashcards
(33 cards)
resources
the materials the business uses for goods and services
Outputs
goods they sell to customers
Imputs
goods other businessed sell to them
interdependant nature
how businesses are linked to each other
business environment
outside factors that affect a business
competitive environment
how business compete with eachother
dynamic environment
something changing within the business like tech or economy
enterprise
another name for a business
social enterprise
a service that helps a particular cause
an uncertainty
something we can not be sure will happen
revenue
the income that a firm recieves from selling goods and services
private sector organisation
owned by individuals
public sector organisation
owned by the government
stakeholders
individuals that affect or are affected by the activities of the business
sole trader
setting up a business individually
unlimited liability
the owner can lose everything they own
limited liability
there is a limit to what the owner can lose
deed of partnership
an agreement between partners about rules of the business
shareholders
an owner that owns a ‘share’ of the business
flotation
whena private limited company becomes a public limited company
private limited company
can not publically advertise its shares
public limited company
can advertise its shares
stock exchange
market for shares
charity
non-profit organisation
