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Business > Business > Flashcards

Business Flashcards

1
Q

What is the purpose of a business ?

A

To provide customers with a good or a service

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2
Q

What is a service ?

A

A service is when someone does something for you like a bus journey

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3
Q

What is a good ?

A

Something you can physically touch for example a pen

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4
Q

Name four factors of production

A

Land
Labour
Enterprise
Capital

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5
Q

What is an entrepreneur ?

A

Someone who has an initial business idea

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6
Q

List 3 characteristics of a entrepreneur

A

Risk taker
Determination
Courage

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7
Q

Name the three business sectors

A

Primary
Secondary
Tertiary

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8
Q

Name the four business functions

A

Marketing
Operations
Finance
Human Resource

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9
Q

Define Private sector businesses

A

These are owned by individuals who are aiming to make a profit and shares are only sold to friends and family

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10
Q

Define Public sector businesses

A

These are owned by the government and usually provide a useful service for people and shares are sold publicly

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11
Q

Name the 5 business ownership options

A 
Sole trader 
Partnership 
Private limited company 
Public limited company 
Social enterprise
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12
Q

Define what a stakeholder is

A

Someone or a group of people who share an interest in a business

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13
Q

Name the two ways businesses grow

A

Externally

Internally

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14
Q

How can a business grow Externally

A

A merge or takeover

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15
Q

Define interest rates

A

It is the cost of borrowing money or the reward for saving money

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16
Q

Name the three types of goods a customer can choose from

A

Inferior
Luxury
Normal

17
Q

What is legislation ?

A

Legislation is a set of rules that govern the way society operates

18
Q

Define risk

A

The possibility of something going wrong

19
Q

Name the three types of production

A

Job
Flow
Lean

20
Q

Define logistics

A

Logistics refers to the movement of goods, services, information and money throughout the production process

21
Q

Name two benefits of locating oversea

A

cheaper labour and easier access to resources

22
Q

What is digital communication

A

Any use of laptops, tablets and smartphones to transfer information is known as digital communication

23
Q

What is meant by economy ?

A

The economy is made up of consumers, businesses and the government. They make decisions on what to buy, sell, produce, import from overseas amd where to work

24
Q

give examples of a growing economic climate

A

Rising levels of spending, employment and production

25
Q

give examples of a weakening economic climate

A

falling levels of spending, employment and production

26
Q

What is a business plan

A

A business plan is a document setting out what a business does and what it hopes to achieve in the future

27
Q

Why make a business plan ?

A

Help set up a business successfully
Raise finance
Set objectives

28
Q

What are problems with business planning ?

A

Lack of experience
Change
Risk

29
Q

What are the main sections of a business plan?

A

Background info on founders and investors and their previous experience

An analysis of the market and the firm’s expected position within it, as well as target customers

Firm’s objectives

Price and expected sales

30
Q

Define franchise

A

A franchise is the existing business that allows someone to use their business name to sell goods or services.

31
Q

Define franchisor

A

The franchisor for a fee will provide equipment, premises, support and training

32
Q

Define franchisee

A

A franchisee is the person that asks permission to trade under an existing business name

33
Q

Define E-commerce

A

E-commerce is the act of buying a product using an electronic system such as the internet

34
Q

What are the five p’s in a business

A 
Place 
Person
Price 
Product 
promotion
35
Q

What is economies of scale ?

A

Economies of scale occur when a business’s unit costs of production fall as output rises and the business expands

36
Q

What is diseconomies of scale ?

A

diseconomies is the opposite and occur when unit costs increases as business expands

Business (3 decks)

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