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Business > Business activty > Flashcards

Business activty Flashcards

1
Q

A need

A

A good or service essential for living

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2
Q

A want

A

A good or service that people would like to have but is not essential for living `

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3
Q

Economic problem

A

Unlimited wants but limited resources

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4
Q

Scarcity

A

Lack of resources to meat the demand

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5
Q

Opportunity cost

A

The next best item given up by choosing another

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6
Q

Factors of production

A

Resources needed to produce goods and services

  • land
  • enterprise
  • labor
  • capital
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7
Q

Business

A

An organization that combines factors of production to satisfy peoples’ needs and wants

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8
Q

Specialization

A

People and business focus on what they are best at

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9
Q

Division of labor

A

Production is split into seperate tasks and each worker specializes in one task

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10
Q

Added value

A

The difference between selling price and cost of materials

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11
Q

Primary sector

A

Businesses that extract and use natural resources to produce raw materials

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12
Q

Secondary sector

A

Businesses that manufacture goods using raw materials from the primary sector

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13
Q

Tertiary sector

A

Businesses that provided services to consumers and other firms

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14
Q

Deindustrialization

A

The decline in the importance of the secondary manufacturing industry

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15
Q

Mixed economy

A

Has both public and private sector

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16
Q

Public sector

A

Businesses owned by the government

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17
Q

Private sector

A

Businesses owned by people, not by government

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18
Q

Privatization

A

The sale of a business in the public sector to the private sector

19
Q

Entrepreneur

A

Some one who organizes, operates, and takes the risk of a new business venture

20
Q

Business plan

A

The objectives and details of operations, finance, and owners of a new business

21
Q

Capital employed

A

The total value of capital used in a business

22
Q

Internal growth

A

The business expands its existing operations

23
Q

External growth

A

The business expands by merging with or taking over another business

24
Q

Takeover

A

A business buys out the owners of another business

25
Q

Merger

A

The owners of two businesses agree to join their business together to form one

26
Q

Horizontal integration

A

A business integrates with another business in the same industry and level of production

27
Q

Vertical integration (backwards and forwards)

A

A business integrates with another business in the same industry but on a different level of production

28
Q

Conglomerate integration (diversification)

A

A business integrates with another in a different industry

29
Q

Sole trader

A

The business is owned by one person

30
Q

Partnership

A

The business is jointly owned by two or more people

31
Q

Limited liability

A

The liability of owners and shareholder is limited to the amount invested, personal possessions are not at risk

32
Q

Incorperted business

A

A business with a seperate idenity from its owners

33
Q

Private limited company

A

A business owned by shareholders but it can not sell shares to the public

34
Q

Public limtted company

A

A business owned by shareholder but it can sell shares which are tradable on the stock exchange.

35
Q

Shareholders

A

The owners of a limited company

36
Q

Dividends

A

The payments which must be made to share holders from the profits of a company

37
Q

Franchise

A

A business that licenses its brand name, logo, trading methods and brand image and sells it to franchises

38
Q

Joint Venture

A

Two or more people start a new product together sharing capital, profits and risks

39
Q

Public corperation

A

A business in the public sector that is owned and controlled by the government

40
Q

Business objectives

A

The aims or targets that a business works towards

41
Q

Profit

A

Revenue-costs

42
Q

Market share

A

The percentage of market sales held by a brand (sales by business/total sales in market) x 100

43
Q

Social enterprise

A

An organization with profit, environmental and social objectives

44
Q

Stakeholder

A

A person with direct interest in the performance of a business

Business (6 decks)

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