Business Key Words Flashcards
(29 cards)
What are goods and services
Goods and services are the outputs of business activities. If you can touch it, it’s a good if not a service.
People and business who concentrate on what they are best at
Specialization.
Owners of limited companies
Shareholders
The money returned to repay investment
Return/ financial return
The part of the economy that is controlled by the government
Public enterprise
What is a need/ want
Needs is a basic requirement for human survival
Want us not required for human survival
An organization that produces goods and services
Business
Making as much profit as possible in a given time period
Profit maximization.
Good and services that are sold to people
Consumer products
The money from the sale of goods and services
Revenue
A business with less that 50 employees
Small business
Are an amount of goods or services produced by person, machine or factory
Outputs
The part of the economy that is owned and controlled by individuals and companies for profit
Private enterprise
The goals and targets set by a business are its…
Objectives
Making enough profit to satisfy the needs of the business
Profit satisficing
Organizations that are often non-profit and exist for ‘good causes’
Social enterprise
Goods and services that are sold to other businesses are
Producer products
A business with more than 250 employees
Large business
There are not enough goods and services to meet the wants of the population
Scarcity
A group of individuals such as a club or business that has formed for a particular purpose
Organization
A share of the profit paid to shareholders
Dividends
Pestle acronym
Political Economic Social Technical Legal Environmental
Smart acronym
Specific Measurable Achievable Relevent Timely
Automation
Using machines to complete a job
