Business Studies Vocabulary Flashcards Preview

CCEA GCSE Business Studies > Business Studies Vocabulary > Flashcards

Flashcards in Business Studies Vocabulary Deck (20)
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1

Output

(1 mark)

The amount of something produced.

2

Self-employed

(2 marks)

A person who works for themselves instead of an employer. They work for a trade or business they have set up themselves.

3

Suppliers

(2 marks)

Firms selling products to other businesses to sell to customers.

4

Market

(2 marks)

Any place where buyers and sellers meet to trade products.

5

Business

(2 marks)

Any organisation that makes goods or provides services.

6

Goods

(2 marks)

Physical products such as burgers or cars.

7

Services

(1 mark)

Non-physical items such as hairdressing.

8

Customer needs

(1 mark)

The wants and desires of buyers.

8

A business start up

(2 marks)

New firm operating in a market for the first time.

10

Production

(2 marks)

The business activity of using resources to make goods and services.

11

Products

(2 marks)

The goods and services used by consumers.

12

Interdependence

(2 marks)

Firms rely on other businesses in different sectors for raw materials, components or distribution.

13

Extractive Production

(3 marks)

Processes that involve different activities that lead to the extraction of raw materials from the earth, processing and utilisation by consumers.

14

Enterprise

(2 marks)

The skill involved in wanting to start and run a business.

15

Entrepreneur

(1 mark)

The individual who sets up their own business.

16

Stakeholder

(2 marks)

Anyone who has an interest in a business or is affected by business activity.

20

Unique Selling Point

(2 marks)

The distinctive factors that make a product or brand stand out from rivals.

21

Analysis

(1 mark)

When a business interprets information.

22

Monopoly

(3 marks)

The exclusive possession or control of the supply or trade in a commodity or service.

23

Product Differentiation

(2 marks)

A positioning strategy that some firms use to distinguish their products from those of competitors.