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Business > chapter 1: Business activity > Flashcards

chapter 1: Business activity Flashcards

1
Q

Business

A

organization that produces goods and services

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2
Q

consumer goods

A

goods and services to customers

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3
Q

producer goods

A

goods and services produced by one business for another

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4
Q

private sector

A

business organizations owned by individuals or groups of individuals

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5
Q

public sector

A

business organisations owned by central or local governments

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6
Q

private enterprise

A

business ownership by ordinary people, in the private sector

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7
Q

public enterprise

A

a business that is owned by the government in the public sector

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8
Q

social enterprise

A

a business that is set up to help society rather than to make a profit

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9
Q

objectives

A

goals or targets set by a business

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10
Q

economies of scale

A

financial advantages of producing something in very large quantities

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11
Q

profit satisfying

A

making enough profit to satisfy the needs of the business owners

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12
Q

profit maximizing

A

making as much profit as possible in a given time period

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13
Q

unincorporated business

A

no legal distinction between owner and the business

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14
Q

corporated business

A

a business that has a separate legal identity from that of its owners

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15
Q

sole trader

A

business owned and operated by one person

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16
Q

partnership

A

a business owned by two or more people

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17
Q

deed of partnership

A

a binding legal document which states the formal rights of partners

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18
Q

franchise

A

structure in which a business [the franchisor] allows another operator [the franchisee] to trade under their name

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19
Q

costumer cooperative

A

owned and controlled by members

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20
Q

worker cooperatives

A

businesses in which its employees share ownership

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21
Q

limited liability

A

shareholders are legally responsible for the debts of a company according to how many shares they own

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22
Q

unlimited liability

A

owner of a business is personally liable for all business debts

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23
Q

prospectus

A

document produced by a company that wants the public to buy shares.

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24
Q

regulatory control

A

official power to control business activity

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25
Q

flotation

A

the process of a company ‘going public’

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26
Q

limited company

A

business organisations that have a separate legal identity from that of their owners [incorporated business]

27
Q

memorandum of association

A

A document that sets out the constitution and states key details [e.g. name, address] about a limited company

28
Q

articles of association

A

a document that contains details of how a company is organized [e.g. rights of shareholders]

29
Q

certificate of association

A

document needed before a new company can start doing business.

30
Q

private limited company

A

a private company which can only transfer shares privately

31
Q

public limited company

A

a limited company whose shares are freely sold and traded, with a minimum share capital

32
Q

multi nationals

A

large business with significant production or service operations in at least two different countries

33
Q

natural monopolies

A

market where it is more efficient to have just one organisation meeting total market demand

34
Q

public corporations

A

business organizations owned and controlled by the state/ government

35
Q

privatization

A

transfer of public sector resources to the private sector [business]

36
Q

primary sector

A

production involving the extraction of raw materials from the Earth

37
Q

secondary sector

A

production involving the conversion of raw materials into finished and semi-finished goods

38
Q

tertiary sector

A

production of services in the economy

39
Q

de- industrilisation

A

the decline in manufacturing

40
Q

trade bloc

A

group of countries situated in the same region that join together and enjoy trade free of barriers

41
Q

brownfield sites

A

areas of land which were once used for urban development

42
Q

greenfield sites

A

undeveloped land

43
Q

globalization

A

the growing integration of the world’s economies

44
Q

exports

A

goods and services sold overseas

45
Q

imports

A

goods and services bought from overseas

46
Q

visible trade

A

trade in physical goods

47
Q

invisible trade

A

trade in services

48
Q

balance of trade

A

difference between visible exports and visible imports

49
Q

exchange rate

A

value of one currency in terms of another

50
Q

transactions

A

business deals or actions

51
Q

dumping

A

where a business sells goods in another country often below cost

52
Q

fiscal policy

A

using changes in taxation and government expenditure to manage the economy

53
Q

direct tax

A

charge on income

54
Q

indirect tax

A

levied on spending

55
Q

multiplier effect

A

the employees will spend some of the money received by these businesses from the government. boosts demand for all types of businesses.

56
Q

protectionism

A

use of trade barriers to protect domestic producers

57
Q

trade barriers

A

measures designed to restrict trade

58
Q

tariffs

A

taxes on imported goods

59
Q

quota

A

physical limit on the amount allowed into the country

60
Q

subsidy

A

financial support given to a domestic producer to help compete with overseas firms

61
Q

administrative barriers

A

the use of strict health and safety or more environmental regulations and specifications to make importing more awkward

62
Q

interest

A

the price paid for the use of borrowed money

63
Q

monetary policy

A

using changes in interest rates and the money supply to manage the economy

Business (5 decks)

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