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definitions Flashcards

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1
Q

Define economic problem

A

-people wants are unlimited
-resources are limited

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2
Q

Define value for money

A

-product/ service is worth the money

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3
Q

Define needs

A

-basic things needed for survival

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4
Q

Define wants

A

-things not needed for survival but for satisfaction

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5
Q

Define demand

A

-the need to satisfy wants and need

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6
Q

Define scarcity

A

-lack of sufficient products to fulfil the total wants of the population

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7
Q

Define opportunity cost

A

-next best alternative given up by choosing another option
-sacrifice something
-try to make as low as possible

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8
Q

Define specialisaiton

A

-people & businesses concentrate on what they are best at
-causes division of labor

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9
Q

define division of labor

A

-when production process is split into diff tasks & each worker performs the task
-form of specialisation
-increases production

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10
Q

define adding value

A

-difference btw selling price of a product & cost it’s bought in (materials & componenets)

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11
Q

Define primary sector

A

-extracting natural resources (raw materials)

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12
Q

define secondary sector

A

-processing raw materials into final products (manufacturing & construction)

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13
Q

define tertiary sector

A

-providing service and distribution of goods

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14
Q

define industralisation

A

-moving from primary sector to secondary sector

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15
Q

define deindustralisation

A

-moving from primary & secondary sector to tertiary sector

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16
Q

Define planned eocnomy

A

-economy is mostly led by public sector
-usually associated with communism

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17
Q

define mixed economy

A

-economy is led by public and pvt. sector

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18
Q

define free market economy

A

-economy is led mostly by pvt. sectors

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19
Q

define enterprise

A

-actions of a person who takes initiative by taking a risk to start the business
-the business / company itself

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20
Q

define entrepreneur

A

-person who markets the business

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21
Q

Define business plan

A

-doc containing important details of business and objectives created by entrepreneur

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21
Q

Define business idea

A

-what products/ service business will provide

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22
Q

define turnover

A

total value of sales over a period of time

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23
Q

define capital employed

A

money used in business

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24
define internal business growth
-business expands existing operations using personal money or profits
24
define external business growth (intergration)
-business expands by taking over or merging with another business
25
define merging business
-2 businesses combine mutually
26
define take over
-a business is bought over forcefully
27
define horizontal integration
-2 similar businesses from the same industry combines
28
Define vertical backward integration
-a secondary sector business combines with a primary sector business
29
define vertical forward integration
-a secondary sector business combines with a tertiary sector business
30
Define conglomerate integration
-a businesses combines with a business from a diff industry
31
define sole trader
-business owned by 1 person -simplest form of business -usually small
32
define unlimited liability
-person is liable for company's debts
33
define partnership
-business owned by 2 or more owner -usually 2 - 20
34
define Deed of partnership
-a doc that contains how profit is divided, role of each person and other things to prevent future dispute
35
define Ltd company
-businesses that have a legal identity & owned by majority shareholder (51%)
36
define Annual General Meeting (AGM)
-a mandatory annual meeting where all shareholders of Pub. Ltd. company are invited to attend where they: -analyse business performance (accounting) -make major decisions -decide dividends
37
define dividend
-division of profits among shareholders
38
define profit maximisation
-to get max profits
38
define public corporation
-business owned & controlled by gov. to provide service to people in a non- profit basis
39
define business survival
-make sure business doesn't collapse from: -competition -new businesses -recession = sales go down
40
Define market share
how much of market is owned by the business
41
define stakeholder
-people who are affected by business decisions
42
define marketing
identifying customer wants and satisfying them profitably
43
define customer
person who buys products
44
define market
-where buyers & seller come tgt to cater to demographic
44
define anticipating changes
making futuristic call on changes
45
define consumer
person who uses products
46
define market segment
-sub groups of entire market
47
define niche market
-market for specialised products & people are willing to pay a high price for it -short lived - based on trends -more profits
47
define market research
-process of gathering, analyzing & interpreting info. about the market (before selling)
48
define mass market
-market for general products for everyone -more safe
49
define product orientated
-making & selling a product without research -less cost, time, effort
50
define market orientated
-doing research before making product -more success (but not guaranteed)
51
define primary research
-doing field research - using first hand info. -new & specific info. -more time, effort, expensive -accurate & reliable
52
define secondary research
-doing desk research - using second hand info. -less time, effort, expensive -old & not specific info. -too much irrelevant info. -unreliable -have to pay sometimes
53
define focus groups
-people who are paid to test products
54
define sampling
groups of selected people who respond to a market research (only in primary research)
55
define consumer goods
goods bought by consumers for their own use
55
define producer goods
goods make for other businesses to use
56
define marketing mix
-4 key activities that make your product successful -Product -Price -Promotion -Place
57
define consumer service
service used by consumers
58
define producer service
service for other business
59
define feasibility
decide if product is worth selling by considering the resources, profit and capacity to produce
59
define crowd funding
-people willing to invest even though they haven't seen the product
60
define price
what customer pays for a product -if brand loyalty, price don't matter -value of money = repeated purchases
61
define price elasticity of demand
-how responsive the demand for a product is when it's price changes
62
define elastic demand
small change in price causes big change in demand -eg, luxury goods
63
define Inelastic demand
demand does not change much when price changes -eg, necessary goods
64
define promotion
-communication with customer which lead to more sales
65
define Point Of Sales Display (POS)
-products specifically placed around the entrance/ counter to entice buyer
66
define Public relations
-creating a positive image by doing good things to increase sales -good for negative products - eg, beer, cigar eg. raising awareness, sponsoring, donating
67
define marketing budget
how much money businesses have to spend to market its products
68
define free publicity
people say good things about products without the company having to give them money
68
define marketing strategy
plan with the right combination of marketing mix to make a product successful

business (9 decks)

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