Key Terms Flashcards
(13 cards)
Aims and objectives
a business aim is the overall target or goal of the business whereas business objectives are the steps a business needs to take to meet its overall aim
Contactless payment
a secure way for customers to purchase products or services using a debit, credit or smart card
government legislation
laws made by the government
manufacturing
industries that make things
market conditions
a set of variable that dictates how competitive a market is for businesses
new market
a new country., area or target market that a business enters with the aim of selling or trading goods and services
productivity
the amount of work produced by a person in a given time
profits
the amount of money made after all expenses have been paid
revenue
revenue is the income earned by a business over a period of time from selling its goods or services
risk
an estimate of the probability of an unwanted outcome it depends upon the chance of it happening and the consequences if it did happen
software
the programs, applications and data in a computer system. any parts of a computer system that aren’t physical
survival
where a business aims to keep operating
target market
a group of people or area of a market that a business aims to sell its products to.
