Key Terms Business Activity And Influences On Business Flashcards
(95 cards)
1
Q
Premises
A
Building used by a business
2
Q
Business
A
Organisation that produces goods and services
3
Q
Organisation
A
Business that has formed for a particular purpose
4
Q
Goods
A
Physical products, such as mobile or bread
5
Q
Service
A
Non-physical product, such as banking
6
Q
Output
A
Amount of goods produced by a person( machine or factory )
7
Q
Human Resources
A
Department that deals with employing,training and helping people
8
Q
Consumer goods
A
Goods and services sold to consumers
9
Q
Producer goods
A
Goods and services produced by one business for another
10
Q
Needs
A
Basic requirements for human survival
11
Q
Wants
A
People’s desires for goods and services
12
Q
Infinite
A
Without limit ( space or time )
13
Q
Finite
A
Having a limit
14
Q
Scarce
A
Resources with limited availability
15
Q
Private sector
A
Private individuals that are trying to make a profit
16
Q
Public sector
A
Business organisations owned by local governments
17
Q
Stakeholder
A
Group with an interest in the operation of a business
18
Q
Entrepreneur
A
Person who sets up a business
19
Q
EBITDA
A
Earnings before interest,tax,depreciation and amortisation
20
Q
Objectives
A
Targets set by a business
21
Q
Executives
A
Managers in an organisation who help make important decisions
22
Q
Diversify
A
Increases the range of goods or services business produces
23
Q
Financial return
A
Monetary return
24
Q
Profit maximisation
A
Making as much profit as possible in a given time period
25
Shareholders
Owners of limited companies
26
Dividends
Share of the profit paid to shareholders in a company
27
Profit satisfying
Making enough profit to satisfy the needs of the business owners
28
Automation
Use of computers and machines instead of people to do a job
29
Economies of scale
Financial advantages of producing something in very large quantities
30
Large business
A business that employs more than 250 people
31
Small business
A business that employs less than 50 people
32
Revenue
Money from the scale of goods and services
33
Innovator
Someone who introduces changes and new ideas
34
Labour
People employed in a business
35
Unincorporated
Business where there is no legal difference between the owner and the business
36
Incorporated
Business that has a separate legal identity from that of its owners
37
Sole trader
Business owned by a single person
38
Unlimited liability
If owner of a business fails, will lose more money than invested into a business
39
Partnership
Business owned by between 2 and 20 people
40
Deep of partnership
Legal document that states the formal rights of partners
41
Limited partnership
Partners that help financially but do not take part in running of the business
42
Franchise
Structure in which a business ( the franchisor) allows another operator ( the franchisee ) to trade under their name
43
Merchandise
Goods that are being sold
44
Social enterprise
Business aims to improve human or environmental well-being ( charities )
45
Cooperative
Organisation in which all the people working there own an equal share of it
46
Consumer cooperative
Cooperative owned by its customers
47
Retail cooperative
Members working together to confirm their purchasing power
48
Worker cooperative
Cooperative that is owned by its employees
49
Charities
Organisation that give money to help people
50
Venture capitalists
Investors who provide money for business purposes
51
Limited companies
Business organisations that have a separate legal identity from their their owners
52
Chairperson
Someone who in charge of a meetings of an organisation
53
Certificate of incorporation
Document needed before a new company can start doing business
54
Private limited company (LTD)
It limited by shares. A shareholder’s personal assets are protected
55
Stock market
Market for shares in PLCs
56
Multinacional company
Large business that operates in 2 or more countries
57
Public limited company (PLC)
It shares are freely sold and traded
58
Prospectus
Document produced by a company to sell it shares to the public
59
Regulatory control
Official power to control an activity
60
Flotation
Process of a company ‘going public’
61
Issue ( shares )
Sale of new shares
62
Productivity
Rate ya which goods are produced
63
Public corporation
Business organisations owned and controlled by the government
64
Infrastructure
Basic system in organisation to work properly
65
Portfolio
Collection of business products
66
Natural monopoly
Market that have just one organisation meeting total market demand
67
Privatisation
Transfer of public sector resources to the private sector
68
Primary sector
Production involving the extraction of raw materials from the earth
69
Secondary sector
Production involving the transformation of raw materials into finished goods
70
Assembly plant
Factory where parts are put together to make a finished product
71
De - industrialisation
Decline in manufacturing
72
Brownfield sites
Areas of land that were once used for urban development
73
Tertiary sector
The production of services in the economy
74
Greenfield
Undeveloped areas of lands
75
Assisted areas
Areas that are denoted by a government as having economic problems
76
Viability studies
Careful study of how a planned activity will work
77
Trade bloc
Group of countries that join together and trade free of barriers
78
Emerging economies
Rapidly growing economies
79
Globalisation
Growing integration of the world’s economies
80
Piece rate
Payment system where workers receive an amount of money for each unit produced
81
Fringe benefits
‘Perks’ over and above the normal wage
82
Intellectual property
Creative ideas that are protectable under different forms of copyright
83
Monetary system
System of money in a particular country that is controlled by governments
84
Saturate ( market )
To offer so much product for sale than there are people that want to buy
85
Predator
Business that use weakness of others to get advantage
86
Hostile takeover
Takeover that the company being taken over doesn’t agree to
87
Bid
Offer to pay a particular price for something
88
Commodities
Product that are bought and sold
eg gold,oil,rice etc
89
Patents
Document giving a company the right to make a new product and stating that others is not allowed to do this
90
Ventures
New business activity that involves taking risks
91
Currency reserves
Money in foreign currency used to support its own currency and to pay off the foreign debts
92
Human capital
People and their skills
93
Enterprise
Activity of starting a business
94
Exploitation
Treat someone unfairly by asking them to do things for you and pay back little in return
95
Repatriation ( of profit )
Returning profit from a developing country to a developed country
