Flashcards in Key Terms/ Definitions Deck (24):
a list of income and likely expenditures
any organisation that produces and sells goods and services in order to make a profit.
money received on a regular basis from work, property, business, investment or welfare payments
Define labour force
people aged 15 and over who are either employed or unemployed
what remains after all business expenses are deducted from sales revenue
Define goods / services
items that you can see or touch / things done for you by others
Define comparison shopping
contacting a number of sellers to obtain the best deal
an illegal business practice
Electronic Funds Transfer Point of Sale: based on the use of payment cards at payment terminals located at points of sale.
Define acceptable quality
a product fit for purpose, acceptable in appearance and finish, free from defects, safe and durable
the swapping or exchanging of one good for another
a term meaning "let the buyer beware"
the buying and selling of goods and services between individuals and businesses
income before tax deductions
income after tax deductions
a good not frequently purchased and has long-life span
income after tax has been deducted
the power to decide which goods/services survive in the marketplace
legally binding agreement
a reduction in the value of an asset over time, e.g. petrol depreciates 2% every year
a good that can only be bought in conjunction with another good, e.g. buying petrol to go with a car. goods related to other goods/ go hand in hand
a large store, typically one of a chain, which specializes in a particular type of discounted merchandise and becomes the dominant retailer in that category.
What are manufacturers, retailers and wholesalers
manufacturers manufacture the product, retails sell the product in small quantities (more expensive), wholesalers sell in large quantities (less expensive).