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Flashcards in Key Words Deck (50):
1

Business

Provides goods and services that meet custumers wants. They do this because that think they will win profit

2

Good

Physical object, tangible thing

3

Service

Intangible thing

4

Consumers

The ones that purchases the product

5

Wants

A desire for goods+ services

6

Needs

Essential for human survival

7

Profit

Money the company wins after paying all costs

8

Producer products

Products a business makes that then they will be selled to another business

9

Consumer products

Products sold by a business to ordinary people

10

Increase market share

Increasing the percentage of sales

11

Growth and well creation

Increasing size of your business

12

Image,reputation and social responsibility

Having a good reputation with workers, consumers, local community e.t.c

13

Entrepreneurs

Someone that creates a business by their own and has been growing successful

14

Objectives

Goals or targets set by the business or stakeholders which they see to achieve

15

Stakeholders

Person or group of person interested or influenced by the business(internal/external)

16

Partnership

Two or more people that creat a business together and apportion money,skills and share profit, loss in accordance with terms of partnership agreement

17

Sleeping partner

Someone who gives money to the business but doesn't sport nothing more, he can only loss the amount of money invested

18

Sole trader

Run a business by their own , self-employed

19

Unlimited liability

Legal obligation on the owner of a business to pay all debts

20

Unincorporated

Legal difference between the owner and the business

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Limited liability

Business is only liable for the original amount of money amount invested

22

Incorporated

Business has a separate legal identity

23

Memorandum of association

Give details about the company

24

Articles of association

Internal running of the company

25

Private sector organisation

Make us much profit as possible

26

Public sector organisation

Do not aim for profit, aim for giving a service to the community and some goods and services are owned by the government

27

Not for profit organisations

Aim for lots of things like raising money, market themselves, minimise costs e.t.c

28

Survival

Entrepreneur set as objective to continue the business for the first year or so

29

Financial

Objectives to increase profit

30

Smart

Specific
Measurable
Achievable
Realistic
Time specific

31

Financial smart target

Increase sales objectives 5% in the next 2 months

32

Non financial smart target

Reduce pollution in air and rivers a 19% in the next year

33

Private limited company

Offers limited liability for shareholders. Shareholders agree to create company and rules. Only give shares to friends and family

34

Public limited company

Everybody buys shares, so they own part of the business

35

Public corporations

Provides a service to the general public , owned and tuned by the government

36

Market conditions

Products you are offering

37

Technology development

More market share

38

Performance

Entrepreneur, survival,profit, growth

39

Legislation changes

Environmental laws

40

Internal laws

Boss leaves business, the heredachy will lead now

41

Deed of partnership

Important document that should be completed when a partnership starts

42

Non-financial

Improves in other aspects that are non financial

43

Franchise

Organisation that wants to expand and lets other individuals have their same business with the exact same ideas

44

Franchisor

The owner of the brand

45

Franchisee

The entrepreneur who wish to open a new branch of a franchised chain( pays the franchisor)

46

Scarce

Resources with limited liability

47

Diversify

Increase the range of goods or services it produces

48

Automation

The use of machines instead of people to do a job

49

Economies of scale

Financial advantages of producing something in very large quantities

50

Social enterprise

Aims to improve human or environmental quality(charities)