Keyterms Chapter 1-3 Flashcards Preview

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Flashcards in Keyterms Chapter 1-3 Deck (37):
1

Premisis

Buildings and land used by a shop or business

2

Business

A business that produces goods and services

3

Goods

Product that is tangible

4

Service

Product that is not tangible

5

Output

Amount of goods or work produced by a person, machine or factory

6

Human recources

The department that deals with employing, training and helping people

7

Consumer goods

Goods sold to ordinary people

8

Producer goods

Goods and services sold to other businesses

9

Needs

Basic requirements for human survival

10

Wants

People desires for goods and services

11

Infinite

Without limits in space or time

12

Finite

Having and end or a limit

13

Scarce

Recources with limited availability

14

Private sector

Business organizations owned by individuals

15

Public sector

Businesses owned by the government

16

Stakeholder

An individual or group that an interest in the operation of a business

17

Entrepreneur

Person who takes risks to open their own business

18

Objectives

Goals or targets set by a business

19

Executives

Managers in an organization or company who help make important decisions

20

Diversify

If a business, company or country diversifies it increases the range of goods or services it produces

21

Financial return

Monetary return

22

Profit maximization

Making as much profit as possible in a given time period

23

Shareholders

Owners of limited companies

24

Dividends

Share of the profit paid to shareholders in a company

25

Profit satisficing

Making enough profit to satisfy the needs of the business owner

26

Automation

Use of so uterus and machines instead of people to do a job

27

Economies of scale

Financial advantages of producing something in large quantities

28

Revenue

Money from the sale of goods and servises

29

Inovator

Someone who introduces changes and new ideas

30

Labor

People employed in a business

31

Sole trader

Business owned by a single person

32

Unlimited liability

Owner of business in personally liable for all debts

33

Deed of partnership

Binding legal document that states the formal rights of partners

34

Limited partnership

Some partners contribute capital and enjoy a share of the profit but do not take part in running it

35

Limited liability

Business is only liable for original amounts of money invested in the business

36

Audits

Official examination of a companies financial records in order to check that they are correct

37

Franchise

Structure in which a business allows another operator to trade under their name