Flashcards in Section 1 - Business Activity and the Changing Environment Deck (74)
An organisation which produces goods and services.
Goods and services sold to ordinary people (consumers) rather than businesses.
People who take risks and set up businesses.
Physical products like a mobile phone, packet of crisps or shoes.
Basic requirements for human survival.
Business organisations owned by individuals or groups of individuals.
Business organisations owned by central or local government.
The amount of resources available is limited.
Non-physical products like banking, car washing and waste disposal.
An individual or group with an interest in the operation of a business.
People’s desires for goods and services.
A brief summary of a firm’s aims and objectives.
The goals or targets set by a business.
Making as much profit as possible in a given time period.
Deed of partnership
A binding legal document which states the formal rights of partners.
Where a business (the franchisor) allows another operator (the franchisee) to trade under their name.
Where a business has a separate legal identity from that of its owners.
Where a business owner is only liable for the original amount of money invested in the business.
Limited liability partnership
A partnership where all partners have limited liability.
A partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business.
A business owned by between 2-20 people.
A business owned by a single person.
Those businesses where there is no legal difference between the owner and the business.
Where the owner of the business is personally liable for all business debts.
The process of a company ‘going public’.
Where two or more companies share the cost, responsibility and profits from a business venture.
A business organisation which has a separate legal identity from that of its owners.
A market for shares in plcs.
The growing integration of the world’s economies.