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Understanding business Flashcards

1
Q

What are needs?

A

Something you must have to survive food shelter, clothing, water

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1
Q

What is a want?

A

Something you would like to have that would give you personal satisfaction.

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2
Q

What is a good?

A

Something tangible- and item you can touch or hold

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3
Q

What is a service?

A

Something intangible- cant touch something that’s been done for you.

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4
Q

What does something durable mean?

A

Goods which last a long time.

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5
Q

What does non-durable mean.

A

Can be used for a limited amount of time.

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6
Q

What is a consumer good?

A

A good that is sold to individuals for their personal use.

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7
Q

What is a capital good?

A

A good that is sold to a business to produce consumer goods.

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8
Q

What is an entrepreneur?

A

A person who comes up with a business idea and takes risks to make it successfull.

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9
Q

What are the skills and qualities of an entrepreneur?

A

Risk taker, decision making, leadership, determination

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10
Q

What are the reasons for being an entrepreneur?

A

To make a profit, to be your own boss, to pursue a hobby.

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11
Q

What is the private sector of the economy?

A

Sole trader, partnership, private limited company all exist to make profit.

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12
Q

What is a sole trader?

A

A business that is owned and run by one person and financed by their own personal savings

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13
Q

What is a partnership?

A

A business owned and controlled by 2-20 partners and financed by the investments of each partner

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14
Q

What is a private limited company?

A

Owned by a minimum of one shareholder who are normally friends and family, financed by private individuals buying shares.

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15
Q

What are advantages of private limited company?

A

Can maintain control of the business, easy to raise finance, shareholders have limited liability.

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16
Q

What are the disadvantages of a private limited company?

A

Profit is shared, legal requirement must be set up, shares cannot be sole to the public

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17
Q

What is the public sector?

A

Owned/run by the government, financed by taxes and exist to break even or to provide us with services.

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18
Q

What is the voluntary sector?

A

Non-profit making organisations, charity or voluntary, run by volunteers, financed by lottery grants, exist to help others.

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19
Q

What is a social enterprise?

A

Aim to help social/environmental issues, make profit but reinvest it to help their issue, its less regulated by the government compared to charity, can get government grants.

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20
Q

What are the benefits of social enterprise?

A

Donated items reused, creates voluntary opportunities, supports low income families/ those struggling, strong reputation.

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21
Q

What are the external business influences/factors.

A

Political, Economic, Social, Technological, Environmental, Competition

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22
Q

What are the effects of political influences?

A

Gov’t introduces new health&safety law, increase minimum wage, awards grant, reduce taxation levels.

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23
Q

What are the effect of economic influences?

A

Recession in the UK , increased rate of interest, risen unemployment levels, rate of inflation rises or falls.

24
Q

What are the effects of social influences?

A

Society changes their beliefs/values ie healthier lifestyle, changes in trends and fashion, more employees balancing work and family life.

25
Q

What are the effects of environmental influences?

A

Global pandemic- opening hours reduced severe weather- costumers lost, reduced/more sales, suppliers deliver late.

26
Q

What are the effects of competition influences?

A

Competition could reduce their prices-price match others selling same /similar products-increased advertising costs, reduction in prices, make higher quality goods.

27
Q

What are the sectors of industry?

A

Primary , secondary, tertiary sector.

28
Q

What is the primary sector?

A

When natural resources are extracted from the grounds- farming, fishing, mining

29
Q

What is the secondary sector?

A

When primary industry good are used to produce/manufacture a good - factory

30
Q

What is the tertiary sector?

A

The provision of a service- hairdressing, teaching

31
Q

What are the factors of production?

A

Capital, Enterprise, Land, Labour

32
Q

What is the capital factor of production?

A

The money or equipment used t start a business return- interest/profit

33
Q

What is the enterprise factor of production?

A

The entrepreneur who combines all factors together return- profit

34
Q

What is the land factor of production?

A

Natural resources a business uses return- rent

35
Q

What is the labour factor of production?

A

Human resources employed in a business return- wage salary

36
Q

What is a stakeholder?

A

An individual or a group of individuals who have an interest/influence in the success/ failure of a business.

37
Q

What are the internal stakeholders?

A

Employees, owners, shareholder, manager

38
Q

What are the external stakeholders?

A

Customers, bank, suppliers, community, local gov’t

39
Q

What does a stakeholders interest mean?

A

What the stakeholder wants from the business

40
Q

What does a stakeholders influence mean?

A

When a stakeholder can change the success or failure of a business.

41
Q

What are features of good customer services?

A

High quality products at best price, Polite and helpful employees, customer service policy, highly trained employees, complaints procedure

42
Q

What is the internal factor availability of finance?

A

will they be able to hire the most qualifies/ experienced employeed, can they pay back loans and bills on time, can they afford to purchase high quality raw materials for their products

43
Q

What is the internal factor human resources

A

if employees are highly trained they will be able to offer good customer service, if employees are highly skilled they me able to produce a high quality product

44
Q

What is the internal factor current technology?

A

if an organisation has up to date technology it may be able to sell to customers online, if an organisation has up to date technology it will be able to produce products to the highest specification

45
Q

What are the advantages of having good customer service?

A

Increased sales/ profits, increased customer loyalty, good reputation, less complaints, recommendations to family and friends

46
Q

What are the effects of technological influences?

A

Facetime/skype/teams- instant and less expensive communication, e-commerce- increased sales from all over the world, tablets/ wireless tech- improved communication on the move

47
Q

What is an employees interest and influence?

A

to be treated farly, to have good working conditions, a god rate fo pay, can take industrial action, be absent regualry, produce poor quality products

48
Q

What is an owners interest and influence?

A

wants business to make a profit, grow the business in the future, good reputation for the business, make poor quality decisions, can invest more capital into the business

49
Q

What is a managers interest and influence?

A

Wants the business to make a profit, benefits like company car or phone, poor quality decisons such as employee wrong staff

50
Q

What si a cutsomers interest and influence?

A

wnat good quality products, wnat good customer service, can shop elsewhere,

51
Q

What is a banks interest and influence?

A

wants loand to be paid on time, want repeat business, can refuse to provide loans, can charge high interest rate on loans

52
Q

What si a suppliers inetrets and influence?

A

Wants to eb paid on time for the materials they provide, wnast repeat orders, may deliver late, can increase or reduce th prices

53
Q

What is a local communitys interest and influence?

A

Wnats jobs in local area, wanst business to be socially responsible, can make complainst to local council, can protest

54
Q

What is a governments influence and interest

A

Wnats yout to pa taxes on time, wnats you to abide to the law, can refuse or grant planning permission, can increase the minimum wage, can increase the amount of tax you pay

55
Q

What are the advantages of a sole trader?

A

Keeps all the profit, gets to make all the decisions, simple to set up this type of business

56
Q

What are the disadvantages of being a sole trader?

A

Owner has to be an expert at everything, unlimited liability, business will close when owner is ill or on holiday, difficult to obtain finance

57
Q

What are the advantages of a partnership?

A

Partners can share the workload, partners can specialise, easy to obtain finance as additional shares can be sold, simpler to cover holidays and illness

58
Q

What are the disadvantages of a partnership?

A

Profit is shared, chance of arguments or disagreements, unlimited liability, cost of drawing up a deed of partnerhsip

Business (21 decks)

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