Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
27 Cards in this Set
- Front
- Back
|
Profit |
The surplus of income (revenue) over costs |
|
|
Gap in the market |
Where there is demand but no product to fill it |
|
|
Products |
Goods and services |
|
|
Goods |
Products that can be touched |
|
|
Services |
Products in which things are done for a customer |
|
|
Stakeholder |
A person, group or organisation with a direct stake in a business |
|
|
Internal stakeholders (give 4) |
Those with a direct interest in a business 1) owners 2) shareholders 3) managers 4) employees |
|
|
External stakeholders (give 7) |
Individuals, groups or other business that have a less direct stake in a business 1) customers 2) competitors 3) government 4) community 5) banks 6) suppliers 7) pressure groups |
|
|
Objectives |
Shorter term targets that can be measured |
|
|
Aims |
Long term goals towards which a business can work |
|
|
Mission statement |
Statement of values and ambitions of a business that defines how it operates |
|
|
Social enterprise |
An organisation with social objectives, aimed at stakeholder such as members, customers and communities |
|
|
Co-operative |
A group that shares in a business to ensure a fair deal for members |
|
|
Mutual society |
A society set up to provide the benefit to its members |
|
|
Charity |
A 'business' that tries to do the most good for its chosen cause |
|
|
Primary production |
The first stage of the production process, dealing with raw materials |
|
|
Secondary production |
The second stage of production, dealing with making the good |
|
|
Tertiary sector |
The third stage of (production), dealing with services |
|
|
Chain of production |
The stages of production through which a product passes, from primary through to tertiary |
|
|
Sole trader |
A business with unlimited liability, owned and run by one person |
|
|
Partnership |
A business with unlimited liability, owned and run by 2 or more people |
|
|
Private limited company |
A business with shareholders that has limited liability (shares sold to family and friends) |
|
|
Limited liability |
when liability is limited the amount a shareholder has invested |
|
|
Liability |
The responsibility of the owner for the debts of the business |
|
|
Public limited company |
Limited liability company with shares quoted on the stock exchange and available to the public to buy |
|
|
Shareholders |
People and institutions that buy shares in a business and are therefore its owners |
|
|
Internal growth |
(Also called organic growth) when a business grows by joining with other businesses |
