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12 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Enterprise |
1- another word for a business 2- someone who uses their initiative to take a risk by setting up or starting up their own business |
Business and Risking taking |
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Entrepreneur |
A person who starts their own business by taking a financial risk to get an overall profit in the long term |
Risky Business |
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Opportunity cost |
An opportunity cost is the cost of a decision as measured by the benefits foregone of the next best alternative |
Loss |
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Market share equation |
(Sales of a product or business / total market sales)x100 |
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Price elasticity demand equation |
% change in quantity demanded/ % change in price |
/ is divided by |
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Economies of scale |
Unit costs fall as a firm increases the scale of its operation |
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Costs |
Amounts incurred by a business as a result of its trading operations |
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Business to business |
Involves the selling of products and servicesby one business directly to another |
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Cash flow |
The movement of cash into and out of a business |
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Business plan |
Plan of a business |
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Market research |
The process of planning collecting and analysing data relevent to help make marketing descisions |
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Human Resorces |
Hrm is the strategic process of making the most efficient use of an organisation’s employees |
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