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10 Cards in this Set
- Front
- Back
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Why do businesses exist? |
1.To provide a service 2.Provide goods or services to meet demand 3.To make a profit 4.To meet a personal goal |
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What is a stakeholder? |
A stakeholder is an individual or a group of people that have a legitimate interest in a a business; a shareholder is ALWAYS a stakeholder |
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What are the 4 aims of a business? |
1.To profit(Most private sector businesses) 2.To provide a service(Public sector businesses) 3.To grow(Expand sales/land) 4.To survive (Break even) |
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What is a social enterprise? |
A business that creates profit and reinvests it into an ethnic cause |
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What are the Primary, secondary and tertiary sectors? |
Primary - Extraction of raw materials (mines, farms) Secondary - Manufacturing to add value to raw material Tertiary - Selling a product or service to the public |
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Two reasons for deindustrialisation of the secondary sector |
1.Mechanisation 2.Cheaper labour abroad |
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Forms of British ownership |
1.Sole trader (Only one owner - unlimited liability) 2.Partnership (2-20 owners - unlimited liability) 3.Private limited company (Issue shares to friends or locals - limited liability) 4.Public limited company (Issue shares on stock exchange - Limited liability) 5.Cooperative (Every workers gets one vote - slow business decisions) |
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What is a multinational company? |
A business/company that trades/operates across the world |
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What does diversification mean? |
When a business expands into a new market |
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List main thoughts of a business when it comes to locate |
1.Pay 2.Grants from government 3.Demographics (Local labour) 4.Infrastructure (Transport etc) |
