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26 Cards in this Set
- Front
- Back
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Barriers to trade |
Trade barriers are government policies which place restrictions on international trade. |
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Quotas |
Quotas are limits on the amount of goods imported and usually work in the MEDC's favour. |
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MEDCs |
Usually, MEDCs export valuable manufactured goods such as electronics and cars and import cheaper primary products such as tea and coffee. |
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LEDCs |
LEDCs have little purchasing power, making it difficult for them to pay off their debts or escape from poverty. |
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Tariffs |
Tariffs are taxes imposed on imports, which makes foreign goods more expensive to the consumer. |
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Trading Bloc |
A group of countries who have joined together to promote trade. |
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Internal sources of finance |
They are funds found from within a business e.g. retained profits and selling assets |
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External growth |
Usually involves a merger or takeover. |
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Merger |
A merger occurs when two businesses join to form a new (but larger) business. |
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Takeover |
A takeover occurs when an existing business expands by buying more than half the shares of another business. |
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Adding value |
How a business sells a product for more than it costs through the processes they apply |
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Advertising |
Promotional method where a business pays to place an advert in a form of media, such as a newspaper or television |
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Aesthetics |
The attractiveness of the design of a product |
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Aims and Objectives |
The overall goals of a business or organisation identifying what the business is trying to achieve |
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Application form |
A method of applying for a job where the required details are decided by the business who is recruiting |
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Autonomy |
The independence a worker has within their job |
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Average rate of return |
The annual percentage profit that an investment makes compared to the cost of the investment |
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Bar gate stock |
A method of displaying data on stock levels, which allows stock control policy to be control graph decided, implemented and reviewed within a business |
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Batch production |
Method of production where groups or types of products are made at several stages |
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Bonus |
An extra amount of financial pay received through achieving a business target |
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Branding |
What distinguishes a good or service from rivals |
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Break even |
Where total revenue is the same as total costs and no profit or loss is made |
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Buffer stock |
A quantity of stock kept in store to safeguard against unforeseen shortages or demands |
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Business |
An organisation set up to meet customer demand and to make a profit for its owners |
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Business environment |
The external factors such as the economy and the law that influence how a business operates |
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Business plan |
A document produced by a new or existing business that shows what its objectives are and how it will meet them |
