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156 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Profit |
Total revenue - total costs |
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Revenue |
Cost of unit X number of units sold |
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What does SMART stand for? |
Specific, Measurable, Achievable, Realistic, Time |
Think objectives |
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Fixed costs |
These are costs that DO NOT vary with output. They remain the same. |
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Variable Cost |
Costs that vary directly with output |
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Total Cost |
Fixed costs + Variable costs |
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Loss |
When the revenue of a business is less than the total costs of the business |
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A Mission |
An aim a business hope to achieve |
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Gross profit |
Total revenue - variable costs |
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Gross profit |
Total revenue - variable costs |
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Net profit |
Total revenue - total costs |
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Gross profit |
Total revenue - variable costs |
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Net profit |
Total revenue - total costs |
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Primary Sector |
Sector where raw materials are extracted |
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Secondary sector |
Sector where raw materials are turned into finished goods (manufacturing) |
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Secondary sector |
Sector where raw materials are turned into finished goods (manufacturing) |
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Tertiary Sector |
Sector where finished goods are sold or services are provided |
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An objective |
A measurable target which can be used to help achieve the mission |
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An objective |
A measurable target which can be used to help achieve the mission |
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Market Capitalisation |
The value of the company determined by multiplying he share price by the number of shares issued |
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An objective |
A measurable target which can be used to help achieve the mission |
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Market Capitalisation |
The value of the company determined by multiplying he share price by the number of shares issued |
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Dividends |
The share of profits paid out by a company to shareholders |
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Ordinary Share Capital |
The most common and most risky type of share as there is no guaranteed dividend included |
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Shareholders |
People that own shares in a limited company. They are joint owners and can vote on company issues |
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Shareholders |
People that own shares in a limited company. They are joint owners and can vote on company issues |
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Sole traders |
Just one owner Very easy to set up Unlimited liability Complete freedom |
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Partnership |
Two to twenty owners involved and the profits are shared evenly between them all. Unlimited liability |
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Memorandum of association |
A document that allows you to set up an ltd Includes name, nature, address and share capital |
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External environment |
Factors that are beyond the control of the business operating in a market. |
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External environment |
Factors that are beyond the control of the business operating in a market. |
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What does PEST stand for |
Political, Economical, Social, Technological, |
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Unit Cost |
Total costs divided by output |
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Unit Cost |
Total costs divided by output |
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Effective demand |
Customers are willing and able to buy the product/service a business produces |
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Tangible good |
Goods you can physically touch |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Tangible good |
Goods you can physically touch |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Real wage growth |
Pay increase is higher or lower than inflation |
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Tangible good |
Goods you can physically touch |
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Inferior goods |
Demand goes down when wages increase |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Real wage growth |
Pay increase is higher or lower than inflation |
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Tangible good |
Goods you can physically touch |
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Inferior goods |
Demand goes down when wages increase |
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Private sector |
Run by private individuals and firms |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Real wage growth |
Pay increase is higher or lower than inflation |
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Tangible good |
Goods you can physically touch |
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Inferior goods |
Demand goes down when wages increase |
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Private sector |
Run by private individuals and firms |
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Public sector |
Run by government and provided services such as education and healthcare |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Real wage growth |
Pay increase is higher or lower than inflation |
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Tangible good |
Goods you can physically touch |
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Inferior goods |
Demand goes down when wages increase |
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Private sector |
Run by private individuals and firms |
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Public sector |
Run by government and provided services such as education and healthcare |
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Preferred share |
Guaranteed a fixed dividend rate but it doesn’t include s voting right |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Real wage growth |
Pay increase is higher or lower than inflation |
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Tangible good |
Goods you can physically touch |
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Inferior goods |
Demand goes down when wages increase |
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Private sector |
Run by private individuals and firms |
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Public sector |
Run by government and provided services such as education and healthcare |
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Preferred share |
Guaranteed a fixed dividend rate but it doesn’t include s voting right |
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Incorporated |
When the owner and the business are depressed entities |
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Intangible goods |
Goods that can’t be touched |
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Interest rates |
The reward for saving and the cost for borrowing |
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Disposable income |
Income left over for people to spend once all their living costs are taken into account |
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Concentration ratio |
Shows the breakdown of the number of firms in an industry |
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Monopoly |
Complete control of a market (25% or more share) |
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Oligopoly |
3 to 8 firms that control the market. |
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Perfect competition |
Many producers that all compete on price and there are no barriers to entry |
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Consumer confidence |
How positive or negative people feel about an economy |
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Real wage growth |
Pay increase is higher or lower than inflation |
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Total contribution |
Total amount of money a business has left after paying its variable costs to pay its fixed costs |
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