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49 Cards in this Set

  • Front
  • Back
Business
an organisation which produces goods and services.
Consumer Goods
Goods and services sold to ordinary people rather than businesses.
Entrepreneurs
People who take risks and set up businesses.
Goods
Physical products like a mobile phone, packet of crisps or a pair of shoes.
Needs
Basic requirements for human survival.
Private Sector
Business organisations owned by individuals or groups of individuals.
Producer Goods
Goods and services produced by one business for another.
Public Sector
Business organisations owned by central or local government.
Scarce resources
the amount of resources available is limited.
Services
Non-physical products like banking, car washing and waste disposal.
Stakeholder
An individual or group with an interest in the operation of a business.
Wants
peoples' desires for goods and services.
Mission Statement
a brief summary of a firm's aims and objectives.
Objectives
the goals or targets set by a business.
Profit maximisation
making as much profit as possible in a given time period.
Deed of Partnership
a binding legal document which states the formal rights of partners.
Franchise
Where a business allows another operator to trade under their name.
Incorporated Businesses
where the business has a separate legal identity from that of its owners.
Limited Liability
Where a business owner is only liable for the original amount of money invested in the business.
Limited Liability Partnership
A partnership where all partners have limited liability.
Limited Partnership
a Partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business.
Partnership
a business owned by between 2 and 20 people.
Sole trader or Sole proprietor
a business owned by a single person.
Unincorporated business
Those businesses where there is no legal difference between the owner and the business.
Unlimited Liability
Where the owner of a business is personally liable for all business debts.
Flotation
The process of a company "going public".
Joint Venture
Where two or more companies share the cost, responsibility and profits from a business venture.
Limited Company
A business organisation which has a separate legal identity from that of its owners.
Stock Market
A market for shares in pics.
Globalisation
the growing integration of the world's economies.
Multinational
a large business with markets and production facilities in sveral different countries.
Repatriation (of profit)
Where a multinational returns the profits from an overseas venture to the country where it is based.
Capital-Intensive Production
Production methods that make more use of machinery relative to labour.
Division of Labour
Specialisation in specific tasks or skills by an individual.
Entrepreneur
an individual who organises the other factors of production and risks their own money in a business venture.
Factors of production
The resources used to produce goods and services. They include land, labour, capital and enterprise.
Fixed Capital
the stock of "man-made" resources such as machines and tools used to help make goods and services.
Labour
the people used in production.
Labour-intensive Production
Production methods that make more use of labour relative to machinery.
Production
the transformation of resources into goods or services.
Specialisation
in business, the production of a limited range of goods.
De-Industrialisation
the decline in manufacturing.
Primary Industry
Production involving the extraction of raw materials from the earth.
Secondary Industry
Production involving the conversion of raw materials into finished and semi-finished goods.
Tertiary Industry
The production of services in the economy.
Assisted areas
Ares that are designated by the UK or EU as having economic problems and are eligible for support in a variety of forms.
Brownfield Site
areas of land which were once used for urban development.
Greenfield Sites
areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time.
Regional Policy
Measures used by the government to attract businesses to "depressed" areas.