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49 Cards in this Set
- Front
- Back
Business
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an organisation which produces goods and services.
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Consumer Goods
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Goods and services sold to ordinary people rather than businesses.
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Entrepreneurs
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People who take risks and set up businesses.
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Goods
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Physical products like a mobile phone, packet of crisps or a pair of shoes.
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Needs
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Basic requirements for human survival.
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Private Sector
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Business organisations owned by individuals or groups of individuals.
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Producer Goods
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Goods and services produced by one business for another.
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Public Sector
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Business organisations owned by central or local government.
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Scarce resources
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the amount of resources available is limited.
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Services
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Non-physical products like banking, car washing and waste disposal.
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Stakeholder
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An individual or group with an interest in the operation of a business.
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Wants
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peoples' desires for goods and services.
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Mission Statement
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a brief summary of a firm's aims and objectives.
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Objectives
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the goals or targets set by a business.
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Profit maximisation
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making as much profit as possible in a given time period.
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Deed of Partnership
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a binding legal document which states the formal rights of partners.
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Franchise
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Where a business allows another operator to trade under their name.
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Incorporated Businesses
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where the business has a separate legal identity from that of its owners.
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Limited Liability
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Where a business owner is only liable for the original amount of money invested in the business.
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Limited Liability Partnership
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A partnership where all partners have limited liability.
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Limited Partnership
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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.
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Partnership
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a business owned by between 2 and 20 people.
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Sole trader or Sole proprietor
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a business owned by a single person.
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Unincorporated business
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Those businesses where there is no legal difference between the owner and the business.
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Unlimited Liability
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Where the owner of a business is personally liable for all business debts.
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Flotation
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The process of a company "going public".
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Joint Venture
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Where two or more companies share the cost, responsibility and profits from a business venture.
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Limited Company
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A business organisation which has a separate legal identity from that of its owners.
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Stock Market
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A market for shares in pics.
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Globalisation
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the growing integration of the world's economies.
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Multinational
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a large business with markets and production facilities in sveral different countries.
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Repatriation (of profit)
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Where a multinational returns the profits from an overseas venture to the country where it is based.
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Capital-Intensive Production
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Production methods that make more use of machinery relative to labour.
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Division of Labour
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Specialisation in specific tasks or skills by an individual.
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Entrepreneur
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an individual who organises the other factors of production and risks their own money in a business venture.
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Factors of production
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The resources used to produce goods and services. They include land, labour, capital and enterprise.
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Fixed Capital
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the stock of "man-made" resources such as machines and tools used to help make goods and services.
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Labour
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the people used in production.
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Labour-intensive Production
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Production methods that make more use of labour relative to machinery.
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Production
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the transformation of resources into goods or services.
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Specialisation
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in business, the production of a limited range of goods.
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De-Industrialisation
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the decline in manufacturing.
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Primary Industry
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Production involving the extraction of raw materials from the earth.
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Secondary Industry
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Production involving the conversion of raw materials into finished and semi-finished goods.
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Tertiary Industry
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The production of services in the economy.
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Assisted areas
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Ares that are designated by the UK or EU as having economic problems and are eligible for support in a variety of forms.
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Brownfield Site
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areas of land which were once used for urban development.
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Greenfield Sites
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areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time.
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Regional Policy
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Measures used by the government to attract businesses to "depressed" areas.
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