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24 Cards in this Set
- Front
- Back
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Value Chain |
Def: the process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales service. |
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Wealth Creation |
Def: refers to the amassing of assets and property that is a surplus to the requirement for survival. This surplus, or wealth, may be used to amass an even greater surplus to the requirement via the further acquisition of resources andmeans of production. |
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Involuntary Cessation |
Def: Involuntarycessation occurs when the closure of the business is forced on the owner. |
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Economy |
Def: The state of a country or region in terms of the production and consumption of goods and services and the supply of money. |
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Innovation |
Def: Make changes in something established, especially by introducing new methods, ideas, or products. Introduce (something new, especially a product). |
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Entrepreneur |
Def: A person who sets up a business or businesses, taking on financial risks in the hope of profit. |
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Stakeholders |
Def: A person with an interest or concern in something, especially a business. |
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Interdependence |
Def: The dependence of two or more people or things on each other. |
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Business Life Cycle |
Def: The business life cycle usually includes its birth or incorporation stage, its initial growth stage, its expansion stage as it moves into new markets, its mature operation stage, and its eventual decline as consumer interest in its products wane and key employees depart. |
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Voluntary cessation |
Def: Business Cessation means the business stops or ceases operations. Voluntary. Done or undertaken by one's own free will. Voluntary cessation means the business owners choose to stop operating. Involuntary. |
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Sole trader |
Def: A sole trader is the simplest form of business structure and is relatively easy and inexpensive to set up. As a sole trader you will be legally responsible for all aspects of the business. You'll generally make all the decisions about starting and running your business and you can employ people. |
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Partnership |
Def: A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of thebusiness. |
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Company |
Def: A voluntary association formed and organised to carry on a business. Types of companies include sole proprietorship, partnership, limited liability, corporation, and public limited company. |
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Public sector |
Def: The part of an economy that is controlled by the state (government). |
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Private sector |
Def: The part of the national economy that is not under direct state control. |
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Privatisation |
Def: The transfer of a business, industry, or service from public to private ownership and control. |
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SME (Small to Medium Enterprises) |
Def: In Australia, a SME has 200 or fewer employees. Microbusinesses have 1–4 employees, small businesses 5–19, medium businesses 20–199, large businesses 200+. Australian SMEs make up 97% of all Australian businesses, produced one third of total GDP, and employ 4.7 million people. |
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Economic cycle |
Def: The economic cycle is the natural fluctuation of the economy between periods of expansion (growth) and contraction (recession). Factors such as gross domestic product (GDP), interest rates, levels of employment and consumer spending can help to determine the current stage of the economic cycle. |
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Consumer tastes |
Def: Consumer preferences are defined as the subjective (individual) tastes, as measured by utility, of various bundles of goods. They permit the consumer to rank these bundles of goods according to the levels of utility they give the consumer. Note that preferences are independent of income and prices. |
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EPA (Environmental Protection Agency) |
Def: The NSW Environment Protection Authority (EPA) was established in February 2012 as a statutory authority with an independent governing Board. It aims to protect the environment and establish guidelines to ensure responsible activity and use of our environments. They work alongside Federal, State and local governments to deliver environmental outcomes for the people of NSW. |
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ACCC (Australian Competition and Consumer Commission) |
Def: The Australian Competition and Consumer Commission (ACCC) is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefit of all Australians. |
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ASX (Australian Stock Exchange) |
Def: The Australian Stock Exchange. |
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Company |
Def: A company is a type of business structure. You may consider a company structure when starting or growing your business.A company is a separate legal entity, unlike a sole trader or a partnership structure. This means the company has the same rights as a natural person and can incur debt, sue and be sued. The company’s owners (the shareholders) can limit their personal liability and are generally not liable for company debts.A company is a complex business structure, with higher set-up and administrative costs because of additional reporting requirements. |
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Corporation |
Def: Firm that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners. Corporations are owned by their stockholders (shareholders) who share in profits and losses generated through the firm's operations, and have three distinct characteristics (1) Legal existence: a firm can (like a person) buy, sell, own, enter into a contract, and sue other persons and firms, and be sued by them. It can do good and be rewarded, and can commit offence and be punished. (2) Limited liability: a firm and its owners are limited in their liability to the creditors and other obligors only up to the resources of the firm, unless the owners give personal-guaranties.Read more: http://www.businessdictionary.com/definition/corporation.html |
