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Unit 2 Expanding a Business ­ Key Words:
The Business Organisation
Economies of scale ­ The reason why average costs or each item fall as a
firm expands
Market Share ­ The proportion of total market sales sold by one business
Organic Growth ­ Expansion from within the business (e.g.…

Page 2

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Globalisation ­ Increasing trend for goods to be traded internationally and
for companies to locate abroad
Off-shoring ­ making products or parts of products in other countries.
Services can be off-shored too such as telephone call centres.
Multinational ­ a business with operations in more than one country

Marketing
Product…

Page 3

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Sales Revenue ­ The value of goods sold (number of goods sold x price =
sales revenue)
Cost of Sales ­ The cost to the business of the goods sold
Gross Profit ­ The different between sales revenue and cost of making the
products sold (sales revenue ­ cost of…

Page 4

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Operations Management
Flow Production ­ large scale production where each stage of production
is carried out one after the other on a production line
Specialisation ­ Work is divided into separate tasks or jobs that allow
workers to become skilled at one of them
Division of Labour ­ Breaking down…

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davidsalter

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This is a long list containing definitions of all the key words required for the final GCSE exam (unit 3 Edexcel). Students will get more from this resource by adapting it for their own use eg produce their own flash cards, poster etc.

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