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Business Studies Keywords
Section 1: The business Environment
[Unit 1:Business in its environment]
Business an organisation which produces goods and services

Capital goods physical goods used to produce other producer and
consumer goods and services

Consumer the person who ultimately uses (or consumes) a

Consumer goods goods and services…

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Command economy economy where most consumer goods and services
are produced by the public sector

Economy a system,a set of rules,which influences what is
produced,how it is produced and who receives the

Free market economy economy(or economic system) where over 60% of
consumer goods and services are produced by…

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activities of individuals,businesses and
governments.Social costs and benefits = private
costs and benefits plus externalities

[Unit 6 Business in the national economy]
Boom period of time when the economy is growing
particularly fast

Inflation a general rise in prices

Recession period of time when the economy is slowing down or…

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The balance of trade visible exports minus visible imports

The current account balance exports(both visible and invisible) minus imports
(both visible and invisible)

[Unit 9 The European Union]
The European Union(EU) The European Union is an economic and political
union of 28 countries. It operates a single market
which allows…

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Sole proprietorships a business owned by a single person who has
unlimited liability

Sole trader/sole proprietor the owner of a sole proprietorship business

Unlimited liability a legal obligation on the owners of a business to
settle (pay off) all debts of the business.In law,ther is
no distinction between the assets…

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Consumer(or retail) cooperative a business orgainsation owned by customer
shareholders and which aims to maximise benefits
for its customers

Worker cooperative a business organisation owned by its workers who
run the business and share the profits among thems

[Unit 19 Franchising]
Franchise the right given by one business to another…

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with another textile company

Internal or organic growth an increase in size of a business which is not
achieved through taking over other businesses but
through the existing business increasing profits,sales
and employment.

Merger when two or more businesses join together to form a
larger business.

Takeover when one business…

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Market oriented business a business which develops products which have
been researched and designed to meet the needs of

Market research the process of gaining information about
customers,competitors and market trends through
collecting primary and secondary data.

Primary data information which has been gathered for a specific
purpose through…

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Product life cycle the stages through which a product passes from its
development to being withdrawn from sale.

[Unit 29 Pricing]
Competition based pricing setting a price based on the prices charged by
competitors for similar products

Cost plus pricing fixing a price by adding a percentage profit margin to…

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Promotion communication between business and customer,
making the customer aware that the product is for
sale,telling or explaining to them what is the
product,making the customers aware of how the
product will serve the customer's needs and
persuading them to buy it for the first time or again.

Public relations…


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