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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
product
Consumer goods goods and services…

Page 2

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

Page 3

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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…

Page 4

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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…

Page 5

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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…

Page 6

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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…

Page 7

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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…

Page 8

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

Page 9

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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…

Page 10

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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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Pages in this set

Page 1

Preview of page 1
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
product
Consumer goods goods and services…

Page 2

Preview of page 2
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 products
Free market economy economy(or economic system) where over 60% of
consumer goods and services are produced by…

Page 3

Preview of page 3
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…

Page 4

Preview of page 4
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…

Page 5

Preview of page 5
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…

Page 6

Preview of page 6
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…

Page 7

Preview of page 7
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…

Page 8

Preview of page 8
Market oriented business a business which develops products which have
been researched and designed to meet the needs of consumers.
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…

Page 9

Preview of page 9
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…

Page 10

Preview of page 10
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…

Comments

No comments have yet been made