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BUSINESS STUDIES
KEY WORDS
Entrepreneur: Someone who starts their own business.
Social enterprise: a business set up to provide something for a certain community, (for example; a
charity).
Market share: this is indicated by the sales of one product compared to the total market sales.
Franchise: a franchise occurs when a franchisor sells an existing business idea to a franchisee.
Franchisor: this is the seller of a franchise.
Franchisee: this is a buyer of a franchise.…read more

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BUSINESS STUDIES
KEY WORDS
Deed of partnership: this is an agreement of the partners that sets out the rules of the partnership.
Company: this is a business that has its own legal identity.
Shareholder: this is an owner of a company. Each shareholders own different shares of a business.
Stakeholder: this is a person or an organisation that affects or is effected by a business.
Market research: this is the process of gathering, analysing, and presenting information relevant to
marketing.…read more

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BUSINESS STUDIES
KEY WORDS
Total Costs: this is the spending that is necessary to set up and run a business.
Total Costs = Fixed Costs + Variable Costs
Profit: this is the amount by which a business's revenue from all its sales exceeds its costs.
Profit = Revenue - Total Costs [and outcome is a positive number].
Loss: this is the amount by which a business's costs are larger than its revenue from all sales.…read more

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BUSINESS STUDIES
KEY WORDS
Minimum wage: this is the lowest hourly wage that an employee may legally get paid an hour.
Piece-rate pay: this is a system that pays employees by how much work they do not for how many
hours they work for.
Discrimination: Excluding and treating someone or a group of people unjustly.
Trade union: this is a group of workers who work together to improve their pay and working
conditions.…read more

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