business studies: unit 1: key words

BUSINESS STUDIES
KEY WORDS

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…

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:…

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…

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…