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Risk is the chance of failure a business has, by taking
many risky decisions there is a greater chance of
reward, the greater the inputs that could be lost the
higher the risk.
Reward does not just include the benefits but also any
losses, reward can be negative.…read more

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Profit is the amount of money a business makes after
its sales costs have been taken into account.
Sales revenue ­ total costs = profit
If profit is negative it is a loss.…read more

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The opportunity cost is the value of a good that is not
purchased, to allow you to make a different purchase.
For example, the opportunity cost of buying a new car
for £2000, is redecorating you house to the value of
£2000.
This also includes the benefit that is lost from the next
best alternative, for example the benefit of a decorated
house.…read more

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A trademark is a sign, symbol, slogan or even sound
that distinguish a business from others, this means the
trademark cannot be copied by other businesses
wanting to use the brand image.
Copyright prevents the copying of an art based
medium, such as a painting or a musical composition.
A patent is an innovative feature of production method
that is unique to this business, a patent stops any other
rival businesses copying the idea and gives a patented
product unique selling point.…read more

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A franchise is the authorization to distribute an
established businesses goods and services, the main
advantage is a newly established business will have a
recognized brand.…read more

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