Business Studies_->>AQA AS Unit 1

chapter 1 key terms

  • Created by: Tiffany
  • Created on: 23-12-10 19:51


Enterprise>> this is the process by which new businesses are formed and new products are created and brought into the market, these businesses are led by an entrepreneur.

Entrepreneur>> An individual who has an idea in which they develop into a business. They take risks that can lead to profit OR loss.

Opportunity Cost>>These are alternative options available to the entrepreneur.

Calculated Risks>> Risky decisions based on a careful comparison of the risks set against the rewards expected  from a decision.

Mentor>> An experienced advisor, to be there when needed.

Business Link>>The government's advice centre for all NEW SMALL FIRMS, which operate regionally, they can give entrepreneurs a mentor, who can help the entrepreneur and prevent them from making any mistakes.

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Franchisor>> is the original owner of the business.


Franchisee>> is the individual or group of individuals who are willing to buy the right to sell the product or services that the franchise sells.


Franchise>> exists when a small business has the opportunity to buy the right to use the name and reputation of a large branded corporation.

 ·  One the key possible types of business ownerships available to a business


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these are only chapter 1's key terms

if you want all of unit 1; this has everything for unit 1

hope it helps :)

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