Tend to be paid to manual (blue collar) workers for working a fixed number of hours per week plus overtime.
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Salary
Pay, usually of non-manual (white collar) workers, expressed as a yearly figure but paid monthly.
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Overdraft
Borrowing money from a bank by drawing our more money that is actually in a current account. Interest is charged on the amount overdrawn.
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Quotas
Limits on the physical number of goods that can be imported over a period of time.
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Bonds
A long-term loan where typically interest is paid at regular intervals like a year and the loan is all repaid at the end of the life of the bond. Bonds are traded on stock markets.
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Sales of goods legislation
Gives consumers rights to compensation if a product they buy is not of merchantable quality, not as described or fit for purpose.
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Trade Descriptions legislation
Makes businesses liable for prosecution and fines if products are sold in a misleading way.
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Product differentation
Making one product different from another in some way, for instance through the quality of a product, it's design, packaging or advertising
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Brand
The name of a product which consumers see as being different from other products and which they can associate with and identify/
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Generic brand
A product which is made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business.
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Product life cycle
The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline.
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Research and development
The process of scientific and technological research and then development of the findings of that research before a product is launched.
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Public relations
Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or the press.
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Penetration pricing
Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.
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Wholeasalers
Businesses which buy in bulk from a manufacturer or other supplier and then sale the stock on in smaller quantities to retailers.
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Retailers
Businesses which specialise in selling goods in small quantities to the consumer.
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Other cards in this set
Card 2
Front
Pay, usually of non-manual (white collar) workers, expressed as a yearly figure but paid monthly.
Back
Salary
Card 3
Front
Borrowing money from a bank by drawing our more money that is actually in a current account. Interest is charged on the amount overdrawn.
Back
Card 4
Front
Limits on the physical number of goods that can be imported over a period of time.
Back
Card 5
Front
A long-term loan where typically interest is paid at regular intervals like a year and the loan is all repaid at the end of the life of the bond. Bonds are traded on stock markets.
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