Business activity

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Lack of sufficient products to fulfil the total wants of population.
Scarcity
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The skill and risk-taking ability of the person who produces a good or service
Enterprise
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A good or service which people would like to have, but isn't essential for living.
Want
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The number of people available to make products
Labour
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The sector of the industry that extracts and uses the natural resources of the Earth to produce raw materials
Primary
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The next best alternative given up by choosing another item
Opportunity cost
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A good or service essential for living
Need
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A form of business in which two or more people agree to own the business together under legal contract
Partnership
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The difference between selling price and the cost of bought in materials and components
Added value
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Sector of the industry that provides services to consumers and the other sectors of industry
Tertiary
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When a business expands its existing operations
Internal growth
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When people and businesses concentrate on what they are best at
Specialisation
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Businesses that are wholly owned by the state or government
Public corporations
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What occurs when there is a decline in the importance of the secondary sector.
De-industrialisation
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An economy with both a private and public sector
Mixed economy
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The money invested into a business by the owners
Capital
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A document containing the business objectives and important details about the operations, finance and owners of the new business
Business plan
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When the liability of shareholders is only limited to the amount they invested
Limited liability
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When a firm merges or takes over another of the same industry but a different stage of production
Vertical integration
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The total value of capital used in the business
Capital employed
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A person who organises, operates and takes the risk for a new business venture
Entrepreneur
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When a firm merges or takes over with another of the same sector of industry and in the same stage of production
Horizontal integration
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When a business expands or merges with another business
External growth
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A business owned by one person
Sole trader
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When a firm merges or takes over another firm in a completely different industry
Conglomerate integration
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When the shareholders (owners in most cases) can be held responsible for the debts of the business they own.
Unlimited liability
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The targets or aims that a business works towards
Business objectives
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The proportion of total market sales achieved by one business
Market share
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Entities that are directly interested in the success of a business
Stakeholders
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A business that is based upon the use of brand names. People can buy a licence to operate the business in any location from the owner
Franchise
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People that are the owners of a limited company. They buy shares
Shareholder
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The total income of a business
Sales revenue
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A business with social objectives as well as an aim to make profit to reinvest back into the business
Social enterprise
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An external stakeholder that is responsible for the economy of the country
Government
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The exclusive possession or control of the supply or trade in a commodity or service
Monopoly
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The total income of a business minus the total costs
Profit
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An internal stakeholder that put capital in to set up and expand a business
Owner
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Payments made to shareholders from the profits of a company.
Dividend
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Other cards in this set

Card 2

Front

The skill and risk-taking ability of the person who produces a good or service

Back

Enterprise

Card 3

Front

A good or service which people would like to have, but isn't essential for living.

Back

Preview of the front of card 3

Card 4

Front

The number of people available to make products

Back

Preview of the front of card 4

Card 5

Front

The sector of the industry that extracts and uses the natural resources of the Earth to produce raw materials

Back

Preview of the front of card 5
View more cards

Comments

jesperdejonge9

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thank you andrea, this is very helpful 

amelia.w

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what exam board is this ? 

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