Business studies

HideShow resource information
  • Created by: Enola19
  • Created on: 04-11-15 11:53
Primary Sector
Is the extraction of raw materials from earth.
1 of 49
Secondary Sector
Is the conversion of raw material into finished and semi-finished goods.
2 of 49
Tertiary Sector
Is the production of services in the economy.
3 of 49
Land
all natural resources. (rent)
4 of 49
Labour
The human factor of of production. i.e employees. (wages)
5 of 49
Capital
All man made resources. (interest)
6 of 49
Entrepreneur
They control the other factors of production to form a business, they take risks. (profit))
7 of 49
Labour intensive production
A business that uses more labour than capital.
8 of 49
Capital intensive production
A business that uses more capital than labour.
9 of 49
Needs
The goods and services that are considered to be essential for survival. (air, food, drinks, clothing and shelter)
10 of 49
Want
The desire of a consumer to buy a good or service.
11 of 49
Sarcity
We do not have enough resources to meet everyones needs or wants.
12 of 49
Opportunity cost
The benefits that could have been gained from an alternative use of the same resource.
13 of 49
Added Value
Is the increased worth that a business creates for its product. It is the difference between what a business pays its suppliers and the price it is able to charge for its product.
14 of 49
Business objective
goal or targets set by a business that they will try to achieve in either the short or long term
15 of 49
Mission statement
a brief summary of a firms aims and objectives in the future
16 of 49
Aim
what is the business actually trying to achieve
17 of 49
objective
what steps do we have to take to achieve our aim.
18 of 49
satisfying
trying to do a lot of things at the same at the same time.
19 of 49
public goods
goods and services the goverment thinks everyone should have but are impossible to charge for. e.g street lights
20 of 49
Merit goods
goods and services provided by the goverment for everybody because if the provision were left to the free market, they would not be provided at the right price, in the right quantity. e.g state education, health care.
21 of 49
demerit goods
goods and services the goverment thinks are bad for the population and they want to restrict their use by making them exxpensive.
22 of 49
nationalisation
the process of transfering organisations from private sector to public sector.
23 of 49
privatisation
the process of transfering organisations from the public sector to the private sector
24 of 49
private sector
they are owned by private individuals or shareholders
25 of 49
public sector
they are state owned businesses.
26 of 49
specialisation
when a person, business or country focuses on producing in a limited range of goods or service, organized to do the job suited for them
27 of 49
local specialisation
e.g Las vegas are specialised in gamblin
28 of 49
regional specialisation
e.g Florida is specialised in tourism
29 of 49
Country
e.g Saudi arabia is specialised in oil.
30 of 49
division of labour
breaking down production of an item into small, repetitive tasks. Each task completed by a single worker. (or small group)
31 of 49
workforce size
number of employees
32 of 49
market hare
how much of the percentage of the market for its good or service it has captured.
33 of 49
sales revenue
the amount of money that flows through the business
34 of 49
capital employed
the amount of money invested in the business
35 of 49
internal/organic growth
it happens nauturally, as a business becomes sucessfull. it is a slow but easy to manage process.
36 of 49
external/inorganic growth
acquiring other firms by either by merger or take over.
37 of 49
takeover
one comapny buys all or at least 50% of the shares. this way the firm often loses its identity and becomes part of the other company.
38 of 49
merger
two or more firms agree to join together to form a new business.
39 of 49
horizontal interegration
when firms engaged in the production of the same type of good or service combine.
40 of 49
vertical integration
when firms engaged in different stages of production combine.
41 of 49
vertical integration : forward integration
e.g lumber jack takes over a sawmill. always has a place for his/her wood
42 of 49
vertical integration : backward integration
e.g IKEA takes over sawmill
43 of 49
Conglomerate
This is the merger or takeover of firms totally unrelated
44 of 49
Financial limitations
Need money to grow
45 of 49
Size market
in a mass market lots of area to grow a lot of customers want your product, in a small/niche market number of customer is rediced
46 of 49
goverment controls
There is a limit to *** much of a market one firm can control
47 of 49
human resources
Firms will need to increase labour force to carry out duties, lack of the right type of eployees can limit the amount of which a firm can grow.
48 of 49
stakeholders
a person or group who can influence or is affected by an organisation
49 of 49

Other cards in this set

Card 2

Front

Is the conversion of raw material into finished and semi-finished goods.

Back

Secondary Sector

Card 3

Front

Is the production of services in the economy.

Back

Preview of the back of card 3

Card 4

Front

all natural resources. (rent)

Back

Preview of the back of card 4

Card 5

Front

The human factor of of production. i.e employees. (wages)

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all - resources »