Business studies key terms, topic 3 0.0 / 5 ? Business StudiesProduction, finance and the external business environmentGCSEOCR Created by: KaiahCreated on: 14-03-16 11:42 Profit What is left after expenses have been deducted from revenue. Profit= sales revenue-total cost 1 of 31 Gross profit Gross profit= sales revenue- cost of sales 2 of 31 Net profit Net profit= gross profit- expenses 3 of 31 Cash flow [forecast] The movement of cash into [cash inflow] and the movement of cash out [cash outflow] of a business, which gives a forecast for the future. 4 of 31 Income A governemnt's income on an individual's income. 5 of 31 Expenditure The amount of money spent. 6 of 31 Balance carried foward Previous balance on an amount, which is carried over to the next billing period. 7 of 31 Perfect competition A market structure where competition is at it's greatest level. 8 of 31 Monopoly Where a business controls more than 25% of the total supplies of a particular product or service. 9 of 31 Market share The percentage of all the sales ithin a market that are held by one company. Market share= value of product sales/value of market sales x100% 10 of 31 Business ethics What is morally right and wrong in a buisiness 11 of 31 Co-operative business The type of business organisation, which is owned by it's members, who share the profits [supermarket chain]. 12 of 31 Fair trade a way of buying and selling products that makes sure that the people that produced the products get a fair price. 13 of 31 Environmental issues Issues in a business to do with the environment such as carbon emissions and global warming 14 of 31 Social cost Measures to protect workers from unfair working practices. 15 of 31 Global warming The rise in average temperatures that scientists say is taking place. 16 of 31 Sustainability Production that involves the use of renewable resources [eg, the sun and wind] and recycled resources. It minimises waste and the use of energy. 17 of 31 Pollution permits Polluters can bid for a permit that allows them to make a certain amount of pollution. 18 of 31 Recycling When resourecs are reused to produce something. 19 of 31 Trade/business cycle The way an economy moves from boom to slump in a regular manner over a fixed period of time. Boom, recession, slump, recovery. 20 of 31 Interest cost This is the cost of borrowing money- currently charged at 15%. 21 of 31 Government spending The money spent in an economy over a period of time on a range of goods and services, such as education. It is financed by taxation. 22 of 31 Taxation The way the government raises money to pay for services, such as health care. Can be direct or indirect. 23 of 31 Globalisation The process by which business activities in different countries are becoming more and more connected to each other. 24 of 31 Exchange rates The amount of one currency that another currency can buy. 25 of 31 Eurozone A name given to the countries in the EU which use the euro. 26 of 31 Exports Selling a product or service to a business overseas. 27 of 31 Inports The purchases of products or services from overseas. 28 of 31 Outsourcing Obtain goods or services from an outside supplier. 29 of 31 Immigration The action of coming to live permanently in a foreign country. 30 of 31 EU The collection of 27 countries in Europe which trade together and aim for closer co-operation. 31 of 31
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