business vocab 2

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  • Created by: Enola19
  • Created on: 05-11-15 07:01
Sole trader
It is a business owned and contolled by just one person.
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unlimited liability
when the owners have to pay back all the depths of the business even if they have to sell their belongings.
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limited liablity
When the business fails the owners lose all their investment but dont have to repay the businesses depth
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economies of scale
Those factors that, as a business grows and its output increase, allows the average cost of the business to fall.
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diseconomies of scale
An increasein the average costs that may occur as a firm's output reaches its maximum capacity level.
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partnership
a partnership is a group or association between 2 to 10 people, who agree to own and run a business together.
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private limited company(Ltd)
is limited to who can buy shares in the business
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public limited company (PLC)
the general public can buy shares in the company as they are sold on the stock market
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franchises
an already established business will sell the right to use their name and provide their products and services
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franchisee
is the person who has the money to invest and wants to open a business with less risk involved than normal
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franchisor
is the company which has the established reputation and wishes to expand.
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deed of partnership
is a legal document which states partners rights in the event of a dispute.
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Other cards in this set

Card 2

Front

when the owners have to pay back all the depths of the business even if they have to sell their belongings.

Back

unlimited liability

Card 3

Front

When the business fails the owners lose all their investment but dont have to repay the businesses depth

Back

Preview of the back of card 3

Card 4

Front

Those factors that, as a business grows and its output increase, allows the average cost of the business to fall.

Back

Preview of the back of card 4

Card 5

Front

An increasein the average costs that may occur as a firm's output reaches its maximum capacity level.

Back

Preview of the back of card 5
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