Business

  • Created by: Morgan
  • Created on: 05-01-13 11:37
Entreprise
The ability to handle uncertainty and deal effectively with change.
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Entreprenuer
Someone who starts and runs a business and has responsibility for the risks involved.
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Oppurtunity Cost
The cost of an activity expressed in terms of the next best alternative which has been given up when making a choice.
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Gap in the Market
When an entrepreneur identifies the oppurtunity to offer a product or service that does not already exsist.
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Market Niche
A small segment of a market which has a particulary suitabe target audience for a specific product.
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Copyright
The protection given t music books plays and films.
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Patents
An exclusive right to use a process or produce a product usually for a fixed period of time.
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Trademarks
A word image sound or smell that enables a business to differentiate itself from competetors.
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Franchises
Involves an entrepreneur buying the right to use a business idea from a business owner.
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Inputs
Something that contributes to the production of a product or service.
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Outputs
Something that occurs as a result of the transformation of business inputs.
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Transformation process
Is a procedure whereby inputs are processed in order to produce outputs
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Adding Value
The difference in value between the price of the finished product and the cost of materials used.
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Business Plans
A document designed to allow a business to plan for the future, allocate resources, identify key decisions and prepare for problems and oppurtuinitys.
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Other cards in this set

Card 2

Front

Someone who starts and runs a business and has responsibility for the risks involved.

Back

Entreprenuer

Card 3

Front

The cost of an activity expressed in terms of the next best alternative which has been given up when making a choice.

Back

Preview of the back of card 3

Card 4

Front

When an entrepreneur identifies the oppurtunity to offer a product or service that does not already exsist.

Back

Preview of the back of card 4

Card 5

Front

A small segment of a market which has a particulary suitabe target audience for a specific product.

Back

Preview of the back of card 5
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