Business

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Chain of production
The process of production when the raw materials are manufactured in secondary production and then serviced in some way in the tertiary sector
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Primary sector
The first stage of production involving in the extraction of raw materials
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Secondary sector
The second stage of production when the raw materials are turned into finished products
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Tertiary sector
The thrid stage of production when a service is provided for the consumer
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Interdependence
They way in which the different sectors depend on eachother
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Specialisation
When a business concentrates on a particular activity
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Added value
When the business increases the value of its product
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De-industrialisation
The reduction of importance of the secondary sector of business activity in a country
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Business objective
Business objectives are what they are tyring to achieve
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Mission statement
A brief summary of the objectives a business has
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Satisficing
This means a business will be able to make enough profic to neet its need, not to make as much profit as possible
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Dividend
A payment made to shareholders on all profits made by a private or public limited company
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Market share
This is the amout of the market a business controls- measured in %
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Private sector
The part of business activity that is owned by private individuals
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Public sector
The part of business activitiy controlled by local and central government
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Public corporation
An organisation owned ny national government
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Stakeholders
An individual of group of people who have an interest in the business- workers, owner, customers and local community
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Incorporated
A form of business organisation which is a seperate legal identity and has limited liability
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Unincorporated
A type of business of organisation that has unlimited liability
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Co-operatives
Trading organisations where a number of indepenent producers work together and trade as though they are one larger business
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Sole proprietor
One person who owns the business
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Partnership
A form of unincorporated business organisation which is owned by more than one person
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Insolvency
When a limited liability comany's liablities are greater than their assets
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Entrepreneur
A person who sees a business oppertunity and who accepts the risk involved in running the business
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Merger
Two oe more businesses join together to form a bigger business
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Take-over
One business buys control of the other business
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Horizontal
Merger or takepver of another business in the same industry at the same stage of production
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Vertical
Merger or takeover of another business invloved in the same industry at a different stage of production
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Diversification
A process of spreading risks by reducing dependence on one particular product or service
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Conglomerate
Merger or takeover of another business which is involved in a totally different business activity
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Footloose
A business is able to locate anywhere it choses
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Uniform business rates
A type of tax paid by businesses to cover the cost of providing local services
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Infrastructure
Basic services needed by a business in order for it to run more effectively e.g. roads
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Greenfield site
An area that has perviously not been built on
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Brownfield site
Area that was previously derelict or occupied by another industrial activity
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Start up capital
Money needed to start up a new business. Usually provided by the owner of the business
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Economies of large scale production
These occur when the scale of the business activity increases, reulting in production, resulting in a reduction on the average costs of production
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Deed of partnership
A legal agreement drawn up between the partners stating the responsibilities
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Sleeping partner
A person who invested capital into the business but does not play an active part in the the business
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LLP
A limited liability partnership
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Other cards in this set

Card 2

Front

The first stage of production involving in the extraction of raw materials

Back

Primary sector

Card 3

Front

The second stage of production when the raw materials are turned into finished products

Back

Preview of the back of card 3

Card 4

Front

The thrid stage of production when a service is provided for the consumer

Back

Preview of the back of card 4

Card 5

Front

They way in which the different sectors depend on eachother

Back

Preview of the back of card 5
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