Business Key Terms Topic 2 2.0 / 5 based on 1 rating ? Business Studies & EconomicsGCSEEdexcel Created by: MeghnaCreated on: 24-05-13 13:45 Entrepreneur a person who owns and runs their own business and takes business and takes risks 1 of 21 Enterprises another word for businesses 2 of 21 Enterprise a willingness by an individual or a business to take risks, show initiative and undertake new ventures 3 of 21 Risk the chance of damage or loss occurring as a result of making a decision 4 of 21 Goods physical, tangible products like a car, a pair of scissors or a television 5 of 21 Services non-physical, intangible products like a taxi journey, haircut or a television programme 6 of 21 Creative thinking coming up with new and unique ideas 7 of 21 Competitive advantage an advantage a business has that enables it to perform better than its rivals in the market and which is both distinctive and defensible 8 of 21 Deliberate creativity the intentional creation of new ideas through recognised and accepted techniques 9 of 21 Lateral thinking thinking differently to try and find new and unexpected ideas 10 of 21 Blue skies thinking a technique of creative thinking where participants are encouraged to think of as many ideas possible about an issue or a problem 11 of 21 Invention the discovery of new processes and potential new products, typically after a period of research 12 of 21 Innovation the process of transforming inventions into products that can be sold to customers 13 of 21 Patent tight of ownership of an invention or process when it is registered with the government 14 of 21 Copyright legal ownership of material such as books, music, and films which prevents these being copied by others 15 of 21 Trademarks the symbol sign, or other features of a product or business that can be protected by law 16 of 21 Calculated risk the probability of a negative event occurring 17 of 21 Downsides the disadvantages of a course of action, including what can go wrong 18 of 21 Upsides the advantages of a course of action, including what can go right 19 of 21 Driven in business, being very motivated 20 of 21 Mind-map is a diagram that is used to record words and ideas connected to a central word or idea 21 of 21
GCSE Business studies unit 5 - intro to economic understanding revision notes 4.5 / 5 based on 17 ratings
Comments
No comments have yet been made