Business Studies1

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Opportunity Cost
The benefit lost from not picking the next best alternative due to the limiting factor
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Limiting Factor
Something that means you can only pick one, for example time or money
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Entrepreneur
A person who takes the risk of starting their own business
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Grants
A sum of money given to you by the Government to start a business that doesnt have to be repaid
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Reduced Business Taxes
Reduces the cost of running a business, helps to make a profit
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Deprived Area Support
Financial support to encourage people to set up their business in a poorer area
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A Gap In The Market
A place where there would be room for a new product, nobody is currently selling that product
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Aims
Where the business want to go in the future
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Objectives
Measurable targets of how the business can reach its long-term aims
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Market Share
How much of the market you dominate compared to your competitors
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Business Plan
A detailled outline/plan of how a business will achieve its objectives
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Sole trader
Someone who has set up and runs a business on their own
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Unlimited liability
You dont have a seperate legal status from your business and might have to pay with personal belongings
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Social Enterprise
A business that trades for a social/environmental reason for example the eden project
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Partnership Agreement
An agreement made between the two people before the partnership business is set up
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Franchise
Allowing other businesses to trade under your companies name and selling your products
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Franchisor
The person who allows others to trade under their business name
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Franchisee
The person who trades under another business' name
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Co-operatives
Business that trade in order to provide an important service to the local commuinity and all around the world
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Stakeholders
People who can affect or be affected by the actions or decisions of a business
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Shareholder
Someone who buys into a business on the stock market
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Other cards in this set

Card 2

Front

Something that means you can only pick one, for example time or money

Back

Limiting Factor

Card 3

Front

A person who takes the risk of starting their own business

Back

Preview of the back of card 3

Card 4

Front

A sum of money given to you by the Government to start a business that doesnt have to be repaid

Back

Preview of the back of card 4

Card 5

Front

Reduces the cost of running a business, helps to make a profit

Back

Preview of the back of card 5
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