Business Studies1 4.0 / 5 based on 1 rating ? Business StudiesStarting a businessGCSEAQA Created by: sian_platttCreated on: 01-12-13 11:53 Opportunity Cost The benefit lost from not picking the next best alternative due to the limiting factor 1 of 21 Limiting Factor Something that means you can only pick one, for example time or money 2 of 21 Entrepreneur A person who takes the risk of starting their own business 3 of 21 Grants A sum of money given to you by the Government to start a business that doesnt have to be repaid 4 of 21 Reduced Business Taxes Reduces the cost of running a business, helps to make a profit 5 of 21 Deprived Area Support Financial support to encourage people to set up their business in a poorer area 6 of 21 A Gap In The Market A place where there would be room for a new product, nobody is currently selling that product 7 of 21 Aims Where the business want to go in the future 8 of 21 Objectives Measurable targets of how the business can reach its long-term aims 9 of 21 Market Share How much of the market you dominate compared to your competitors 10 of 21 Business Plan A detailled outline/plan of how a business will achieve its objectives 11 of 21 Sole trader Someone who has set up and runs a business on their own 12 of 21 Unlimited liability You dont have a seperate legal status from your business and might have to pay with personal belongings 13 of 21 Social Enterprise A business that trades for a social/environmental reason for example the eden project 14 of 21 Partnership Agreement An agreement made between the two people before the partnership business is set up 15 of 21 Franchise Allowing other businesses to trade under your companies name and selling your products 16 of 21 Franchisor The person who allows others to trade under their business name 17 of 21 Franchisee The person who trades under another business' name 18 of 21 Co-operatives Business that trade in order to provide an important service to the local commuinity and all around the world 19 of 21 Stakeholders People who can affect or be affected by the actions or decisions of a business 20 of 21 Shareholder Someone who buys into a business on the stock market 21 of 21
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