Business Studies 0.0 / 5 ? Business StudiesUnit 01IGCSEEdexcel Created by: NivsiiCreated on: 24-05-14 12:12 Entrepreneur a person who creates or starts up a business while taking a financial risk to do so. -creativity, willingness to fail, high self-motivation 1 of 12 Opportunity Cost is the next best alternative given up by choosing another item 2 of 12 Raw Materials the things needed to make goods n services 3 of 12 Adding/ Added Value anything you do to make a raw material worth more. 4 of 12 Specialisation is when the production process is split into different tasks and each is given a specific task in the process. 5 of 12 Division of Labour is a system where an individual performs a specific task or role. 6 of 12 Satisficing means that a business will make enough profit to enable it to meet its ends. 7 of 12 Automation when the job of a human is replaced by a computer. - machinery, boilers, ships 8 of 12 Mechanisation when the job of a worker is replaced by a machine. - gears, pulleys, tanks 9 of 12 Stakeholder someone who has an interest in a business. 10 of 12 Privatisation selling state owned and controlled business organisations to investors in the private sector. 11 of 12 Business Plan is a detailed statement setting out the plans for a new business (or describing the ways in which an existing business will be developed). 12 of 12
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