Business Studies

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  • Created by: Nivsii
  • Created 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
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Opportunity Cost
is the next best alternative given up by choosing another item
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Raw Materials
the things needed to make goods n services
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Adding/ Added Value
anything you do to make a raw material worth more.
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Specialisation
is when the production process is split into different tasks and each is given a specific task in the process.
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Division of Labour
is a system where an individual performs a specific task or role.
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Satisficing
means that a business will make enough profit to enable it to meet its ends.
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Automation
when the job of a human is replaced by a computer. - machinery, boilers, ships
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Mechanisation
when the job of a worker is replaced by a machine. - gears, pulleys, tanks
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Stakeholder
someone who has an interest in a business.
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Privatisation
selling state owned and controlled business organisations to investors in the private sector.
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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).
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Other cards in this set

Card 2

Front

is the next best alternative given up by choosing another item

Back

Opportunity Cost

Card 3

Front

the things needed to make goods n services

Back

Preview of the back of card 3

Card 4

Front

anything you do to make a raw material worth more.

Back

Preview of the back of card 4

Card 5

Front

is when the production process is split into different tasks and each is given a specific task in the process.

Back

Preview of the back of card 5
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