Business Studies Definition Unit 1

  • Created by: GeekChick
  • Created on: 15-05-15 15:59
Raw materials required to produce goods
1 of 55
Finished products made from inputs
2 of 55
Restrictions or factors that affect the operation of a business
3 of 55
Value added
What a business achieves by ensuring that the price of the finished good or service is in excess of the cost of the inputs
4 of 55
consumer non-durable
a product that can only be used once
5 of 55
consumer durable
a product that can be used more than once
6 of 55
a person or party with an interest in the success of a business
7 of 55
Private costs and benefits
costs that a business pays (e.g labour costs) and the benefits it gets (e.g profit)
8 of 55
Social costs and benefits
costs of a business's actions that are 'paid' by society (e.g pollution) and the benefits to society that business activity brings (e.g lower crime)
9 of 55
Business resources
the factors that are absolutely essential for a business to operate effectively, including employees, managers and finance
10 of 55
Unique selling point
the way a business makes itself different from its competitors
11 of 55
Market research
collecting information on customers and their needs- this is essential if a business is to produce the right products at the right price
12 of 55
working capital
short-term finance required for the day-to-day running of a business
13 of 55
Cash flow
a business needs sufficient inflows of cash to finance its day-to-day outgoings
14 of 55
something that acts as assurance to a lender that it will get its money back if a business is unable to payback money it has borrowed
15 of 55
stock market
a market where shares and debentures are bought and sold; only public companies have their shares traded on the stock market
16 of 55
Venture capital
finance from individual or firms who lend money to, or buy shares in, small and medium-sized businesses that require finance for starting up or expansion
17 of 55
the process of employing additional staff
18 of 55
job description
expectations for the job, usually including the tasks to be performed and the responsibilities involved
19 of 55
internal recruitment
appointing from within the business
20 of 55
external recruitment
appointing from outside the business
21 of 55
on-the-job training
learning the task at the place of employment by watching an experienced employee
22 of 55
off-the-job training
learning the task away from the job, either at the place of work or externally
23 of 55
quantitative data
information gathered that can be analysed in a numerical way
24 of 55
qualitative data
information containing a wide variety of types of responses
25 of 55
field research
gathering original data for a specific purpose
26 of 55
primary data
data gathered by field research
27 of 55
desk research
gathering information that has been collected for some other purpose
28 of 55
secondary data
data gathered by desk research
29 of 55
asking a smaller, representative group in the hope of finding out the opinions of a larger group
30 of 55
random sampling
where everyone in the population has an equal chance of being included in the survey
31 of 55
quota sampling
where the number and characterisics of people surveyed are deliberately matched to the actual population
32 of 55
stratified sampling
where the population is divided into smaller groups, which are the ones most likely to be interested in the product being researched
33 of 55
cluster sampling
where a particular group is included, hopefully reflecting the views of the whole population, when information about the population is incomplete
34 of 55
systematic sampling
where a set formula is used to select the people in the research
35 of 55
convenience sampling
where any non-scientific method is used to help the speed of response and to lower the cost
36 of 55
sample size
the number chosen to be included in the research
37 of 55
chain of production
stages that a product passes through until it reaches the final consumer
38 of 55
decline in the size of the secondary sector if the economy
39 of 55
private sector
businesses owned and rub by private individuals-usually for profit
40 of 55
public sector
businesses and organisations owned and run by local or central government, whose objective is to provide a service rather than make a profit
41 of 55
a risk taker who sets up a business,organising the business's resources with the aim of making a profit
42 of 55
government taking ownership and control of a business or industry from private investors by buying up all its shares
43 of 55
the process of selling state-owned industries to the private sector
44 of 55
strategic objectives
how a business plans to achieve its aims or goals; often a long-term approach
45 of 55
tactical objectives
the day-to-day objectives needed to ensure the strategic objectives are achieved
46 of 55
opportunity cost
the cost of the next best alternative that has to given up when a decision is made
47 of 55
an alternative product that serves the same function
48 of 55
a product that is used, and is therefore bought, in conjunction with another
49 of 55
a payment from the government to encourage a business to increase supply
50 of 55
where the change in demand or supply that results from a price change is greater than the change in price that caused it
51 of 55
when the change in demand or supply that results from a price change is less than the change in price that caused it
52 of 55
application of practical or mechanical sciences to industry or commerce, as a means of improving efficiency
53 of 55
the sharing of an office space by several employees who each it at a different time or on a different day
54 of 55
the structure of population in terms of terms of number, sex, age and ethnic origin
55 of 55

Other cards in this set

Card 2


Finished products made from inputs



Card 3


Restrictions or factors that affect the operation of a business


Preview of the back of card 3

Card 4


What a business achieves by ensuring that the price of the finished good or service is in excess of the cost of the inputs


Preview of the back of card 4

Card 5


a product that can only be used once


Preview of the back of card 5
View more cards


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all f291 resources »