Business Studies Definition Unit 1

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  • Created by: GeekChick
  • Created on: 15-05-15 15:59
Raw materials required to produce goods
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Finished products made from inputs
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Restrictions or factors that affect the operation of a business
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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
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consumer non-durable
a product that can only be used once
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consumer durable
a product that can be used more than once
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a person or party with an interest in the success of a business
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Private costs and benefits
costs that a business pays (e.g labour costs) and the benefits it gets (e.g profit)
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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)
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Business resources
the factors that are absolutely essential for a business to operate effectively, including employees, managers and finance
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Unique selling point
the way a business makes itself different from its competitors
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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
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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
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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
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the process of employing additional staff
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job description
expectations for the job, usually including the tasks to be performed and the responsibilities involved
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internal recruitment
appointing from within the business
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external recruitment
appointing from outside the business
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on-the-job training
learning the task at the place of employment by watching an experienced employee
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off-the-job training
learning the task away from the job, either at the place of work or externally
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quantitative data
information gathered that can be analysed in a numerical way
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qualitative data
information containing a wide variety of types of responses
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field research
gathering original data for a specific purpose
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primary data
data gathered by field research
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desk research
gathering information that has been collected for some other purpose
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secondary data
data gathered by desk research
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asking a smaller, representative group in the hope of finding out the opinions of a larger group
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random sampling
where everyone in the population has an equal chance of being included in the survey
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quota sampling
where the number and characterisics of people surveyed are deliberately matched to the actual population
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stratified sampling
where the population is divided into smaller groups, which are the ones most likely to be interested in the product being researched
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cluster sampling
where a particular group is included, hopefully reflecting the views of the whole population, when information about the population is incomplete
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systematic sampling
where a set formula is used to select the people in the research
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convenience sampling
where any non-scientific method is used to help the speed of response and to lower the cost
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sample size
the number chosen to be included in the research
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chain of production
stages that a product passes through until it reaches the final consumer
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decline in the size of the secondary sector if the economy
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private sector
businesses owned and rub by private individuals-usually for profit
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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
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a risk taker who sets up a business,organising the business's resources with the aim of making a profit
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government taking ownership and control of a business or industry from private investors by buying up all its shares
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the process of selling state-owned industries to the private sector
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strategic objectives
how a business plans to achieve its aims or goals; often a long-term approach
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tactical objectives
the day-to-day objectives needed to ensure the strategic objectives are achieved
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opportunity cost
the cost of the next best alternative that has to given up when a decision is made
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an alternative product that serves the same function
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a product that is used, and is therefore bought, in conjunction with another
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a payment from the government to encourage a business to increase supply
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where the change in demand or supply that results from a price change is greater than the change in price that caused it
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when the change in demand or supply that results from a price change is less than the change in price that caused it
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application of practical or mechanical sciences to industry or commerce, as a means of improving efficiency
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the sharing of an office space by several employees who each it at a different time or on a different day
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the structure of population in terms of terms of number, sex, age and ethnic origin
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Card 2


Finished products made from inputs



Card 3


Restrictions or factors that affect the operation of a business


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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


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Card 5


a product that can only be used once


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