Business Studies key terms-26th feb

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Price elasticity of demand
a measure of change in the level of demand due to price change
1 of 10
Capacity
the amount that a manufacturing pant is designed to produce
2 of 10
Above capacity
a business is said to be working above capacity when level of capacity is above capacity
3 of 10
Excess capacity
a business is said to have excess capacity when its level of production is less than its capacity
4 of 10
Mark-up
the amount of added value given to a product (usually as a percentage)
5 of 10
Drawings
business profits paid to the owners of a sole proprietor or partnership
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Retained profit
profit kept by the business for its own use
7 of 10
Trading profit and loss account
a financial document prepared by accountants which details costs and revenue of the business
8 of 10
Monopolist
a firm that has at least 25% of the sales in the market
9 of 10
Cartel
a group of firms that work together to fix prices (its illegal)
10 of 10

Other cards in this set

Card 2

Front

the amount that a manufacturing pant is designed to produce

Back

Capacity

Card 3

Front

a business is said to be working above capacity when level of capacity is above capacity

Back

Preview of the back of card 3

Card 4

Front

a business is said to have excess capacity when its level of production is less than its capacity

Back

Preview of the back of card 4

Card 5

Front

the amount of added value given to a product (usually as a percentage)

Back

Preview of the back of card 5
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