Business Studies key terms-26th feb 0.0 / 5 ? Business Studieskey termsGCSEOCR Created by: charles kohnCreated on: 26-02-14 15:57 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 6 of 10 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
GCSE AQA business studies Unit 1 starting up a business 5.0 / 5 based on 1 rating Teacher recommended
Comments
No comments have yet been made