Business Studies Unit 1 Key Words

?
needs
something you cannot live without
1 of 62
wants
things you would like to have
2 of 62
woods
physical products
3 of 62
services
non-physical products
4 of 62
production
the creation of goods and services to satisfy human wants. it includes all the stages involved in getting those goods and services to the customer
5 of 62
land
the factor of production that includes natural resources as well as the land surface
6 of 62
labour
the human resources that are used in economic activity
7 of 62
capital
the funds invested in a business that enable it to buy the physical assets it needs
8 of 62
enterprise
the organisation of the other factors of production by an entrepreneur so that the business can make goods and servies
9 of 62
customer needs
the wants and desires of buyers of a product or the customer of a business
10 of 62
market research
the process of gaining information about customers, competitors and market trends through collecting primary and secondary data
11 of 62
primary research
the gathering of new information called primary data, which has not been collected before
12 of 62
market niche
a gap in the market
13 of 62
franchisor
founder of the franchise
14 of 62
franchise
a business licensed to use the name, logo and expertise of an existing business
15 of 62
sole trader
a business that is owned and controlled by only one person
16 of 62
franchisee
a person that buys the license to trade under the name of another company or brand
17 of 62
stakeholder
everyone within and outside an organisation who has an interest in the way that organisation operates
18 of 62
partnership
when two to twenty people set up in business together with a view to make profit
19 of 62
deed of partnership
a written document that sets out the parameters and business relationship of people in a partnership
20 of 62
sleeping partner
a member of a partnership who invests money in the firm but plays no part in the running
21 of 62
private limited company
a joint stock company who's shares are not openly traded on the stock exchange. shares can only be sold to family, friends and employeesl
22 of 62
limited liablilty
shareholders of the company are liable for the debts of the company only up to the value of their shareholding
23 of 62
entrpreneur
a person that sets up a business and takes risks in order to see that business become successful
24 of 62
social enterprise
a business set up for the good of society
25 of 62
business aim
a businesses long term goal
26 of 62
business objectives
the steps a business must take to achieve the business aim
27 of 62
unlimited liability
when a business and owner are seen as one and if the business occurs debts then the banks are allowed to repossess the owners belongings
28 of 62
greenbelt
an area of land surrounding towns, on which new building is restricted
29 of 62
brownfield
a site that has been previously built upon and cleared for development. such sites are usually found in urban areas
30 of 62
planning permission
the approval of plans for new buildings or extensions to existing buildings that must be obtained from a local authority before building can begin
31 of 62
infrastructure
the network of essential services that support a community and a business
32 of 62
marketing mix
the full range of activities a business may use to market its products. it consists of the 4 p's - product. price, promotion and place
33 of 62
premium
a very high price
34 of 62
marketing
identifying and meeting customers needs and wants
35 of 62
market research
collection and analysis of information about markets
36 of 62
promotion
a mix of methods designed to inform and persuade the public into buying a product promotion is used to increase sales and market share
37 of 62
target market
the part of the market at which a firm aims its selling
38 of 62
branding
giving a product a unique name/logo to distinguish it from other products that may be similar in their use a purpose
39 of 62
cash flow
how much money comes in and how much is going out
40 of 62
revenue
the amount of income received from selling goods or services over a period of time
41 of 62
sales volume
the number of items or products sold by a business over a period of time
42 of 62
price
the amount charged for a single good or service
43 of 62
profit
what is left after all the costs have been taken away from the sales revenue
44 of 62
variable costs
costs that rise as the businesses increases production
45 of 62
fixed costs
costs that do not change
46 of 62
total costs
the fixed and variable costs of a particular level of production added together
47 of 62
job description
outline of role of the job holder
48 of 62
person specification
outline of the skills and qualities required of the post holder
49 of 62
fringe benefits
part of an employees reward in addition to their salaries
50 of 62
job satisfaction
the extent to which an employee enjoys and is fulfilled by their job
51 of 62
working conditions
the physical environment in which a person works
52 of 62
job enrichment
a job which is more challenging and contains more responsibility
53 of 62
employment tribunal
a special court of law that deals with disputes between workers and employers
54 of 62
job production
when a product is made to each individual customers specific requirements
55 of 62
quality
the extent to which a consumer is satisfied with a product
56 of 62
customer services
the part of a businesses activities that is concerned with meeting customers needs as fully as possible
57 of 62
after sales service
the meeting of customers needs after they have purchased a product
58 of 62
premises
the buildings used by businesses these may include offices, shops and factories
59 of 62
e-commerce
the act of selling a product using the internet
60 of 62
recruitment
the process by which a job vacancy is identified and potential employees are notified
61 of 62
selection
choosing someone who is suitable for the job
62 of 62

Other cards in this set

Card 2

Front

things you would like to have

Back

wants

Card 3

Front

physical products

Back

Preview of the back of card 3

Card 4

Front

non-physical products

Back

Preview of the back of card 4

Card 5

Front

the creation of goods and services to satisfy human wants. it includes all the stages involved in getting those goods and services to the customer

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »