BUSS1

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Business
An organisation that offers good and services in return for a payment to run at a profit.
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Enterprise
The willingness to undertake new ventures and show initiative with a view to gaining rewards. Enterprise is the starting point to any business activity. The process by which new businesses, products and services are bought onto the market.
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Entrepreneur
A person who sets up a business or businesses, taking on financial risks in the hope of a profit.
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Risk
Chance of reward or failure.
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Reward
Concept that return or yield from an investment= proportional to risk. Greater risk= Greater Reward
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Opportunity Cost
The value of the next best alternative, lost, when you make a decision.
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Adding Value
Difference between the price of a product/ service and cost of inputs involved in making it. Production process.
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Profit Formula
Total Revenue- Total Cost
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Scarcity (regarding opportunity cost)
Not a limitless supply- creates choice
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Invention
Formulation of new ideas for products or processes.
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Innovation
Practical application of inventions into marketable products and services.
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Market Mapping
Allows you to visualize and identify gaps in the market and whats already out there (+ diagram)
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Niche Product
Product made and marketed for a niche market.
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Niche Market
A small and specialized but profitable business audience.
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Franchise
Licence acquired to have access to a business.
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Franchisee
Person who wants to open a franchise.
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Franchisor
Owner of a franchise.
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Patent
Authority/ license covering a right/title for a set time for inventions.
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Trademark
Symbol/word legally registered to represent a company/business.
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Copyright
Automatic legal right for artistic material for fixed number of years.
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Primary Industry
Organisations involved in extracting raw materials.
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Secondary Industry
Organisations that process or refine the raw materials from primary sector to finished products.
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Added Value
The difference in price of the finished products/ services and the costs of the inputs making it.
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Resources
Stock/supply of material things or assets that can be drawn on by a person/ organisation in order to function effectively.
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Features of a Business Plan
Protecting the Idea, Finance, Competition, Product, Marketing, Executive Summary
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Other cards in this set

Card 2

Front

The willingness to undertake new ventures and show initiative with a view to gaining rewards. Enterprise is the starting point to any business activity. The process by which new businesses, products and services are bought onto the market.

Back

Enterprise

Card 3

Front

A person who sets up a business or businesses, taking on financial risks in the hope of a profit.

Back

Preview of the back of card 3

Card 4

Front

Chance of reward or failure.

Back

Preview of the back of card 4

Card 5

Front

Concept that return or yield from an investment= proportional to risk. Greater risk= Greater Reward

Back

Preview of the back of card 5
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Comments

Pete Langley - Get Revising founder

Nice set of key definitions

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