BUSS1 Key Terms

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  • Created by: Harriet
  • Created on: 07-01-13 17:27
Are individuals who take the risk to creare or start a new business or project
Entrepeneurs
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Is the skill neeeded to make a new idea work
Enterprise
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When you do not know whether something will happen or not
Uncertainty
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When the likelihood of a problem arising is estimated
Risk
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The benefit from the next best alternative that has been given up
Opportunitycost
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A small segemant within a market
MarketNiche
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Problem-solving and idea generating technique in which individuals are asked to come up with many ideas as possible
Brainstorming
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Legal protection for a new invention
Patent
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Legal protection for artistic or creative works
Copyright
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Legal protection for signs and symbols
Trademark
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When a franchisor sells the rights to use/sell their products to a franchisee
Franchise
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Document setting out the strengths,aims and strategies of a business
Businessplan
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An aspect of the product that differentiates it from the competition
USP
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Process of gathering,analysing and producing data relevant to the marketing process
MarketResearch
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Gathers data for the first time for a specific purpose
Primarymarketresearch
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Uses data that already exists
Secondarymarketresearch
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A group of people or items selected to represent the population as a whole
Sample
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Small number of people gathered together to tallk about a particular issue in open discussion
Focusgroup
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Where buyers and sellers combine to exhnage goods or services
Market
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Measures the increase in the sales in a market over a given period
Marketgrowth
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Measures the sales of one product or business as a %nof the total market sales
Marketshare
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When an individal or group of individuals is personally responsible for all the actions of their business
Ulimitedliability
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Business organisation that has its own legal idenity and that has limited liability
Company
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Is an investor in, and one of the owners of,a company
Shareholder
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When an individual becomes insolvent
Bankruptcy
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Services and facilities that support day-to-day business activity
Infrastructure
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Affecting location are factors that are not easily measurable, such as the quality of life
Qualitativefactors
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Costs that do nor chnage with output
Fixedcosts
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When employees lose their jobs because they no longer exist
Redundancies
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When a superior entrusts a task to a subordinate
Delegation
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The earnings or income generated by a firm as a result of its trading activities
Revenue
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The surplus of revenue over total costs for a business over a trading period
Profit
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Alter directly with the business's level of output
Variablecosts
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Fixed and variable costs added together
Total costs
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Financial plans looking at expected revenues and costs over a future period
Budgets
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Difference between revenue and variable costs; used to pay fixed costs and to provide profits
Contribution
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Movement of cassh into and out of a business over a period of time
Cashflow
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State the inflows and outflows of cash that the mangers of a business expect over some future period
Cashflowforcasts
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Period of time given by suppilers before customers have to pay for goods or services
Tradecredit
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Responsible for the use and management of a particular budget
Budgetholder
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Exist when firms give control over budgets to relativley junior employees
Delegatedbudgets
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Goals or targets pursued by business that shape the decision-making of entrepreneurs
Businessobjectives
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A business is insolvent if it doesnt have enough assests to pay its debts as they fall due
Insolvency
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Maximum output a business can produce when using all its resources to their maximum extent
Capacity
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Other cards in this set

Card 2

Front

Is the skill neeeded to make a new idea work

Back

Enterprise

Card 3

Front

When you do not know whether something will happen or not

Back

Preview of the front of card 3

Card 4

Front

When the likelihood of a problem arising is estimated

Back

Preview of the front of card 4

Card 5

Front

The benefit from the next best alternative that has been given up

Back

Preview of the front of card 5
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