Chapters of business key words

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  • Created by: angus f.v
  • Created on: 15-05-14 20:10
Ch 1
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Business
Means an organization which produces goods and services.
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Goods
Means physical products like a mobile phone, packet of crisps or a pair of shoes.
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Services
Means non-physical products like banking, car washing and waste disposal.
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Needs
Means basic requirements for human survival.
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Wants
Means people’s desires for goods and services but are not needed to survive.
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Entrepreneurs
Means people who take risk and set up businesses.
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Consumer Goods
Means goods and services sold to ordinary people rather than business.
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Private sector
Means business organisations owned by individuals or a group of individuals.
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Producer goods
Means goods and services produced by one business for another.
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Public sector
Means business organisations owned by central or local government.
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Scarce resources
Means the amount of resources available in limited.
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Stakeholder
Means an individual or group with an interest in the operation of a business.
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Ch 2
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Mission Statement
Is a brief summary of a firm’s aim, objectives and values.
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Objectives
Is the goal or targets set by a business.
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Profit Maximisation
Is making as much profit as possible in a given time period.
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Ch 7
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Capital-intensive production
Is the production methods that make more use of machinery relative to labour.
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Division of Labour
Is the specialisation in a specific tasks or skills by an individual.
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Entrepreneur
Is an individual who organises the other factors of production and risk their own money and business venture.
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Factors of Production
Is the resources used to produce goods and services. They include land, labour, capital and enterprise.
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Fixed Capital
Is the stock of “man made” resources such as machines and tools used to help make goods and services.
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Labour
Is the people used in production.
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Labour-intensive production
Is the production methods that make more use of a labour relative to machinery
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Production
Is the transformation of resources into goods or services.
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Specialisation
In business, it is the production of a limited range of goods.
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Ch 8
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De-industrialisation
Is the decline in manufacturing.
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Primary Industry
Is the production involving the extraction of raw materials from the earth.
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Secondary Industry
Is the production involving the conversion of raw materials into finished and semi-finished goods.
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Tertiary Industry
Is the production of services in the economy.
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Other cards in this set

Card 2

Front

Means an organization which produces goods and services.

Back

Business

Card 3

Front

Means physical products like a mobile phone, packet of crisps or a pair of shoes.

Back

Preview of the back of card 3

Card 4

Front

Means non-physical products like banking, car washing and waste disposal.

Back

Preview of the back of card 4

Card 5

Front

Means basic requirements for human survival.

Back

Preview of the back of card 5
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