what is an organisation that exists to provide goods and services on a commercial basis to customers?
business
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one of 2 products a business can provide, physical products
goods
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one of 2 products a business can provide, intangible products
services
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a new business enterprise, formed by one or more entrepreneurs
start up
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involves people within a business creating or discovering new business opportunities, which leads to the creation of new parts of the business or even a new business
intrapreneurship
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someone within a business that takes risks in an effort to solve a given problem
intrapreneur
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a person who organizes, operates, and assumes the risk for a business venture
entrepreneur
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the skills and abilities to take risks and create profits
enterprise
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making as much profit as possible as a business
profit maximisation
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a sufficient profit to enable a satisfactory standard of living
profit satisficing
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a business that operates for a social purpose
social enterprise
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what a business as a whole wants to achieve
corporate objectives
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set for the individual functions of a business and are designed to support (and be consistent with) corporate objectives
functional objectives
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a corporate objective that aims to achieve the most cost-effective way of delivering goods and services to the required level of quality
cost efficiency
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the owner is the business - no legal difference
unincorporated
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business owner(s) is personally responsible for the debts and liability of the business
unlimited liability
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where shareholders in a company are only liable for the amount they have invested in the share capital
limited liability
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an established business offers for sale to other businesses/individuals the rights to use its products, services, or logos
franchise
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a small business owner who is buying the rights to sell the goods and services of a large, well-established company
franchisee
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the cost of a choice made in terms of the next best alternative foregone or sacrificed
opportunity cost
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a decision between two choices arising from scarcity of resources, where having more of one thing potentially results in having less of another
trade-off
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a business run by 2-20 owners, unlimited liability
partnership
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Other cards in this set
Card 2
Front
one of 2 products a business can provide, physical products
Back
goods
Card 3
Front
one of 2 products a business can provide, intangible products
Back
Card 4
Front
a new business enterprise, formed by one or more entrepreneurs
Back
Card 5
Front
involves people within a business creating or discovering new business opportunities, which leads to the creation of new parts of the business or even a new business
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