F291 key terms

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Inputs
Raw materials required to produce goods
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Outputs
Finidhed products made from inputs
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Constraints
Restrictions or factors that affect the operation of a business
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Value added
What a business achieves by ensuring that the price of the finished good or service is in excess of the cost of inputs
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Consumer non-durable
A product that cab be used once
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Consumer durable
A product that canbe used more than once
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Stakeholder
a person or party with an interest on the success of a business
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private costs and benefits
costs that a business pays (e.g. labour costs) and the benefts it gets (e.g. profit)
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social costs and benefits
costs of a business's actions that are 'paid' by society that business activity brings (e.g. lower crime levels due to increased employment)
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business resources
the factors that are absolutely essential for a business to operate effectively, including employees, managers and finance.
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USP
Unique selling point - the way a business makes itself different from its competitors
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Business success
A measure of how well a business has achieved its objectives
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Market research
Collecting information on customers and their needs - this is essential if a business is to produce the right products at the right price
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working capital
short-term finance required for the day-to-day running of a business
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cash flow
a business needs sufficient inflows of cash to finance its day-to-day outgoings (e.g. wages and interest repayments); if cash reciepts are insufficient, the business is said to have a cash flow problem
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security
something that acts as assurance to a lender that will get its money back if a business is unable to pay back money it has borrowed
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stock market
a market where shares and debentures are bought and sold; only public companies have their shares traded on the stock market
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venture capital
finance from individuals or forms who lend money to, or buy shares in, small and medium sized businesses that require finance for starting up or expansion
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recruitment
the process of employing additional staff
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job description
expectations for the job, usually including the tasks to be performed and the responsibilities involved
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job specification
skills and characteristics of an ideal candidate for the job
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internal recruitment
appointing from within the business
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external recuritment
appointing from outside the business
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on-the-job training
learning the task at the place of employment by watching an experienced employee
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off-the-job training
learing the task away from the job, either at the place of work or externally
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quantitative data
infromation gathered that can be analysed in a numerical way
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qualitative data
information containing a wide variety of types of responses
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field research
gathering original data for a specific purpose
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primary data
data gathered by field research
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desk research
gathering information that has been collected for some other purpose
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secondary data
data gathered by desk research
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internal data
information gathered inside the organisation
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external data
information gathered outside the organisation
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sampling
asking a smaller, representitive group in the hope of finding out the opinions of a larger group
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random sampling
where everyone in the population has an equal chance of being included in the survey
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population
the total number of people who could be included in a particular survey
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quota sampling
where the number and characteristics of people surveyed are deliberately matched to the actual population
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stratified sampling
where the population is divided into smaller groups, which are the ones most likely to be interested in the product being researched
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cluster sampling
where a particular group is included, hopefully reflecting the views of the whole population is incomlete
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systematic sampling
where a set formula is used (e.g. every 10th person) to select the people in the research
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convinience sampling
where any non-scientific method is used to help the speed of response and lower the cost.
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Sample size
the number chosen to be included in the research
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Other cards in this set

Card 2

Front

Finidhed products made from inputs

Back

Outputs

Card 3

Front

Restrictions or factors that affect the operation of a business

Back

Preview of the back of card 3

Card 4

Front

What a business achieves by ensuring that the price of the finished good or service is in excess of the cost of inputs

Back

Preview of the back of card 4

Card 5

Front

A product that cab be used once

Back

Preview of the back of card 5
View more cards

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