the budget which sets out estimates of the likely demand for and value of the firms sales
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inputs
the resources(land,labour, capital,enterprise) that go into producing goods and services
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limited liability
shareholders are only liable for the money they have invested, not for the overall debts and liabilities of their company
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unlimited liability
describes the potential risks that sole traders and partnerships face, they are liable for the debts of the business
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location
the place/places from which a firm does business
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margin of safety
the difference between the actual level of output and the break even output
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market
any place eg physical and electronic, where buyers and sellers come together with a view of exchanging transactions
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market growth
the percentage growth in the size of the market measured over a specific peroid
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market research
the procoss of planning, collecting and analsing data relevant to help make marketing decisions
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market segmentation
the process of dividing a market into smaller sections which contain customers with similar needs or wants
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market share
the share of the market that is owned by a particular business, product or brand. usually expeessed as a percentage, the firm with the largest percentage matket share is the market leader.
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market size
total value of quantity of demand in a specific market over a soecific time period, can be measured in value terms eg sales or levels of quantity eg init bought or sold
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oppertunity cost
the cost of a decision as measured by the benefits forgone of the next best alternative
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patent
right to be the only user or producer of specified producer progress
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perminant employee
an employee who is employed on a formal employment contact and remains with the firm for an open ended period untill contract is ended
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tempary employee
employed for a shorter, time limited period
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quantitative research
market research concernd with collecting data that can be quantified eg sale statistics
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qualitive research
market research concerned with collecting data on attitudes, opinions, beliefs and intentions
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return
the rewards to the enterpreneur eg profit satisfaction
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revenue
income/sales a firm has achieved over a certain amount of time, calculated my selling prices x units sold
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risk
probability or chance that hoped for outcomes wont occur
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smaple
in market reserach, a sample is a subset of a population, sampling is the process of taking and analysing a research sample
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share capital
finance invested in a business (limited company by the shareholders - part of the equity capital of a firm
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social enterprise
a business that has objectives rather than making profit, part of a group of organistaion in the not for profit sector
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supplier
a business that provides srevice to other firms
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total costs
the total fixed costs and the total variable costs in a business
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trade credit
amounts owed to supplier of a business, source of finance
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trademark
word, symbol, phrase used to identify a product and differeniate it from different companies products
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USP
unique selling point - a feature of a product or service thT makes it stand out compared with competition
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variable costs
costs that vary directly in proportion to output eg marerials
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venture capital
investement launch by specialist funds to finance the launch, early development or expasion of a private limited company
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working capital
amount of money that a business has availible to conduct its day to day activities
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Other cards in this set
Card 2
Front
the resources(land,labour, capital,enterprise) that go into producing goods and services
Back
inputs
Card 3
Front
shareholders are only liable for the money they have invested, not for the overall debts and liabilities of their company
Back
Card 4
Front
describes the potential risks that sole traders and partnerships face, they are liable for the debts of the business
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