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Trademark
Names, symbols or logos used by businesses to represent a particular good or service that they provide, and to distinguish it from competing manufactures
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Patent
A government grant of ownership conferring rights to a person or business assuring sole rights to make, use and sell a new invention or manufacturing process for a limited time
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Copyright
A law which protects peoples work (e.g photos). They own the original piece and therefore people who have copied it illegally are breaking the law (breached copyright)
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Market Niche
Where a business targets a smaller segment of a larger market, where customers have specific needs and wants
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Franchisee
The company or person buying the franchise
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Franchisor
The business selling the right to trade its products, logos or service
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Franchise
the legal right to use the name & logo of an existing firm and sell the same products
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Sectors of Production - Primary / secondary / tertiary / quaternary
Primary = Extraction of natural resources Secondary= Production of goods Tertiary = Provides service (selling/retail) Quaternary = Industries providing information services
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Factors of Production - Capital, Enterprise, Land, Labour
Capital = Anything not used for own sake (machinery) Enterprise = Risk taken in organising factors of production Land = Natural resources on earth/sea Labour = Human effort
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Local Market
Where customers are a short distance from suppliers
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Physical Market
Where buyers and sellers are physically together in one location
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National Market
Where customers are spread throughout the country or over a large area
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Electronic Market
Online source to buy items and these are usually price competitive
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Primary Research
First hand information (done by yourself)
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Secondary Research
Information that has been collected by other people
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Other cards in this set

Card 2

Front

Patent

Back

A government grant of ownership conferring rights to a person or business assuring sole rights to make, use and sell a new invention or manufacturing process for a limited time

Card 3

Front

Copyright

Back

Preview of the front of card 3

Card 4

Front

Market Niche

Back

Preview of the front of card 4

Card 5

Front

Franchisee

Back

Preview of the front of card 5
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