Topic A key terms

HideShow resource information
GLOSSARY
A list of explanations of specialist/technical words or terms.
1 of 76
RISK
The possibility of “suffering” either physically or financially by making a decision.
2 of 76
DECISION
To reach some sort of conclusion or judgement.
3 of 76
CALCULATED RISK
A risk that is taken after weighing up the dangers or options.
4 of 76
REWARD
Something good (or positive) given in return for doing something else.
5 of 76
RECOGNISE AN OPPORTUNITY
Seeing a chance of succeeding in business.
6 of 76
ENTREPRENEUR
A person who brings all the factors of production together and organises them. They take risks in the hope of making a profit.
7 of 76
PERSONAL QUALITIES
Characteristics of a person.
8 of 76
BUSINESS
An organisation which buys, sells or makes goods and services.
9 of 76
LINE/TYPE OF BUSINESS
The area of business with which the business is concerned.
10 of 76
SELL
When a business or person exchanges something for money.
11 of 76
BUY
When a business or person exchanges their money for something a business has produced.
12 of 76
BUSINESS PLAN
A document that shows the aims, objectives and targets of a business and how it intends to achieve them.
13 of 76
EARNINGS
Money paid to an individual for working.
14 of 76
SAVINGS
Money received which is not spent.
15 of 76
FAIL
Not succeed. In business, to have to close down.
16 of 76
PREMISES
House, office, shop, factory or other buildings.
17 of 76
WHOLESALER
A business that buys in large amounts from the producer (or manufacturer) of the product and then sells on to the retailer in smaller quantities.
18 of 76
FACTORS OF PRODUCTION
Land, labour, capital and entrepreneurship used to produce goods and services.
19 of 76
LAND/RAW MATERIALS
The earth’s natural resources which are used in production
20 of 76
LABOUR
Workers employed by businesses to produce goods and services.
21 of 76
CAPITAL
Man-made products used in the production of other goods and services
22 of 76
LOCATION
The position of something – street, town, region or country.
23 of 76
RENT
Money paid to hire something, for example, a car, van or premises. (It is also money paid by council house residents.) If you rent you do not own the item.
24 of 76
HOUSING ESTATE
An area with a planned concentration of housing.
25 of 76
HOUSING
Private housing – owned by individuals. Council housing – owned by the government – rented by individuals. Urban area – a city or town, having a higher density of housing. Rural area – the countryside, having a lower density of housing
26 of 76
LOGO
A letter, word, symbol or picture that is used to represent a businesses name or product.
27 of 76
SLOGAN
A memorable catchphrase or saying used to attract attention and identify a business or its products.
28 of 76
GOVERNMENT
Central Government (the State) is made up of a group of people elected to run the country. Local Government or councils are made up of groups of people elected to run an area or region.
29 of 76
LAWS
Rules laid down by government which must be obeyed by people and businesses.
30 of 76
COMPETITION
a) A contest. b) In business, people or businesses with whom you compete.
31 of 76
INNOVATIVE
To create a new idea or make changes to a current idea.
32 of 76
CUSTOMER
A person or business that buys (or pays for) a product or service. This person may or may not be the consumer.
33 of 76
CONSUMER
A person or business that consumes or uses a bought product or service.
34 of 76
FINANCE
Any aspect of the business which is concerned with money.
35 of 76
MONEY
Notes, coins, cheques, debit cards (own money) and credit cards (money you borrow) used for buying and selling.
36 of 76
PROFIT
When money coming into a business is greater than money going out of a business.
37 of 76
LOSS
When money coming into a business is less than money going out of a business.
38 of 76
OWNER(S)
A person (or group of people) to whom the business belongs.
39 of 76
EMPLOY
To give work to someone.
40 of 76
EMPLOYEE
A person (worker) who works for the owner(s) [employer] of a business.
41 of 76
EMPLOYEE REWARD
The gain (usually financial) that the employee receives. This usually takes the form of a wage or salary.
42 of 76
WAGE
Financial reward, perhaps for the number of hours worked. Usually paid weekly.
43 of 76
SALARY
Financial reward in terms of one year. Usually paid monthly.
44 of 76
OWNER REWARD
The gain (usually financial) that the owner of the business receives. This is usually part of the profit the business makes.
45 of 76
PART-TIME EMPLOYMENT
Full time employment usually works out at about 37.5 hours per week. Part-time could be counted as anything less than this but would usually be said to be 20 hours or less.
46 of 76
SOLUTION
A way to solve a problem.
47 of 76
GOODS
Products a business makes, buys or sells.
48 of 76
SERVICES
Non-physical products a business provides, buys or sells
49 of 76
RESOURCES
Items available to be used in the production of goods and services.
50 of 76
CHOICE
Being able to (or having to) pick one thing rather than another.
51 of 76
ADVERTISING
Making people aware that a good or service exists.
52 of 76
MARKET
Any situation when buying and selling takes place.
53 of 76
CONSUMER DURABLES MARKET
Any situation where the buying and selling of consumer durables takes place.
54 of 76
CONSUMER DURABLES
These goods will usually last a long time (years).
55 of 76
CONSUMER NON DURABLES MARKET
Any situation where the buying and selling of consumer non durables takes place.
56 of 76
CONSUMER NON DURABLES
These goods are usually “used up” in a very short period of time.
57 of 76
INDUSTRIAL GOODS MARKET
Any situation where the buying and selling of industrial goods takes place.
58 of 76
INDUSTRIAL GOODS
Businesses buy these goods. The goods tend to last a long time.
59 of 76
SERVICES MARKET
Any situation where the buying and selling of services takes place.
60 of 76
SERVICES
(Further definition) Services can last various lengths of time. Consumers and businesses can purchase services.
61 of 76
LOCAL MARKET
This occurs when goods and services are bought and sold solely (only) in a local region or area. It could be a town, village or city.
62 of 76
NATIONAL MARKET
This occurs when goods and services are bought and sold nationwide or throughout a country. It could be the Isle of Man, England or Brazil.
63 of 76
INTERNATIONAL MARKET
This occurs when goods and services are bought and sold across a variety of countries in the world.
64 of 76
FACTORY
A building where the production of goods takes place.
65 of 76
PERFORMING
The level at which a business or person is working or functioning.
66 of 76
TO BE MADE REDUNDANT
To lose one’s job because you are no longer required. This is usually because there is not enough work available to be done. If someone is made redundant they usually receive a payment of money to compensate (or make up) for losing their job. (The pe
67 of 76
RESIDENTS
People who live in a particular area or region.
68 of 76
PRESSURE GROUPS
A collection of people (or businesses) that try to influence the decisions of other people, businesses or the government.
69 of 76
VEGETARIAN
Someone who does not eat meat. This may be due to medical, religious or moral reasons. It may also be due to personal taste or preference.
70 of 76
MORALS
What a person considers to be the right or correct behaviour.
71 of 76
DEVELOPED WORLD
Countries having a relatively high standard of living which has been brought about by having industrialised economies.
72 of 76
SUPPLIER
A business that sells goods (or services) to other businesses.
73 of 76
FARM
Buildings and land used for keeping animals and growing crops.
74 of 76
FREE RANGE
Farm animals that are allowed to graze rather than being confined.
75 of 76
FACTORY FARM
A farm where large numbers of animals are kept and bred to produce the maximum output for the space used. The opposite of free range. Eggs, milk and meat can be produced in this way.
76 of 76

Other cards in this set

Card 2

Front

RISK

Back

The possibility of “suffering” either physically or financially by making a decision.

Card 3

Front

DECISION

Back

Preview of the front of card 3

Card 4

Front

CALCULATED RISK

Back

Preview of the front of card 4

Card 5

Front

REWARD

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Starting a business resources »