Unit 1 Chater 1 0.0 / 5 ? BusinessBusiness PurposeA2/A-levelEdexcel Created by: PaigeKSCreated on: 01-03-20 14:31 A physical product Good 1 of 15 An intangible item e.g insurance Service 2 of 15 A general term for goods and services Product 3 of 15 Measures the total value of the Production for an economy over a period of time (abriviation) GDP 4 of 15 Sets out a business's Overall purpose to direct and stimulate the entire organisation Mission statement 5 of 15 A long-term plan) of the business from which it's corporate objectives are derived Aim 6 of 15 Medium to long-term goals established to coordinate the business Objective 7 of 15 Revenue-Total Costs Profit 8 of 15 The amount of money moving into and out of a business over a time period Cash Flow 9 of 15 Groups who have an intrest in a business Stakeholders 10 of 15 The earning or income generated by a firm as a result of trading activity Revenue 11 of 15 Costs that do not alter when the business alters its level of output Fixed costs 12 of 15 Alters directly with the business's level of output Variable costs 13 of 15 Fixed + Variable costs Total costs 14 of 15 Total cost of production divided by level of output Average costs 15 of 15
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