unit 2 business keywords

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Interdependence –
The way in which businesses in different sectors depend on each other
1 of 40
Chain of production-
Stages a product goes through from raw material to finished goods. Interdependence –The way in which businesses in different sectors depend on each other
2 of 40
De-industrialisation –
The reduction of importance in the secondary sector.
3 of 40
Added Value-
When a business increases the value of a product.
4 of 40
Business Objectives-
Objectives are what the business is trying to achieve eg growth, survival, profit.
5 of 40
Satisficing-
The business will make enough profit to meet its needs and not as much as possible.
6 of 40
Dividend-
Payment made to shareholders from the profits.
7 of 40
Market share-
Amount of a market a business controls. Given as a percentage.
8 of 40
Private Sector-
Business activity owned by private individuals.
9 of 40
Public sector-
Business activity controlled by local or national government.
10 of 40
Stakeholders-
An individual or group of people who have an interest in a business.
11 of 40
Incorporated –
A limited company owned by shareholders with limited liability.
12 of 40
Unincorporated-
A type of business which has unlimited liability.
13 of 40
Co-operatives –
Trading organisation where a number of independent producers work together.
14 of 40
Sole Proprietor –
One person owns the business.
15 of 40
Partnership –
Between 2 and 20 people own the business.
16 of 40
Unlimited liability –
The owners are responsible for all the debts.
17 of 40
Limited Liability –
The owners does not risk losing personal possessions in order to pay off the debts.
18 of 40
Bankruptcy-
Affects unincorporated businesses when their liabilities are greater than assets.
19 of 40
Insolvency –
Affects limited companies when their liabilities are greater than their assets.
20 of 40
Private limited company Ltd –
a business owned by shareholders who are usually family and friends.
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Public limited company –
a business owned by shareholders. Shares are traded to the public on the stock exchange.
22 of 40
Merger-
2 or more businesses join together to make one larger business.
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Take-over –
one business buys control of another.
24 of 40
Conglomerate-
merger or take-over of another business in a totally different business activity.
25 of 40
Diversification –
A process of spreading the risk by reducing dependence on one product or service.
26 of 40
Footloose-
A business is able to locate anywhere it chooses.
27 of 40
Uniform business rate –
A tax paid by businesses to cover provision of local services.
28 of 40
Grants –
Payment of money from government which doesn’t have to be paid back.
29 of 40
Infrastructure –
such things as roads, power supplies, telephones and water supplies.
30 of 40
Greenfield site-
development on land previously unused.
31 of 40
Brownfield site –
development on land previously used by another business activity.
32 of 40
Economies of scale-
increase in scale of production produces reduction in average cost of production.
33 of 40
Sleeping partner –
a person invests capital in a business but takes no an active part in running it.
34 of 40
Deed of partnership –
legal agreement between partners stating responsibilities of each partner.
35 of 40
LLP –
limited liability partnership.
36 of 40
Registrar of companies –
maintains records of all limited companies
37 of 40
Board of directors-
elected by shareholders to run the company.
38 of 40
capital-
money
39 of 40
Managing director –
person responsible for putting into action decisions made by directors.
40 of 40

Other cards in this set

Card 2

Front

Stages a product goes through from raw material to finished goods. Interdependence –The way in which businesses in different sectors depend on each other

Back

Chain of production-

Card 3

Front

The reduction of importance in the secondary sector.

Back

Preview of the back of card 3

Card 4

Front

When a business increases the value of a product.

Back

Preview of the back of card 4

Card 5

Front

Objectives are what the business is trying to achieve eg growth, survival, profit.

Back

Preview of the back of card 5
View more cards

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