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