Unit 1 4.0 / 5 based on 1 rating ? Business StudiesGCSEEdexcel Created by: SarahCreated on: 02-12-12 19:35 Market Where a buyer and seller can come together to exchange a good or service at a price 1 of 20 Goods market Ever day products like food where the manufactor sets the price 2 of 20 Commodity A product that is sold on price rather than quality (Raw Materials) 3 of 20 Commodity Market Where buyers and sellers arrange to exchange commodities. 4 of 20 Demand The amount that buyers are willing to purchase a product for. 5 of 20 Supply The amount that sell at any given price 6 of 20 Equilibrium point Where the demand and supply cross 7 of 20 Interest rate The money you get paid for the capital in someone elses hands 8 of 20 Exchange rate How much of one currancy another currancy will buy you. 9 of 20 Importing Buying raw materials or components from over seas 10 of 20 Exporting Selling goods and services over seas 11 of 20 Spiced Strong Pound Imports Cheaper Exports Drives 12 of 20 Wpidec ( Pide in the Wc) Weak Pound Imports Drives Exports Cheaper 13 of 20 Ressecion A situation when the level of economic growth is negetive for two sucessive quarters. 14 of 20 Business Cycle Peak/Boom, Slump/Through, Recession, Epansion/Recovary 15 of 20 Stake holder An Individual or group that has an interest in, or is affected by, the activities of a business 16 of 20 Internal Stakeholders Individuals or groups that works for the business and involed daily. 17 of 20 External Stakeholders Individuals or groups that do not work for the business and are not involved in the daily running of the business 18 of 20 Primary Stakeholders There are people who can help the business suceed 19 of 20 Secondary Stakeholdes Thesee are people that see themself as stakeholders 20 of 20
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