6. the process of increasing the worth of resources by modifying them
liquidity
adding value
value added
7. the percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product
market size
market share
market growth
8. the 'real cost' of taking a particular action or the next best alternative forgone, i.e. the next best thing that you could have chosen but didn't
opportunity cost
least cost site
teleworking
9. the use of information that has already been collected for a different purpose
qualitative market research
secondary research
primary research
10. a group of respondents in which each member of the target population had an equal chance of being chosen
quota sample
random sample
stratified sample
11. a situation in which the liability of the owners of a business is limited to the fully-paid-up value of the share capital
teleworking
limited liability
unlimited liability
12. a feature of a product or service that allows it to be different from other products
USP
added value
contribution
13. the four elements - land, labour, capital and enterprise - used in the production of goods and services
factors of production
business plan
qualitative factors
14. a report describing the market strategy, operational issues and financial implications of a business start-up
business plan
cash flow forecast
marketing
15. this has a legal identity that is separate from the individual owners. as a result, the organisations can own assets, owe money and enter into contracts in their own right. E.g. Ltd and PLC
limited liability
incorporated business
unincorporated business
16. a situation in which the owners of a business are liable for all the debts that the business may incur
unlimited liability
limited liability
unincorporated business
17. there is no distinction in law between the individual owner and the business itself. the identity of the business and owner is the same. such businesses tend to be sole traders or partnerships
incorporated business
unincorporated business
unlimited liability
18. those organisations involved in extracting raw materials
primary sector
secondary sector
tertiary sector
19. individuals who have an idea that they develop by setting up a new business and encouraging it to grow. They take the risk and the subsequent profits that come with success or the losses that come with failure.
stakeholder
entrepreneur
sole trader
20. the anticipation and satisfying of customers' wants in a way that delights consumers and also meets the needs of the organisation
