ALL BUSINESS IGCSE EDEXCEL KEYWORDS

This is a compilation of every definition that has been asked so far + some extras

average total cost

Where unit costs fall when output increases

brand

having a unique name/logo/identity

Current liabilities

Debts that the company must pay in the short term (in less than a year)

market segment

part of a market where consumers have similar characteristics

revenue

income from sales

variable costs

costs that change when output changes

above the line promotion

The use of mass media methods to promote a large audience

branding

A name/symbol/design that identifies and differentiates a product from other products

break-even

When total costs are the same as total sales

capital intensive production

Production methods that make more use of machinery than labour

commission

payment made to an employee linked to the number of sales made

crowdfunding

raising money from many people for a new project via the internet

delegation

the passing of responsibility to a subordinate

demographics

A particular section of the population

Diseconomies of scale

an increase in average costs per units

e-tailers

the use of electronic systems to sell goods or services

Economies of scale

When average costs fall as a result of business increasing in size

Fixed costs

Costs that do not vary with level of output

fringe benefits

Additional benefits over and above the normal wage or salary

Globalisation

Companies operating internationally across the world

Hierarchical structure

A structure with many levels

Insolvency

When a business can no longer meet its debts

Inventory

Inventory is the goods a business has for sale

Job production

A method of production that involves completing one unit of output at a time

Job share

Two part time employees share a single job

Multinational business

A business that is operational in more than one country

Liquidity

How easily a business can change its assets into cash

Non current assets

An investment owned for longer than a year

Non current liabilities

Debts that are payable after 12 months

Overdraft

An agreement to draw more money from a bank account that it has in it

Person specification

Details of the qualifications experience in the person appointed

Personal savings

Money that belongs to individual not a business

Skimming

Setting a high price for a new product and then lowering it later

Primary sector

The extraction of raw materials from the earth

Product life cycle

The stages a product will pass through from its introduction, through to growth, maturity and then decline

Profit

the difference between total revenue and total costs

Public corporation

Owned by the state government

Public relations

Building and maintaining a favorable image of a business for its products

Quality control

A product or service that meets the standard set by the business

Quantitative data

Data that is measured by value and represented as numbers

Remuneration

Money paid for work or a service

Short term finance

Money borrowed that must be paid back within 12 months

Social enterprise

A business whose profits are used to benefit it and the community or environment

Sole trader

A business owned exclusively by one person

Stakeholder

Individuals or groups with an interest in the success or failure of a business

Venture capital

A type of risk capital available to start up businesses

Loss leaders

main product is low making a loss - but making money on extra perks

Distribution Channel

the route taken from a product from the producer to the customer