Business Studies Lecture Concepts

Vocabulary flashcards covering core business definitions, factors of production, assessment objectives, business sectors, and public vs private ownership.

Business

A person or organisation set up by a person or people to satisfy the needs and wants of consumers or customers.

Business Activity

Activity focused on providing products, which consist of goods and services.

Product

Something tangible that you can touch, feel, see, and own, where ownership can be transferred, and it can be stored and produced before being used.

Service

An activity done for others that you can only experience, provided by someone, where there is no ownership, it cannot be stored, and it is produced and consumed at the same time.

Land

Natural resources that can be obtained from land or sea.

Labour

The skills and number of people who make goods or services.

Capital

The man-made resources and finance needed to produce goods and services.

Enterprise

The person or people (entrepreneur) who take the risk of setting up a new business.

AO1

Assessment Objective 1, which stands for Knowledge.

AO2

Assessment Objective 2, which stands for Application.

AO3

Assessment Objective 3, which stands for Analysis.

AO4

Assessment Objective 4, which stands for Evaluation.

2 Marks Keywords

Keywords such as identify and define, which test AO1.

4 Marks Keywords

Keywords such as outline and state, which test AO1 and AO2.

6 Marks Keywords

Keywords such as analyse, which test AO3.

Opportunity Cost

The next best alternative given up while making a decision.

Primary Sector

The economic sector involving farming, harvesting, or getting natural raw materials delivered to a business, such as growing and harvesting potatoes.

Secondary Sector

The economic sector involving cooking or processing raw materials into a finished dish or product, such as cutting, boiling, frying, seasoning, packing, or plating potatoes.

Tertiary Sector

The economic sector involving getting the final product served or delivered to the consumer.

Private Sector

Companies and businesses owned by individuals or private groups of people.

Public Sector

Businesses owned by the government, such as buses, Indian Railways, government hospitals, RBI, and schools.

Private Company

A company that does not sell shares in the stock market.

Public Company

A company that can sell their shares in the stock market.