Edexcel GCSE Business Studies Unit 1.2

entrepreneur

A person who starts up and takes on the risk of a business

enterprises

business

enterprise

Act of organizing/assuming the risk of a business venture

risk

A potential event, occurrence or result that can have positive or negative consequences.

goods

Items businesses sell that can be physically weighed or measured, such as iPods and CDs.

services

Actions or activities that one person performs for another

determination

Doggedness

competitive advantage

A set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition

invention

A new product, system, or process that has never existed before, created by study and experimentation

innovation

- the introduction of something new; a new idea, method, or device. taking a new product to market

patent

A document that gives an inventor the sole legal right to an invention for a period of time.

trademark

A distinctive mark, motto, device, or emblem that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the common law or through registration), the owner is entitled to its exclusive use.

copyright

a document granting exclusive right to publish and sell literary or musical or artistic work

downside

disadvantage of following a particular course of action

upside

advantages of a particular course of action