unit 1 business level 3
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35 Terms
public sector
business organizations owned by central or local government
private sector
business organizations owned by an individual or a group of individuals
not for profit for business
a business run to help society instead of making a profit.
partnerships
business owned by 2 or more individuals
deed of partnership
a legal document that states the formal rights of partners
sole trader
a business owned by a single person
economies of scale
when the average cost per unit decreases as a business increases its output
public limited company (PLC)
A public limited company is a business owned by shareholders with limited liability whose shares can be sold to the general public.
private limited company (LTD)
A private limited company is a business owned by shareholders with limited liability whose shares cannot be sold to the general public.
limited liability
when the business and the owner have separate legal identity
unlimited liability
the owner of the business is liable for all the businesses debts
stakeholder
an individual or group with an interest in the operation of a business
shareholder
an individual or company that owns at least one share of a business
franchise
the business agreement between the franchisor and franchisee
franchisor
the original owner who allows the franchisee to open another branch of the store
franchisee
the person trading under the original business owners name
unit of account
A standard measure used to express the value of goods and services so they can be easily compared.
legal tender
A legally recognised form of payment that a person or business must accept to settle a debt.
store value
An asset that holds its purchasing power over time, allowing people to save now and spend in the future.
means of exchange
money that allows goods and services to be traded without the need for a barter system. Barter system rely on there being double coincidence of wants between the two people involved in exchange.
credit score
A numerical rating used by lenders, suppliers, and partners to judge how safely a company manages debt and pays its bills and a person