AQA Business Studies: 3-Mark and 6-Mark Question Key Terms and Concepts

Entrepreneur

someone who starts and runs a business, taking financial risks.

Revenue

money earned from sales.

Profit

revenue minus costs.

Customer needs

what buyers want and expect.

Added value

the difference between the cost of inputs and the price customers are willing to pay.

Market research

gathering information about customers and competitors.

Risk and reward

potential losses and gains of a business decision.

Break-even

when total revenue equals total costs.

Cash flow

the movement of money in and out of a business.

Fixed and variable costs

costs that do or don't change with output.

USP (Unique Selling Point)

what makes a product different.

Branding

creating a strong image or identity for a product or business.

Target market

a specific group of customers a business aims at.

Market share

the percentage of sales a business has in its market.

Stakeholders

individuals or groups affected by a business.