Unit 1: Business IRL (Key Terms)
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10 Terms
Opportunity cost
The benefit lost from the next best alternative foregone.
Entrepreneur characteristics
Risk-taking, initiative, determination, or resilience.
Benefit of a business plan
Helps convince banks to lend money; provides a clear set of targets.
Sector difference
Primary extracts raw materials (farming); Secondary manufactures goods (factories).
Sole trader
A business owned and controlled by one person.
Disadvantage of partnership
Potential for disagreements; unlimited liability for all partners.
Unlimited liability
The owner is personally responsible for all business debts; personal assets can be seized.
Social Enterprise
A business that trades to tackle social problems or improve communities rather than just make profit.
Business objectives
Profit maximisation, survival, growth, or social responsibility.
Stakeholders
Internal (Employees/Owners); External (Customers/Local Community/Government).