BUSINESS A LEVEL THEME 1 key terms

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A-level Business EDEXCEL Theme 1: Marketing and people

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39 Terms

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Entrepreneur

A person who sets up a business, taking on the financial risk. They organise a business venture by combining the other factors of production, such as land, labour and capital

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Entrepreneurship

The activity of setting up a business, taking on the risks, normally in hope of making a profit

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Resilience

The ability to recover from difficulties and try again

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Risk

Something an entrepreneur can essentially plan for. Probabilities of outcomes are known or at least understood or considered

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Entrepreneurial characteristics

Qualities or traits demonstrated by an individual starting up or running a business of their own

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Entrepreneurial motive

Factors that drive a person to start a business

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Ethical stance

In support of a moral belief

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Home working

Setting up a business from home

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Independance

The desire to be one’s own boss

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Profit satisficing

Making enough profit to satisfy the needs of the business

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Social entrepreneurship

Setting up a business for the intention of social issues

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Business objective

A goal/target set by the business in the short/medium term to help achieve its aim/mission

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Cost efficiency

Minimising costs/expenses/waste when producing a product or service

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Customer satisfaction

The measure of how satisfied a customer is with their purchase

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Employee welfare

Facilities and benefits provided by a business to meet the wellbeing of the employee

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Profit maximisation

When the difference between sales revenue and costs is at its greatest

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Sales maximisation

An attempt to sell as much as possible in a given time period (or to generate as much sales revenue as possible)

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Social objectives

A goal to benefit/improve the community

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Survival

A short-term business objective that aims to keep the business running

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Franchise

Where a business buys the right to trade using the brand/logo/business model of an existing firm in return for a fee/royalty

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Franchising

A type of business where a business operator (franchisor) allows others (franchisees) to trade under its name (for a fee)

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Lifestyle business

A business set up with the aim of making no more than a set level of income from which to enjoy a particular lifestyle

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Partnership

A type of business ownership/organisation owned by two or more people

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Private limited company

A small to medium sized business, usually run by the family that owns it. Shares are sold to friends, family and business associates and it has limited liability

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Public Limited Company

A business with limited liability whose shares are publicly traded on the stock market

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Social Enterprise

A business which has aims/objectives which benefits society and isn’t for profits, it’s profits are reinvested into the business/community

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Sole trader

A business owned by one person who has unlimited liability

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Stock market flotation

When a business sells shares publicly on the stock exchange for the first time

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Opportunity Cost

The next best alternative forgone when making decisions

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Trade off

A situation where having more of one thing leads to less of something else

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Leader

A person who inspires and motivates others to meet objectives

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Demand

The quantity of goods/services that a customer is willing to buy at a given price and a given time

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Complementary goods

Products used/consumed together, so they are purchased together (e.g printer + printer ink)

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Consumer income

The money earned/received from work/investment

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Demographics

The structure/groups of the population such as age, gender and geographical distribution

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External shocks

Factors beyond the control of the business

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Seasonality

When demand rises or falls at a particular times of year according to seasonal factors

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Subsitutes

Goods that can be bought as an alternative to others, but perform the same function (e.g petrol car + electric car)

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Demand curve dynamic

Inverse relationship/negative correlation - As one variable increases the other decreases