Year 10 Business and Finance Exam Revision

Vocabulary terms and definitions covering core concepts of the Year 10 Business and Finance curriculum, including marketing, production factors, economic indicators, and business structures.

Entrepreneur

A person who sets up a business or businesses, taking on financial risks in the hope of profit by coming up with new ideas or improving existing products and services.

Innovation

Renewing, changing or creating more effective processes, products or ways of doing things, such as implementing new ideas or creating dynamic products.

Marketing communications

The messages and media marketers use to communicate with target markets, including verbal, non-verbal, and visual types.

Product (4 P's)

The specific item or service that is being sold to a consumer.

Price (4 P's)

How much a product or service will be sold for.

Place (4 P's)

Where the consumer will find the product when they want to buy it.

Promotion (4 P's)

The methods used to inform potential customers of the existence of the product.

Good

A tangible item that consumers desire or own, such as a car.

Service

A non-physical entity or activity sought after by consumers, such as a car service.

Land

A factor of production referring to physical space and natural resources.

Labor

A factor of production referring to the workers used in a business.

Capital

A factor of production referring to money and equipment.

Entrepreneurship

A factor of production referring to the ideas and drive behind a business.

The economic problem

The fundamental challenge of how to satisfy unlimited wants and needs with limited resources.

Opportunity Cost

The value of what you forgo to pursue something else, such as buying an apple instead of a banana.

Sole trader

A business owner who owns all the business assets and is responsible for the business's liabilities.

Partnership

A business structure made up of $2$ or more people who distribute income or losses between themselves.

Inflation

A general increase in the prices of goods and services in an economy, often resulting in higher costs being passed to consumers.

Business Cycle Stages

The phases of economic activity: Peak, Contraction, Trough, and Expansion.

GDP (Gross Domestic Product)

The market value of all final goods and services produced by a nation in a given year.

GDP per capita

The average income earned per person in a given area in a specified year.

Trend

A general direction of change or a way of behaving/proceeding that is developing and becoming more common, such as increasing unemployment.