1: Keywords

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Business

11th

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133 Terms

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premises
buildings and land used by a shop or business
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business
organisation that produces goods and services
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organisation
group formed for a particular purpose
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goods
physical products
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services
non-physical products
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output
amount of goods or work produced by a person, machine or factory
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human resources
departments in businesses dealing with employing, training and helping people
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consumer goods
goods and services sold to consumers rather than businesses
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producer goods
goods and services produced by one business for another
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needs
basic requirements for human survival
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wants
people’s desires for goods and services
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infinite
without limits in space or time
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finite
having an end or limit
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scarce
resources with limited availability
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private sector
business organisations owned by individuals or groups of individuals
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public sector
business organisations owned by central or local government
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stakeholders
an individual or group with an interest in business operations
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entreprenuer
person who takes risks and sets up a business
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EBITDA
earnings before interest, tax, depreciation and amortisation
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objectives
goals or targets set by a business
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executives
managers in an organisation or company who help make important decisions
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diversify
increasing the range of goods or services provided
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financial return
monetary return
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profit maximisation
making as much profit as possible in a given time period
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shareholders
owners of limited companies
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dividends
share of the profit paid to shareholders
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profit satisficing
making enough profit to satisfy the needs of the business owners
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automation
use of computers and machines to do a job
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economies of scale
financial advantages of producing something in very large quantities
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large business
employs more than 250 people
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small business
employs less than 50 people
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revenue
money from the sale of goods and services
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innovator
someone who introduces change and new ideas
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labour
people employed in a business/used in production
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unincorporated
businesses that have a separate legal identity than that of its owners
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sole trader
business owned by a single person
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unlimited liability
owner of a business is personally liable for debts
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partnership
business owned by between 2-20 people
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deed of partnership
binding legal document that states the formal rights of partners
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limited partnership
partnership where some partners contribute capital and enjoy a share of the profit but don’t run the business
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limited liability
business owner is liable for the original amount of money invested in the business
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audits
official examination of a company’s financial records in order to check that they’re correct
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franchise
structure in which a business (franchisor) allows another operator (franchisee) to trade under their name
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merchandise
goods being sold
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social enterprise
business that aims to improve human or environmental wellbeing
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cooperative
company, factory or organisation in which all of the people working there own an equal share of it
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consumer cooperative
cooperatives owned by customers
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retail cooperative
cooperative of retail members working together to assert purchasing power
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worker cooperative
cooperative owned by employees
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charities
organisations giving money, goods or help to the poor, sick and needy
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venture capitalists
specialist investors who provide money for business purposes
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limited companies
business organisations that have a separate legal identify from its owners
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limited liability
shareholders are legally responsible for the debts of a company according to how many shares they own
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chairperson
someone in charge of a meeting or directing the work of an organisation
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certificate of incorporation
document needed before a new company can start business
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private limited company (Ltd)
private company limited by shares
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stock market
market for shares in PLCs
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public limited company (PlC)
a limited company whose shares are freely sold and traded
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prospectus
document produced by a company that wants the public to buy its shares
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regulatory control
official power to control an activity to make sure it’s done in a satisfactory way
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flotation
process of a company going public
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multinational company
large business with significant production or service operations in at least 2 different companies
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issue (shares)
sale of new shares
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productivity
rate at which goods are produced
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public corporations
business organisations owned and controlled by the state/government
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portfolio
collection of business interests or products
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infrastructure
basic systems and structures that a country or organisation needs in order to work properly
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natural monopoly
market where it’s more efficient to have just one organisation meeting total market demand
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subsidise
paying part of the costs
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privatisation
transfer of public sector resources to the private sector
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primary sector (industry)
production involving the extraction of raw materials from the earth
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secondary sector (industry)
production involving the conversion of raw materials into finished and semi-finished goods
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assembly plant
factory where parts are put together to make a finished product
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tertiary sector (industry)
production of services in the economy
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de-industrialisation
decline in manufacturing
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brownfield sites
areas of land previously used for urban development
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greenfield sites
previously undeveloped areas of land on the outskirts of towns
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assisted areas
areas designated by a government as having economic problems and targeted to receive support
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viability studies
careful study of how a planned activity will work and its costs and income
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trade bloc
group of countries situated in the same region that join together and enjoy trade free of barriers
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emerging economies
rapidly growing economies with huge growth potential but significant risks
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globalisation
growing integration of the world’s economies
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intellectual property
people’s knowledge or creative ideas that have commercial value and are protectable under different forms of copyright
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monetary system
system of money in a particular country
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saturate (market)
to offer so much of a product for sale that there’s more than people want to buy
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predator
business that tries to use another’s weakness to get advantage
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hostile takeover
takeover that the company being taken over doesn’t want or agree to
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bid
offer to a pay a particular price for something
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commodities
products bought and sold
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patents
legal documents allowing a company the right to make or sell new products that no other company is allowed to replicate
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venture
new business activity
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currency reserves
money in foreign currency held by a country and used to support its own currency and pay debts
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human capital
people and their skills
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enterprise
the activity of starting and running businesses
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exploitation
situation in which you treat someone unfairly by asking them to do things for you but give very little in return
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repatriation of profit
dwhere a MNC returns profit from an overseas venture to the country where it’s base
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livelihood
way you earn money in order to live
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surplus
amount of something that’s more than needed
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exports
goods and services sold overseas
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imports
goods and services bought from overseas