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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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