1: Keywords

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premises

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Business

11th

133 Terms

1

premises

buildings and land used by a shop or business

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2

business

organisation that produces goods and services

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3

organisation

group formed for a particular purpose

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4

goods

physical products

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5

services

non-physical products

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6

output

amount of goods or work produced by a person, machine or factory

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7

human resources

departments in businesses dealing with employing, training and helping people

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8

consumer goods

goods and services sold to consumers rather than businesses

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9

producer goods

goods and services produced by one business for another

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10

needs

basic requirements for human survival

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11

wants

people’s desires for goods and services

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12

infinite

without limits in space or time

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13

finite

having an end or limit

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14

scarce

resources with limited availability

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15

private sector

business organisations owned by individuals or groups of individuals

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16

public sector

business organisations owned by central or local government

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17

stakeholders

an individual or group with an interest in business operations

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18

entreprenuer

person who takes risks and sets up a business

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19

EBITDA

earnings before interest, tax, depreciation and amortisation

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20

objectives

goals or targets set by a business

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21

executives

managers in an organisation or company who help make important decisions

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22

diversify

increasing the range of goods or services provided

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23

financial return

monetary return

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24

profit maximisation

making as much profit as possible in a given time period

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25

shareholders

owners of limited companies

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26

dividends

share of the profit paid to shareholders

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27

profit satisficing

making enough profit to satisfy the needs of the business owners

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28

automation

use of computers and machines to do a job

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29

economies of scale

financial advantages of producing something in very large quantities

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30

large business

employs more than 250 people

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31

small business

employs less than 50 people

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32

revenue

money from the sale of goods and services

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33

innovator

someone who introduces change and new ideas

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34

labour

people employed in a business/used in production

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35

unincorporated

businesses that have a separate legal identity than that of its owners

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36

sole trader

business owned by a single person

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37

unlimited liability

owner of a business is personally liable for debts

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38

partnership

business owned by between 2-20 people

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39

deed of partnership

binding legal document that states the formal rights of partners

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40

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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41

limited liability

business owner is liable for the original amount of money invested in the business

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42

audits

official examination of a company’s financial records in order to check that they’re correct

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43

franchise

structure in which a business (franchisor) allows another operator (franchisee) to trade under their name

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44

merchandise

goods being sold

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45

social enterprise

business that aims to improve human or environmental wellbeing

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46

cooperative

company, factory or organisation in which all of the people working there own an equal share of it

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47

consumer cooperative

cooperatives owned by customers

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48

retail cooperative

cooperative of retail members working together to assert purchasing power

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49

worker cooperative

cooperative owned by employees

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50

charities

organisations giving money, goods or help to the poor, sick and needy

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51

venture capitalists

specialist investors who provide money for business purposes

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52

limited companies

business organisations that have a separate legal identify from its owners

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53

limited liability

shareholders are legally responsible for the debts of a company according to how many shares they own

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54

chairperson

someone in charge of a meeting or directing the work of an organisation

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55

certificate of incorporation

document needed before a new company can start business

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56

private limited company (Ltd)

private company limited by shares

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57

stock market

market for shares in PLCs

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58

public limited company (PlC)

a limited company whose shares are freely sold and traded

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59

prospectus

document produced by a company that wants the public to buy its shares

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60

regulatory control

official power to control an activity to make sure it’s done in a satisfactory way

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61

flotation

process of a company going public

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62

multinational company

large business with significant production or service operations in at least 2 different companies

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63

issue (shares)

sale of new shares

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64

productivity

rate at which goods are produced

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65

public corporations

business organisations owned and controlled by the state/government

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66

portfolio

collection of business interests or products

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67

infrastructure

basic systems and structures that a country or organisation needs in order to work properly

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68

natural monopoly

market where it’s more efficient to have just one organisation meeting total market demand

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69

subsidise

paying part of the costs

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70

privatisation

transfer of public sector resources to the private sector

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71

primary sector (industry)

production involving the extraction of raw materials from the earth

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72

secondary sector (industry)

production involving the conversion of raw materials into finished and semi-finished goods

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73

assembly plant

factory where parts are put together to make a finished product

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74

tertiary sector (industry)

production of services in the economy

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75

de-industrialisation

decline in manufacturing

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76

brownfield sites

areas of land previously used for urban development

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77

greenfield sites

previously undeveloped areas of land on the outskirts of towns

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78

assisted areas

areas designated by a government as having economic problems and targeted to receive support

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79

viability studies

careful study of how a planned activity will work and its costs and income

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80

trade bloc

group of countries situated in the same region that join together and enjoy trade free of barriers

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81

emerging economies

rapidly growing economies with huge growth potential but significant risks

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82

globalisation

growing integration of the world’s economies

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83

intellectual property

people’s knowledge or creative ideas that have commercial value and are protectable under different forms of copyright

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84

monetary system

system of money in a particular country

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85

saturate (market)

to offer so much of a product for sale that there’s more than people want to buy

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86

predator

business that tries to use another’s weakness to get advantage

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87

hostile takeover

takeover that the company being taken over doesn’t want or agree to

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88

bid

offer to a pay a particular price for something

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89

commodities

products bought and sold

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90

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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91

venture

new business activity

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92

currency reserves

money in foreign currency held by a country and used to support its own currency and pay debts

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93

human capital

people and their skills

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94

enterprise

the activity of starting and running businesses

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95

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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96

repatriation of profit

dwhere a MNC returns profit from an overseas venture to the country where it’s base

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97

livelihood

way you earn money in order to live

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98

surplus

amount of something that’s more than needed

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99

exports

goods and services sold overseas

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100

imports

goods and services bought from overseas

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