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Business

Business study guide for first partial exam.

TermDefinition
Prime Function Main activity of a business.
Mission statement Main goals and purpose of a business.
Need Something necessary for surviving.
Want Something desired.
Business Organization whose purpose is to satisfy a society's need through selling a product or a service
Sole Trader Are self employed who owns and runs their own business as an individual.
Partnership Involves two or more people going into business toguether with the main view of making a project. And both participate in the management of the business.
Private company When an small number of people have a private ownership of a Company.
Public company It is a business that is owned by many people who have bought shares in it.
Franchise A business in with a corss-selling and business expansion strategy
External factors that affect a business Current economy, technology, ethical, politics, social.
Microeconomics Involves the decision of individuals, family and firms towards the location of resources, supply and demand.
Macroeconomics Study of the performance of an economy as a whole.
State-owned Enterprises Company owned by the government.
Primary Sector Exploits natural resources and gives the raw materials to industries; includes agriculture.
Secondary Sector Uses raw materials to manufacture goods.
Tertiary Sector Provides services for the economy, covers everything not included in the other two sectors, Includes transport and information processing.
Classification of a business By the size, geographic location, legal structure and industry
Economics All the economic activity which takes place in a nation as a whole.
Free market economy capitalism. The consumers have the sovereignty to decide what will they buy, the quantity and the price. There is a lot of competition.
Centrally planned economy Socialist or communist, The government decides the distribution, location, supply and trade of the goods
Mixed economy Integrates aspepcts of free and planned economy, both sectors private and state coexist.
Privatisation When a business is changed from state owned to a private ownership.
GDP It is the total value of goods and services provided during a year in a country.
Prosperity The economy is on it´s peak and with high demand, consumers level of debt is bigger.
Recession The GDP is having a decline, there is contraction in economic growth and less demand.
Depression Means high rates of unemployement, decrease in business activity, less consumer spending and low wages.
Recovery People is cautious and takes care of the spending, government employs strategies to get the economy out of a through.
Created by: Arantxa0327
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