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Business_Structure
Vocabulary words for Ch. 2
| Question | Answer |
|---|---|
| Primary sector business activity | Firms engaged in farming fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms |
| Secondary sector business activity | Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes making and construction |
| Tertiary sector business activity | Firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications |
| Private sector | Comprises businesses owned and controlled by individuals or groups of individuals |
| Public sector | Comprises organizations accountable to and controlled by central or local government (the state) |
| Mixed economy | Economic resources are owned and controlled by both private and public sectors |
| Free-market economy | Economic resources owned largely by the private sector with very little state intervention |
| Command economy | Economic resources owned, planned and controlled by the state |
| Sole trader | a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits |
| Partnership | A business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities |
| Limited liability | The only liability – or potential loss – a shareholder has if the company fails is the amount invested in the company, not the total wealth of the share holder |
| Private limited company | A small to medium-sized business that is owned by shareholders who are often members of the same family. This company cannot sell shares to the general public |
| Shareholder | A person or institution owning shares in a limited company |
| Share | A certificate confirming part ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights |
| Public limited company | A limited company, often a large business, with the legal right to sell shares to the general public – share prices are quoted on the national stock exchange. |
| Memorandum of Association | this states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorization and the declared aims of the business |
| Articles of Association | This document covers the internal workings and control of the business – for example, the names of directors and the procedures to be followed at meetings will be detailed |
| Franchise | A business that uses the name, logo and trading systems of an existing successful business |
| Joint venture | Two or more businesses agree to work closely together on a particular project and create a separate business division to do so |
| Holding company | A business organization that owns and controls a number businesses, but does not unite them into one unified company |
| Public corporation | A business enterprise owned and controlled by the state – also known as nationalized industry |
Created by:
girtmanb
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