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People in Business
Chapter 1
| Term | Definition |
|---|---|
| entrepreneur | a person who uses initiative to bring together all the resources needed to set up the business, and bears the risk of loss if it should fail |
| types of business | commercial non- commercial |
| commercial business | profitable |
| non- commercial | not profit makeable e.g. trade union |
| stakeholders - who are they? | entrepreneur(s) investors employees service providers suppliers consumers covernment |
| Business | Its about people and organisations producing goods and services and supplying them to consumers |
| Profit | This is earned if the business takes in more money than it has to pay out |
| Stakeholder | These are involved in the operation of a business and have an intrest in the business |
| Investor | Provide finance to start up and develop a business. |
| Employer | Person who owns the company and employ people to work for them and pays them according to their agreed contract of employment. |
| Employee | Works for the business for money |
| Manager | Person who run the business |
| Supplier | supply raw materials needed for production |
| Producer | they turn raw materials into finished goods for the consumer |
Created by:
rebeccabuckley
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