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Business Studies
Ch 13-16
| Term | Definition |
|---|---|
| Economics | is the study of how people and businesses with limited income make decisions. |
| Factors of Production | are the elements necessary to produce goods and services. They can be divided into four categories: Land,Labour,Capital,Enterprise. |
| Land | this refers to the natural resources available in a country to help in the production of goods and services e.g. Mines |
| Labour | this refers to the people available to help in the production of goods and services e.g. Carpenter |
| Capital | this refers to all human-made things that are available to help in the production of goods and services e.g. machinery |
| Enterprise | this is land, labour, capital brought together to develop an opportunity and set up a business to produce a product or provide a service, with a view of making a profit e.g. entrepreneur |
| Economic System | the way a country uses its factors of production to produce goods and services. |
| Economic Growth | refers to the change in the quantity of goods and services produced in a country from one year to the next. |
| Inflation | an increase in prices in a country from one period to the next. |
| Public Utilities | services provided by the State for the citizens of a country |
| The National Budget | is a document which gives a detailed breakdown of Government income and expenditure for the next year. |
| Current Income/Expenditure | refers to day-to-day or regular income/expenditure. |
| Capital Income/Expenditure | refers to long term or once off income/expenditure. |
| Importing | the purchase of goods and services from other countries. |
| Exporting | the sale of goods and services to other countries. |
| Visible Trade | refers to the import or export of goods e.g. food |
| Invisible Trade | refers to the import or export of services e.g. tourism |
| Import Substitution | is the purchase of Irish produced goods instead of foreign imports. |
| An Exchange Rate | is the quantity of a foreign currency which can be purchased for one euro. |
| A Sole Trader | is a person who owns and runs their own business. |
| A Private Limited Company | is formed when between 1-99 people put up money to establish a new business with limited liability. |
| Limited Liability | if the business fails, the shareholders will only lose the amount they invested in the company. |
| Certificate Of Icorporation | is a birth certificate of a company. It includes the date on which the business was first registered. |
| Board of Directors | run the company on the shareholdres behalf. |
| Managing Director/Chief Executive | they run the business on a day-to-day basis. |
| Memorandum of Association | external rules and regulations |
| Articles of Association | Internal rules and regulations |
| Dividens | a return on the investment of a business. |
| Annual General Meeting (AGM) | Required by law and must be held once a year. |
| Co-operatives | are organisations formed by people joining together to achieve a particular objective that they could not achieve as individuals. |
| Semi-State bodies | are companies and other organisations owned by the State (Government) |
| Privatisation | is the term used to describe the sale of a State company by the Government. |
Created by:
karinanatyahanchuk12
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