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Business

TermDefinition
Consumer agencies ASAI; advertising standards authority of Ireland NSAI;national standards authority of Ireland CAI; Consumers association of Ireland
Globalization The idea that the world is shrinking and we are coming closer together through technology etc
Ethically Doing the right thing eg fair wages
Sole trader Someone who sets up and runs their own business.
Unlimited liability Sole traders have this. If your business fails you could lose everything including items not related to the business of they were used as collateral
Private limited company A business ownes by 1-149 shareholders
Limited liability Private limited companies and co-operatives have these. If the business fails you only lose what you put into it
The marketing mix Product Price Place Promotion
Mission statement A report stating the roles of every person in the business
Current ratio Compares the current assets with the creditors falling due within one year
Gearing ratio Amount invested : amount borrowed
Scarcity A shortage
Domestic trade Trade within a country
Factors of production Land Labour Enterprise Capital
Opportunity cost What you don't do
Economic systems Systems used to organise a countries production, distribution and consumption
Free market economy Private sector > public sector (government)
Mixed economy Equal public and private rule
Centrally planned economy Public > private sector
Deregulation When the government sells a good/service ie electricity to the private sector
Direct tax On you income. Progressive and fair
Indirect tax On goods. Unfair and regressive
Economic policy A plan to change a country's economy
How to achieve economic policies Fiscal policy; taxes Monetary; banks rising interest rates Prices and income policy; government controls price of goods and services
Created by: loodyla
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