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chapter 1
people in business
| Term | Definition |
|---|---|
| entrepreneur | a person who spots a gap in the market and takes personal and comes up with an idea to fill the gap |
| investor | a person who invests money into a business in return they get dividends of the business |
| employer | employs staff to work in the business |
| employee | a person who works in a business in exchange for a salary or wage |
| producer | a person who takes raw materials and turns them into a finished product |
| consumer | a person who buys goods and services for their own use |
| manager | the person responsible for the day to day running of a business |
| supplier | the person who supplies the business with raw materials |
| equity capital | money invested into a business by an individual in return for the entitlements to shares in a business.[dividends] |
| grant | Money given from the government to an entrepreneur that doesn’t need to be paid back as long as they meet certain requirements eg. create so many jobs. |
| loan capital | Entrepreneur takes a loan from investor and pays it back with interest. |
| competitive relationship | two stakeholders in a business who are working towards different goals this creates a win-lose situation. |
| co-operative relationship | two stakeholders that work together towards a mutual common goal this creates a win-win situation |
| dynamic relationship | two stakeholders whos relationship is constantly changing |
| trade association | an interest group set up to represent the interests of all firms in an industry |
| dependent relationship | the stakeholders rely on eachother to reach a goal |
| interest group | they attempt to influence government and other businesses to further the interest of their members |
Created by:
lilyohora
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