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Business Studies
Key words
| Term | Definition |
|---|---|
| Phyical resorses | STUFF YOU OWN LIKE A PHONE OR A BIKE |
| FINANCIAL resourses | Money you from have me wages or savings |
| human resources | people in your life that can help you like your family, teachers or doctors |
| personall | Skills that you learned or that come naturally to you |
| need | Something that is nessasery to servive |
| want | Something you want but don't need to survive |
| BIK | Something you receive when you work for a company |
| expendature | The money that you are spending |
| regular expenditure | money that you are paying the same amount at the same time every month or year |
| Irregular expenditure | Money they you dont pay at the same amount |
| Opportunity cost | WHEN YOU HAVE A CHOICE BETWEEEN ONE THING AND ANOTHER BUT YOU CAN ONLY BUY INE THIS IS THE ONE YOU DIDNT BUY |
| descresonary expenditure | Things you buy with the money left over like a trip to the cinema or a holiday |
| Capital expenditure | Some thing that you only have to buy once like a fridge or a house |
| current expenditure | Day to day things like a buss fair |
| Impulse buying | Buying stuff in the spur of the moment like buying a chocolate bar at a till of a shop |
| Budget surplus | income exceeds expenditures |
| budget deficit | When expenses exceed income |
| saving | keeping money to one side |
| financial instatusion | a place you can save money |
| comercial bank | a bank owned by state |
| credit union | a co opritive financial instayution |
| An post | a state owned financial and postal service |
| interest | Money you earn on your savings |
Created by:
HMorrissey24