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business definitions
| Question | Answer |
|---|---|
| Cultural enterprise | Set up to promote the arts and culture although they make a profit it is not their main aim. |
| Social enterprise | set up with the sole aim of solving problems that affect society (Homelessness or poverty etc) |
| Social entrepreneur | A person who starts a business with a social goal |
| Sole trader | Business that is owned and ran by an individual E.g. butcher |
| unlimited liability | Means that a business owner's personal property may be seized to pay for the debts of their business |
| Shareholder | A person who owns one or more shares in a company. The more shares a shareholder owns the larger their share will be of any profits the business makes. |
| Limited liability | Shareholders are not personally responsible for business debts and can only lose the amount they have invested in the business |
| Franchise | Licence agreement that allows a person to sell an existing businesses goods/services in a particular location, in return for a percentage of the profits |
| Market research | Gathering, recording and analysing information about the wants and needs of consumers |
| Field research | Also known as primary research involves collecting new information directly from the target market through interviews, surveys, questionnaires and focus groups. |
| Marketing mix | The different elements that a business takes to encourage consumers to buy their product/ service through the 4 P's (Product, price, place, promotion) |
| Informative advertising | provides information about the product to the consumer including its features or how it works |
| Persuasive advertising | Convince consumers to buy the product/service, using inviting imagery/ language and may feature a celebrity |
| Reminder advertising | Aims to keep the product/service in the mind of the consumer |
| shop steward | The worker who has been elected by trade union members to represent them in the workplace, passing on union information to union members, helping resolve industrial relations issues within the workplace |
| budget | A financial plan that shows expected income and planned expenditure for a certain time period in the future. |
| Insurance | Insurance provides financial protection when unexpected events occur in our lives |
| Premium | The regular payment you make to keep your insurance active |
| Policy | The insurance contract that explains what's covered and what isn't |
| Claim | A request for payment when you suffer a covered loss |
| Excess | The amount you pay towards any claim before insurance |
| Market equilibrium | occurs when the amount of a product that consumers want to buy exactly matches the amount that producers want to sell. This happens at a specific price point where the demand and supply curves intersect on a graph. |
| Equilibrium price | is the price at which sellers are willing to supply a product and buyers are willing to purchase it. |
| Equilibrium quantity | is the amount of the product that will be bought and sold when the market is in equilibrium. |
| The law of demand | describes a fundamental economic principle that governs how consumers behave in the market. This law states that there is an inverse relationship between the price of a good and the quantity that consumers demand. |
| The law of supply | describes a predictable pattern in how producers respond to price changes. |
| business plan | a detailed document that sets out the aims and objectives of a business and explains how it plans to achieve them. |
| Stakeholders | individuals, groups, or organisations who have an interest or concern in the activities and outcomes of a business. |
| Subsidy | An amount of money given to a business by the government or the European Union |
| average clause = | amount insured actual value x loss |
| rate of inflation = | Cost of living in year 2 - cost of living in year 1 x 100 |
| gross profit = | Gross profit x 100 Sales |
| CCPC | Consumer competition protection commission |
| Invoice | A document sent by a seller to a buyer as a bill for goods or services supplied |
Created by:
Luc25