Terms in this set (43)
A rise in average price levels of goods and services measured by the retail price index.
A person who uses goods and services.
A person who buys products and services.
Where buyers and sellers come together to exchange goods or services for money.
A person who is willing to take a risk by investing money into a business, organising the resources and hoping to make a profit. E.g Richard Branson.
Factors of Production
These are the resources needed to produce goods or services. Land, Labour, Capital & Enterprise.
Goods or services which people would like to have but which are not essential for living.
Businesses not owned by the state (government) but by individuals or groups of individuals.
Organisations where the activities are carried out either by national or local government.
Chain of Production
The stages through which a product will pass during production.
Industries which extract natural resources. E.g farming, oil drilling & mining.
Industries which manufacture, assemble, process and construct goods.
Industries which provide services both to individuals and other sectors of industry.
The number one firm in the market for a particular product measured by its percentage share of the market.
The proportion of the total sales of a product that has been gained by a brand or company.
Making the most of something.
A business which controls the market for a product.
The cost of the alternative that has to be given up when a choice is made.
An amount granted to a business to help them keep trading or to keep prices down.
Individuals and organisations that sell goods and services to a business.
An analysis of the business environment by identifying political, economic, social and technological factors.
Economies of Scale
These are the advantages of producing large quantities of output. These should help the firm to reduce unit costs.
A small area usually with high unemployment given special help by the government to attract new business and industry to locate there.
The long term aim of the company.
Groups in society who have a direct interest in the performance and activities of a business.
Transport and communication networks.
The price or value of one currency compared to another.
Goods and services sold to other countries.
The purchase of goods or services from overseas.
The increase in worldwide competition between businesses.
A firm that operates in more than one country.
A decision taken by a manager or company because of the moral code observed in that firm.
The costs paid by the rest of society, rather than the business as a result of a business decision, also called a negative externality
The gains to society resulting from a business decision, also called a positive externality.
Cost Benefit Analysis
The valuation by a government adency of all social and private costs and benefits resulting from a decision
Gross Domestic Product: The total value of output of goods and services in a country in one year.
A phase in the Economic Cycle when GDP increases rapidly. Inflation may become a problem.
A decline in a country's GDP which results in falling demand for most products.
A lowest point in the Economic Cycle, unemployment will be very high.
A period of raising GDP and falling unemployment.
The price of one currency in terms of another, e.g. £1 : $1.50.
The cost of borrowing or the reward for saving.
The government uses changes in taxation and spending to control the Economic Cycle.
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