business studies
SETS
Business
Market
Sole Trader
Private limited company
an organisation that provides goods or services
where buyers (or customers) and sellers (businesses) meet to e…
a business owned by only 1 person who has unlimited liability
A business owned by shareholders who have limited liability, b…
Business
an organisation that provides goods or services
Market
where buyers (or customers) and sellers (businesses) meet to e…
Stakeholders
Give 8 examples of stakeholders
Consumer Goods
Producer Goods
Individuals or groups of individuals who affect or are affecte…
1. Government... 2. Owner... 3. Employees... 4. Financiers... 5. Community…
Goods and services that are produced for consumers
Goods or products sold from one business to another
Stakeholders
Individuals or groups of individuals who affect or are affecte…
Give 8 examples of stakeholders
1. Government... 2. Owner... 3. Employees... 4. Financiers... 5. Community…
Business
Market
Sole Trader
Private limited company
an organisation that provides goods or services
where buyers (or customers) and sellers (businesses) meet to e…
a business owned by only 1 person who has unlimited liability
A business owned by shareholders who have limited liability, b…
Business
an organisation that provides goods or services
Market
where buyers (or customers) and sellers (businesses) meet to e…
CHAPTER 1 - BUSINESS ACTIVITY
Business
Need
Want
...
An organisation which produces goods and services.
A need is a good or service essential for living.
A want is a good or service which people would like to have, b…
CHAPTER 1 - BUSINESS ACTIVITY
...
Business
An organisation which produces goods and services.
Business
Market
Sole Trader
Private limited company
an organisation that provides goods or services
where buyers (or customers) and sellers (businesses) meet to e…
a business owned by only 1 person who has unlimited liability
A business owned by shareholders who have limited liability, b…
Business
an organisation that provides goods or services
Market
where buyers (or customers) and sellers (businesses) meet to e…
Need
Want
The economic problem
Factors of production
A good or service essential for living
a good or service which people would like, but is not essentia…
There exist unlimited wants but limited resources to produce t…
are the resources needed to produce goods and services. There…
Need
A good or service essential for living
Want
a good or service which people would like, but is not essentia…
Benny_Zhu4TEACHER
Dynamic nature of business
Venture capital
Why new business ideas come about (3)
demand
The idea that business is ever-changing because external facto…
money invested to finance a new firm
1. changes in what consumers want... 2. products and services bec…
the quantity of a good or service that consumers are willing a…
Dynamic nature of business
The idea that business is ever-changing because external facto…
Venture capital
money invested to finance a new firm
piece/wiq
sme
stakeholder
liquidation
profit, income, employment, choice, entrepreneurship, wealth,…
small and medium enterprise
an individual or group that has an interest in a business and…
occurs when a business closes and sells its assets to pay cred…
piece/wiq
profit, income, employment, choice, entrepreneurship, wealth,…
sme
small and medium enterprise
Business
Market
Sole Trader
Private limited company
an organisation that provides goods or services
where buyers (or customers) and sellers (businesses) meet to e…
a business owned by only 1 person who has unlimited liability
A business owned by shareholders who have limited liability, b…
Business
an organisation that provides goods or services
Market
where buyers (or customers) and sellers (businesses) meet to e…
shareholder
Acid Test Ratio
adding value
Annual General Meeting (AGM)
part owner of a company, with shares in the company
sometimes referred to as a QUICK RATIO. it is a ratio of the t…
Increasing the value of the product for the final consumer, th…
A yearly meeting of shareholders at which the company report i…
shareholder
part owner of a company, with shares in the company
Acid Test Ratio
sometimes referred to as a QUICK RATIO. it is a ratio of the t…
Need
Want
Economic problem
Factors of production
A good or service essential for living.
A good or service that people would like to have, but it is no…
There exist unlimited wants but limited resources to produce t…
The resources needed to produce good or services. There are fo…
Need
A good or service essential for living.
Want
A good or service that people would like to have, but it is no…
accounts payable
accounts receivable
accounts receivable turnover ratio
amortisation
the money a business owes to its suppliers and service provide…
a current asset that represents money owed to the business in…
ratio measures how long, on average, account customers take to…
depreciation of intangible assets over time. Also = repayment…
accounts payable
the money a business owes to its suppliers and service provide…
accounts receivable
a current asset that represents money owed to the business in…
Need
Want
Economic problem
Scarcity
A good or service essential for living
A good or service people would want to have but not essential…
There are unlimited wants but limited resources to produce the…
Lack of sufficient products to fulfil the total wants of the p…
Need
A good or service essential for living
Want
A good or service people would want to have but not essential…
Needs
Wants
Scarcity
Needs (example)
We cannot live without these.
They benefit us but are not necessary to live.
Lack of sufficient resources.
Water, food, housing.
Needs
We cannot live without these.
Wants
They benefit us but are not necessary to live.
Primary sector
Capital employed
Value of output
Horizontal integration
Firms whose business activity involves the extraction of natur…
The value of all long term finance invested in the business.
The amount businesses earn from selling the products.
Brings together two firms in the same industry who are also in…
Primary sector
Firms whose business activity involves the extraction of natur…
Capital employed
The value of all long term finance invested in the business.
A local bookstore uses an organizationa…
Raw facts and figures are...
The person who directs a firm's managem…
A database can be best described as....
Committee
Data
Chief Financial Officer
A centralized integrated collection of the organization's data…
A local bookstore uses an organizationa…
Committee
Raw facts and figures are...
Data
Need
Want
Factors of production
Economic problem
A good or service essential for living
A good or service which people would like to have, but which i…
Factors of Production are resources required to produce goods…
There are unlimited wants but limited resources to produce the…
Need
A good or service essential for living
Want
A good or service which people would like to have, but which i…
The largest number of the US businesses…
Which of the following is not one of th…
A retailer is an example of a(n)... a. ext…
The form of ownership that gives one pe…
d. no employees other than the owner
a. producing goods and services
c. intermediary
a. proprietorship
The largest number of the US businesses…
d. no employees other than the owner
Which of the following is not one of th…
a. producing goods and services
Niche Market
Mass Market
Market Size
Market Share
Small market with specific needs for specialised products or s…
Large market where most people tend to buy same or similar pro…
Measured by either value or volume.
Amount sold by a single business as a percentage of total mark…
Niche Market
Small market with specific needs for specialised products or s…
Mass Market
Large market where most people tend to buy same or similar pro…
economic decision making
producers
economic system
economic resources
Process of choosing which needs and wants will be satisfied.
Individuals and organizations that determine what products and…
The method a country uses to answer the three economic questio…
Things available to be used to produce goods and services
economic decision making
Process of choosing which needs and wants will be satisfied.
producers
Individuals and organizations that determine what products and…
Need
Want
Business
Product
Something that is essential to someone's survival.
Something that someone desires and is not essential to their s…
An operation set up by one or more people which trades to make…
Anything that is capable of satisfying a customer's needs.
Need
Something that is essential to someone's survival.
Want
Something that someone desires and is not essential to their s…
Supplier
Customer
Consumer
Markets
a business which sells (or supplies) products to another busin…
any person or organisation which buys or is supplied with a pr…
the person who ultimately uses (or consumes) the product
where buyers and sellers meet to exchange goods and services
Supplier
a business which sells (or supplies) products to another busin…
Customer
any person or organisation which buys or is supplied with a pr…
Business
What are the four resources a business…
What do service businesses do?
Intermediary
The organized effort of individuals to produce and sell, for a…
Human resources, material resources, informational resources,…
They provide services.... Ex: Haircuts, legal advice, tax prepar…
Go-between; mediator.
Business
The organized effort of individuals to produce and sell, for a…
What are the four resources a business…
Human resources, material resources, informational resources,…
cost-effective
marketing
benefits to customers from increased co…
disadvantages from increased competitio…
when the financial return is worth the expenditure
anticipating, identifying and satisfying customer needs- at a…
better value for money ... new improved features ... lower prices ... b…
businesses try to cut costs so may lower quality ... smaller prod…
cost-effective
when the financial return is worth the expenditure
marketing
anticipating, identifying and satisfying customer needs- at a…
Absenteeism
Acceptable Quality
Accounting Equation
Acquisition
refers to employee absences, on an average day, without sick l…
means that the product is fit for the purpose for which it is…
which forms the basis of the accounting process, shows the rel…
is the process of attracting and recruiting the right staff fo…
Absenteeism
refers to employee absences, on an average day, without sick l…
Acceptable Quality
means that the product is fit for the purpose for which it is…