Business Studies AS level

an individual who has the idea for a new business, starts i tup and carries most of the risks but benefits from the rewards

an individual consumer or organisation that purchases goods or services from a business

an indvidual who purchases goods and services for personal use

the physical and tangible goods sold to consumers that are not intended for resale

the non-tangible products sold to consumers that are not intended for resale

the resources needed by business to produce goods or services

the physical goods used by industry to aid in the production of other goods and services such as machines and commercial vehicles

the action of showing initiative to take the risk to set up a business

increasing the difference between the cost of bought-in inputs (materials) and the selling price of the finished goods

the difference between the cost of purchasing bought-in inputs (materials) and the selling price of the finished goods

the process of differentiating a product by developing a symbol, name, image or trademark fo it

the next most desired option that is given up

a business organisation that has its headquarters in one country but with operating branches, factories and assembly plants in other countries

a business employee who takes direct responsibility for turning and idea into a profitable new product or business venture

a written document that describes business, its objectives, its strategies, the market it is in and its financial forecasts

a business that is owned by shareholders who are often members of the same family. This company cannot sell shares to the general public

an offer to the public to buy shares in a public limited company

a company whose shares are traded on a stock exchange and can be bought and sold by the public

organisations accountable to and controlled by central or local government (the state)

business owned and controlled by individuals or group of individuals

economic resources are owned and controlled by both private and public sectors

economics resources are owned largely by the private sector with very little state intervention

economic resources are owned, planned and controlled by the state

a business enterprise owned and controlled by the state - also known as a nationalised industry

a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits

business owners have full legal responsibility for the debts of the business

a business formed by two or more people to carry on a business together, with shared capital investment and, ususally, shared responsibilities

the only liability - or potential loss - a shareholder has, if the ocmpany fails, is the amount invested in the company, not the total wealth of the shareholder

a certificate confirming part-ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights

a person or institution owning shares in a limited company

this states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorisation and the declared aims of the business

this document covers the internal workings and control of the business, the names of directors and the procedures to be followed at meetings

a jointly owned business operated by members for their mutual benefit, to produce or distribute goods or services - as in consumers 'cooperatives or farmers 'cooperatives

the legal right to use the name, logo and trading systems of an existing successful business

a person or business that sells the right to open stores and sell products or services, using the brand name and brand identity

a person or business that buys the right from the franchiser to operate the franchise

two or more businesses agree to work closely together on a particular project and create a separate business division to do so

a business with mainly social objectives that re-invests most of its profits into benefiting society rather than maximisng returns to owners

the total value of sales made during the trading period = selling price x quantity needed

the total value of all long-term finance invested in the business

the total value of a company´s issued shares

sales of the business as a proportion of total market sales

expansion of a business by means of opening new branches, shops or factories (also known as internal growth)

business expansion achieved by integrating with another business by either merger or takeover

an agreement by owners and managers of two businesses to bring them together in a new combined businesses. This is often referred to as a friendly merger

when a company buys more than 50% of the shares of another company and becomes its controlling owner. It can be called an acquisition

a stated measurable target that a business plans to achieve

individuals or groups who work within the business, or own it, and are affected by the operations of the business

an organisation of working people with the objective of improving the pay and working conditions of its members and providing them with support and legal services

the strategic approach to the effective management of an organisation's workers so that they help the business gain a competitive advantage

adding a fixed mark-up for profit to the unit cost of buying in a product

number of units ordered each time

factors causing unit cost reductions that can benefit a business as the industry expands in one region

cash payments out of a business

when businesses consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment

organisations created by people with a common interest or aim, who put pressure on businesses and governments to change policies so that an objective is reached

the three objectives of social enterprises: economic, social and environmental

aims that are specific, measurable, achievable, realistic and time limited

a lon-term goal that a business hopes to achieve

a brief statement of a businesse´s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups

a document that gives details of a company´s activities over the year including its financial accounts

a long-term plan of action for a business, designed to achieve a particular objective

a short-term action as part of an overall strategy

a short-term goal that must be reached before an overall objective can be achieved

a detailed financial plan for the future

a document detailing a company´s rules and guidelines on staff behaviour that must be followed by all employees

individuals or groups who can be affected by, and have an interest in, any action taken by an organisation

individuals or groups who are separate from the business but are affected by or interested in its operations

the view that businesses and their managers have responsibilities to a wide range of groups, not just shareholders

the internal and external factors that stimulate the desire in workers to be continually interested in, and committed to doing a job well

payment to a worker for each unit produced

a sense of self-fulfilment reached by feeling enriched and developed by what one has learned and achieved

aspects of a worker´s job that can lead to positive job satisfaction, such as achievement, recognition, meaningful and intersting work, responsibility, and advancement at work

aspects of a worker´s job that have the potential to cause dissatisfaction, such as pay, working conditions, status and over-supervision by managers

aims to use the full capabilities of workers by giving them the opportunity to do more challenging and fulfilling work

payment to a worker made for each period of time worked (e.g. one hour)

annual income that is usually paid on a monthly basis

a payment to a salesperson for each sale made

a payment made in addition to the contracted wage or salary

a bonus scheme to reward employees for above-average work performance

a bonus for employees based on the profits of the business, usually paid as a proportion of basic salary

a scheme that gives employees shares in the company they work for or allows them to buy those shares at a discount

benefits given, separate from pay by an employer to some or all employees

a scheme that allows employees to switch from one job to another

an attempt to increase the scope of a job by broadening the tasks undertaken

the restructuring of a job to make the work more interesting, satisfying and challenging

the gaining of new or advanced skills and knowledge as well as opportunities to apply what is gained

the advancement of an employee within a business to a higher level of responsibility and status

the level of recognition offered by an employer to a worker in therms of pay, level of responsibility and benefits

active encouragement of employees to become involved in decision-making within an organisation

production is organised so that groups of workers undertake complete units of work

the giving of skills, resources, authority and opportunity to employees so that they can take decisions and be accountable for their work

the person responsible for setting objectives, organising resources and motivating workers so that the objectives of the business are met

the organisation and coordination of activities in order to achieve the defined objectives of the business

is a key management role

a management style where one manager takes all the decisions with very little, if any input from others

a management style that encourages the active participation of workers in taking decisions

a management style based on the view that the manager is in a better positions than the workers to know what is better for an organisation

a management style that leaves much of the business decision-making of the workforce