Download - S3 Business Management Glossary
Business Activity
Any activity which
provides us with goods
and services.
• The identification and
satisfaction of unending
consumer wants
Things that we can use again and
again (e.g. televisions).
Durable Goods
Cycle Of Business
Bics Glossary
•Outputs-goods and services produced by businesses
•Partnership- a business that is owned and run by two or more people , with unlimited liability.
•Primary businesses- businesses that are involved in exploiting natural resources e.g. oil.
Limited LiabilityThe owner or owners will lose only
the money they invested in the business if it fails.
FranchiseAn arrangement where one or more firms operates under the name of another e.g. Benetton
Voluntary Sector
Businesses which are set up and run for the benefit of a good cause.
Public Corporations.Public Corporations.
Government funded service Government funded service providers.providers.
Local Funded ProvidersLocal Funded Providers
Organisations that have been set Organisations that have been set up to provide specific services e.g. up to provide specific services e.g. BBCBBC
Services that are Services that are provided directly by the provided directly by the national government national government e.g. NHSe.g. NHS
Services that are provided by local Services that are provided by local authorities e.g. educationauthorities e.g. education
Objectives of business
The aims which the business attempts to achieve.
Entrepreneur
A risk-taker who is willing to organise the resources needed to produce goods or services to the public in the hope of achieving the business objectives.
Stakeholders
Those who have influence over the business and are affected by its success or failure.
GOODS- THE WE CAN SEE AND TOUCH (E.G CARS)
OUTPUTS- GOODS AND SERVICES PRODUCED BY BUSINESS.
PRIVATE SECTOR- BUSINESSES THAT ARE PRIVATLEY OWNED.