All Yr 11 Business Studies Definitions

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A Business can be defined as the organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals' needs and wants. •A product is a good or service that can be bought or sold. •Goods are items that can be seen or touched.

Services are things done for you by others.
A finished product is one that is ready for customers to buy and use. •Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers' needs and wants. •Revenue is the money a business receives as payment for its products. •Operating expenses are all the costs of running the business except the cost of goods sold. •Profit is what remains after all business expenses have been deducted from sales revenue. •Risk refers to the possibility of loss.

Income is money received by a person for providing his or her labour, or a business from a return on its investments. •A wage is money received by workers, usually on a weekly basis, for services they provide to an employer. •A salary is a fixed amount of money paid on a regular basis, usually fortnightly, or monthly, to a permanent employee of a business. •A dividend is part of a business's profit that is divided among shareholders. •Shareholders are people who are part owners of a company because they own a number of shares. •Choice is the act of selecting among alternatives.

Innovation is an improvement on something already established. •An invention is the development of something new.
Research and development is a set of activities undertaken to improve existing products and improve production. •An entrepreneur is someone who starts, operates and assumes the risk of a business venture in hope to make a profit. •Quality of life refers to the overall wellbeing of an individual, and is a combination of both materials and non-material benefits. •Market business's refers to the business's share of the total industry sales for a particular product. •A transnational corporation is a company that has branched in many different countries. •A micro business employs fewer than five people including the owner. •Geographical spread is the presence of a business and the range of it’s products across a suburb, town , city, state, or country or the globe. •A local business has a very restricted geographical spread; it serves the surrounding area. •A national business is one that operates within just one country. •A global business commonly referred to as transnational corporation, is a business with a home base in one country that operates partially owned or wholly owned businesses in other countries. •e-commerce is buying and selling of info and products via the internet. •Primary industry includes all those businesses in which production id=s directly associated with natural resources. •Secondary industry involves taking a raw material and making it into a semi-finished or finished product. •Tertiary industry performing a service for other people. •Quaternary industry includes services that involve the transfer of and processing of info and knowledge. •Quinary industry includes all services that have traditionally been performed in the home. •Incorporated refers to the process companies go through to become a separate legal entity from the owners. •A sole trader is a business that is owned and operated by one person only. •Unlimited Liability occurs when the business owner is personally responsible for all the debts of his/her business. •Al business structure that is owned and operated by between two and 20 people with the aim of making a profit. •Incorporation is the process that companies go through to become incorporated. •Limited Liability is a feature of corporate ownership that limits each owner's financial liability to the amount of money he/she has paid for the business's shares. •A proprietary (private) company is an incorporated business and...
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