Glossary for Business Studies Paper 1

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1. Opportunity cost
2. Specialization
3. Objectives
4. Value added
5. Profit
6. Business stakeholders
7. Primary business
8. Secondary business
9. Tertiary business
10. Private business/sector
11. Public business/sector
12. Merit good
13. Public good
14. Privatization
15. Capital intensive business
16. Labour intensive business
17. Conglomeration
18. Integration
19. Merger
20. Takeover
21. Wholesaler
22. Retailer
23. Economies of scale
24. Diseconomies of scale
25. Diversification
26. Market size, market growth
27. Market share
28. Sole trader
29. Partnership
30. Limited company
31. Private /public limited company
32. Unlimited / limited liability
33. Unincorporated/ incorporated
34. Deed of partnership
35. Shareholders
36. Stock market
37. Prospectus
38. AGM
39. Joint venture
40. Franchise
41. Nationalized business
42. Monopoly
43. Socially responsible business
44. Inflation
45. Economic boom
46. Economic recession
47. Unemployment
48. Balance of payment deficit/surplus
49. Monetary policy
50. Fiscal policy
51. Quota
52. Interest rate
53. Dismissal
54. Redundancy
55. Cost benefit analysis
56. Pressure groups
57. Fixed/variable cost
58. Break even output
59. Margin of safety
60. Budget
61. Sales forecast
62. Working capital
63. Cash flow forecast
64. Balance sheet
65. Profit and loss statement
66. Variance
67. Debtors
68. Creditors
69. Fixed asset
70. Current asset
71. Long term/current liabilities
72. Shareholders funds
73. Profit margin
74. Low/high profit margin
75. Internal finance
76. External finance
77. Revenue expenditure
78. Capital expenditure
79. Overdraft
80. Lease
81. Share capital
82. Gearing
83. Hierarchy
84. Chain of command
85. Span of control
86. Job description
87. Person specification
88. Delegation
89. Empowerment
90. Motivated employees
91. Line manager
92. Staff manager
93. Decentralization
94. Management
95. Autocratic manager
96. Democratic manager
97. Human resource management
98. Effective communication
99. Feedback
100. Jargon
101. Piece rate system
102. Time rate system
103. Commission
104. Profit sharing scheme
105. Job rotation
106. Job enlargement
107. Job enrichment
108. Induction training
109. On the job training
110. Off the job training
111. Trade union
112. Industrial action
113. Collective bargaining
114. Picketing
115. Work to rule
116. Strike action
117. Worker directors
118. Quality circles
119. Works councils
120. Arbitration
121. Market oriented business
122. Product oriented business
123. Market research
124. Market segment
125. Marketing
126. Marketing objective
127. Research and development
128. Niche market
129. Mass market
130. Market gap
131. Brand name
132. Primary research
133. Secondary research
134. Sampling
135. Bar chart
136. Pie chart
137. Saturated market
138. Maturity stage
139. Extension strategy
140. Product life cycle
141. Elasticity of demand
142. Inelastic demand
143. Elastic demand
144. Market penetration
145. Market development
146. Price skimming
147. Persuasive advertising
148. Personal selling
149. Channel of distribution
150. E-commerce
151. E-marketing
152. Point of sale
153. EPOS
154. Productivity
155. Job production
156. Batch production
157. Flow production
158. Lean production
159. Buffer stock
160. Reorder level
161. Lead time
162. Import
163. Export...
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