Important Business Terms to Know
Key Terms Business Activity
Barter System a system of exchange which involves the swapping of goods between individuals.
Capital Goods goods used to produce other goods, such as tools, equipment and machinery.
Consumers individuals who use or consume' goods and services to satisfy their needs and wants.
Customers individuals who buy goods and services supplied by businesses.
De-industrialization the decline in manufacturing.
Division of labour specialization in specific tasks or skills by individuals.
Factors of production resources used by businesses to produce goods and services.
Markets anywhere that buyers and sellers communicate to exchange goods and services.
Money any substance which is generally accepted as a means of exchange.
Needs human requirements which must be satisfied for survival.
Primary production activities which involve the extraction of raw materials from the earth and the growing of food.
Secondary production activities such as manufacturing which transform raw materials into finished goods.
Specialisation in business, the production of a limited range of goods.
System parts that work together to achieve an objective; a system can be a communication system, a business, an economic or political system.
Tertiary production activities which involve the provision of services.
Wants human desires which are unlimited.
Starting a Business
Business plan a statement made by a business, outlining the way it will attempt to achieve its objectives.
Copyright the ownership of material such as books and films which is protected by law from re-use without permission.
Hire purchase/credit sale methods used to buy goods now and ay off the balance over a period of time. In the case of the former, the goods only belong to the buyer when the final payment is made.
National Insurance contributions payments made by employees and employers
Barter System a system of exchange which involves the swapping of goods between individuals.
Capital Goods goods used to produce other goods, such as tools, equipment and machinery.
Consumers individuals who use or consume' goods and services to satisfy their needs and wants.
Customers individuals who buy goods and services supplied by businesses.
De-industrialization the decline in manufacturing.
Division of labour specialization in specific tasks or skills by individuals.
Factors of production resources used by businesses to produce goods and services.
Markets anywhere that buyers and sellers communicate to exchange goods and services.
Money any substance which is generally accepted as a means of exchange.
Needs human requirements which must be satisfied for survival.
Primary production activities which involve the extraction of raw materials from the earth and the growing of food.
Secondary production activities such as manufacturing which transform raw materials into finished goods.
Specialisation in business, the production of a limited range of goods.
System parts that work together to achieve an objective; a system can be a communication system, a business, an economic or political system.
Tertiary production activities which involve the provision of services.
Wants human desires which are unlimited.
Starting a Business
Business plan a statement made by a business, outlining the way it will attempt to achieve its objectives.
Copyright the ownership of material such as books and films which is protected by law from re-use without permission.
Hire purchase/credit sale methods used to buy goods now and ay off the balance over a period of time. In the case of the former, the goods only belong to the buyer when the final payment is made.
National Insurance contributions payments made by employees and employers