front 1 Business ethics, | back 1 “Doing the right thing” basing business decisions on what is morally right |
front 2 Business Objectives, | back 2 Aims or targets a business sets out to achieve |
front 3 Business Plan | back 3 A document setting out a business's objectives and how it will achieve them |
front 4 Co-operative, | back 4 business, or other organization which is owned and run jointly by its members, who share the profits or benefits. |
front 5 Corporate Social Responsibility, | back 5 businesses who take responsibility for the social and economic impact of their activity |
front 6 Entrepreneur, | back 6 Someone who invests capital, takes a risk and starts up and operates a new business venture |
front 7 External Growth | back 7 Business expansion taking over or merging with another business ) |
front 8 External Stakeholders, | back 8 person or group outside the business impacted by the business activity |
front 9 Franchise | back 9 Buying the license to use another companies logo and sell their products. |
front 10 Incorporated Business | back 10 Business is a separate legal entity - separation between owners and the company |
front 11 Internal Growth | back 11 Business expansion without taking over or merging with another business (organic growth) |
front 12 Internal Stakeholders, | back 12 Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees) |
front 13 Joint Venture | back 13 Two companies share capital and expertise on a project. Share risks and profits. |
front 14 Limited Liability | back 14 Owners responsibility for company debts restricted to what they have invested |
front 15 Mission Statement, | back 15 A mission statement is a visionary aim for a business of the direction/purpose |
front 16 Needs | back 16 Goods or services we need to survive |
front 17 Opportunity Cost, | back 17 the potential benefits a business misses out on when choosing one alternative over another. |
front 18 Partnership | back 18 Two or more people join to set up a business. Shared decision making, capital invested and risk. |
front 19 Primary Sector, | back 19 Using natural resources to make raw materials for business |
front 20 Private Limited Company | back 20 Incorporated business with shares sold to friends and family. Limited liability. |
front 21 Private Sector, | back 21 Part of the economy owned and controlled by private individuals |
front 22 Public Corporation, | back 22 Government owned organisation set up to provide service to the public |
front 23 Public Limited Company | back 23 Incorporated business with shares sold to general public. Limited liability. |
front 24 Public Sector, | back 24 Part of the economy owned and controlled by the government |
front 25 Purpose of Business Activity, | back 25 Business satisfies peoples (consumers) wants |
front 26 Quaternary Sector | back 26 Sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy. |
front 27 Scarcity | back 27 Not enough resources/goods or services to provide for peoples' (consumers) unlimited wants |
front 28 Secondary Sector, | back 28 Manufacturing goods from raw materials |
front 29 Social Enterprise, | back 29 private enterprise which uses profits to persue environmental or social objectives |
front 30 Sole Trader | back 30 A business owned by one person who is responsible for all decisions, capital invested and risk. |
front 31 Specialisation | back 31 People in business focus on what they do best |
front 32 Tertiary Sector, | back 32 Services to consumers and other businesses (B2B) |
front 33 Triple Bottom Line, | back 33 Business objectives not just based on profit, but also social and environmental objectives |
front 34 Unincorporated Business | back 34 No separation between the company and the owners in law |
front 35 Unlimited Liability | back 35 Owners personal assets may be taken to pay for debts of the company. |
front 36 Value Added, | back 36 Selling price - cost of bought in materials |
front 37 Wants | back 37 Good or service people want but isn't essential for survival |
front 38 Intrapreneur | back 38 An intrapreneur is an employee who is tasked with developing an innovative idea or project within a company. The intrapreneur may not face the outsized risks or reap the outsized rewards of an entrepreneur; however, the intrapreneur has access to the resources and capabilities of an established company. |
front 39 Multinational Business | back 39 A multinational corporation (MNC) is a company that has business operations in at least one country other than its home country. Generally, a multinational company has offices, factories, or other facilities in different countries around the world as well as a centralised headquarters which coordinates global management. |
front 40 Adding Value | back 40 (Added Value) the difference between the cost of purchasing bought-in materials and the price the finished goods are sold for. |
front 41 Factors of production | back 41 Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital. |
front 42 Dynamic Business Environment | back 42 None found |
front 43 Business Risk and | back 43 Business Risk is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail. |
front 44 merger | back 44 A merger is an agreement that unites two existing companies into one new company. |
front 45 takeover | back 45 when a company buys more than 50% of the shares of another company and becomes the controlling owner of it – often referred to as ‘acquisition’. |
front 46 Conglomerate Diversification | back 46 integration with a business in a different industry |
front 47 Horizontal Integration | back 47 Horizontal integration –integration with firms in the same industry
and at |
front 48 Vertical Integration (forward and backward) | back 48 "Forward - forward integration with |
front 49 Strategic Alliance | back 49 Strategic alliances are agreements between firms in which each agrees to commit resources to achieve an agreed set of objectives. The agreement is less complex and less binding than a joint venture, in which two businesses pool resources to create a separate business entity. |
front 50 SMART Objectives | back 50 SMART Criteria: (Specific, Measurable, Achievable, Realistic and Relevant, Time-Specific) to guide in the setting of goals and objectives for better results |
front 51 Friendly merger | back 51 The acquisition of one company by another with the full knowledge and consent of the target company's board of directors. |
front 52 Hostile takeover | back 52 The acquiring company tries to take over a target company against the wishes of the target company's management. |