aqa business studies unit 1 keywords. this activity will test your knowledge of keywords for unit 1....
TRANSCRIPT
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AQA BUSINESS STUDIES
Unit 1 Keywords
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This activity will test your knowledge of
keywords for Unit 1.
These are all terms that you need to know
for your Unit 1 exam.
Write your definition clearly in the space
allocated.
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Opportunity CostThe ‘real cost’ of taking a particular action or the next best alternative forgone, i.e. the next best thing you could have chosen but didn’t.
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Patent Official document granting the holder the right to be the only user or producer of a newly invented product or process for a specified period.
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StakeholdersAny group of individuals with an interest in a business. Includes employees, customers, shareholders and local community.
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Limited Liability
Situation in which owners of a business are liable for all the debts the business may incur.
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TeleworkingWorking in a location that’s separate from a central workplace, using telecommunication technologies.
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Quota SampleGroup of respondents comprising several different segments, each sharing a common feature (e.g. age / gender). No. of interviewees in each classification is fixed to reflect their % in the total target population. Interviewees are selected non-randomly by interviewer.
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Added Value The process of increasing the worth of resources by modifying them.
E.g. if a cake is produced from eggs, flour and butter which cost £1 and the cake sells for £3, then value has been added.
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Tertiary SectorOrganisations involved in providing services to customers / other businesses. E.g. Hairdressing, financial services, retailing, restaurants, leisure services.
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Least Cost Site
The business location that allows a firm to minimise its costs (and hence its selling price).
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EntrepreneurIndividual who has an idea they develop by setting up a new business and encouraging it to grow. They take the the risk & subsequent profits that come with success (or losses that come with failure).
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TrademarkSigns, logos, symbols or words displayed on a company’s products and advertising. Can include sounds or music which distnguish its brands from those of its competitors.
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PartnershipA business where two or more people operate for the common goal of making a profit.
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Secondary Market Research
The use of information that has already been collected for a different purpose.
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EnterpriseUsually the process by which new businesses are formed and new products / services are created and brought to the market. Led by an entrepreneur.
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Public Limited Company
Referred to as a PLC. A business with limited liability; a share capital of over £50,000; at least two shareholders, two directors,a qualified company secretary & wide spread of shareholders.
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FranchiseWhen a business gives another business the right to supply its product or service.
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Stratified SampleA group of respondents selected according to particular features (e.g. age, gender). These groups (and their sizes) are chosen specifically.
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CopyrightLegal protection against copying for authors, composers and artists.
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Factors of Production
The four elements used in the production of goods and services:
Land, Labour, Capital, Enterprise
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Primary SectorOrganisations involved in extracting raw materials. For example, oil extraction, farming, fishing, forestry.
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Unincorporated Business
No distinction between the individual owner and the business itself. Identity of the business and owner is the same.
Usually sole traders & partnerships.
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USPA feature of a product or service that allows it to be differentiated from other products.
E.g. Macbook Air (the thinnest, lightest laptop available on the market).
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Business PlanReport describing the marketing strategy, operational issues and financial implications of a business start-up.
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SMART ObjectiveAn objective set by a business which is:
- Specific
- Measurable
- Achieveable
- Realistic
- Time specific
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Permanent EmployeeFull or part time employee with an open-ended employment contract with the business - who has extensive obligations to them.
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Primary Market Research
The collection of information first-hand for a specific purpose.
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Random SampleA group of respondents in which member of the target population has an equal chance of being chosen.
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DemandAmount of a product / service that consumers are willing and able to buy at any given price over a period of time.
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Market GrowthThe percentage change in sales (volume or value) over a period of time.
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Unlimited LiabilityA situation in which the owners of a business are liable for all the debts a business may incur.
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Sole TraderBusiness owned by one person. The owner may operate alone or may employ others.
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InfrastructureThe network of utilities, such as transport links, sewerage, telecommunications systems, health services and educational services.
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Secondary Sector
Organisations involved in processing / refining the raw materials (from primary sector) into finished / semi-finished products. E.g. paper mills, oil refineries, textile or vehicle manufacturing.
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OutputThe finished products resulting from the transformation process.