cost (value) of an opportunity (highest value alternative) that has been foregone when a choice is made
opportunity cost
3 of 22
A person, company etc that has an effect on the economy of a country, for example by buying, selling, or investing.
economic agent
4 of 22
a goal or target that a business does its best to achieve
business objectives
5 of 22
This is the profit that entrepreneurs make by taking risks through making investments.
return on investment
6 of 22
when costs are at their lowest and revenue is at its highest
profit maximisation
7 of 22
when a business aims to sell as much of its goods and services of its goods and services without making a loss
sales maximisation
8 of 22
to be satisfied with a limited amount of income that is enough for survival and costs.
satisficing
9 of 22
to sell as much as possible in a short time to keep to their market position despite the fact it may mean a loss in the short term.a short-term objective for businesses trying to enter a competitive market
survival
10 of 22
the portion of the market controlled by a company or product allows a business to survive better in the market and can be achieved by maximising sales.
market share
11 of 22
the lower the average cost as they find cheaper resources and manufacturing processes
cost efficiency
12 of 22
when the business tries to take care of their employees, so they are more productive and do a better job
employee welfare
13 of 22
ensuring they have a good reputation by putting this as their main objective
customer satisfaction
14 of 22
would try to produce goods more ethically or hire groups that are discriminated against
social objectives
15 of 22
Someone who has an interest or concern or is affected by the operations and objectives of a business
stakeholders
16 of 22
want high wages and good working condition
employees
17 of 22
want high profits so they get high dividends
shareholders
18 of 22
want high quality goods with low prices
consumers
19 of 22
want high salaries and bonuses and other personal benefits
managers
20 of 22
want to earn corporation tax from the business’s profits
government
21 of 22
want businesses to stay successful so they still have customers
supliers
22 of 22
Other cards in this set
Card 2
Front
the shortage of resources to supply
Back
scarcity
Card 3
Front
cost (value) of an opportunity (highest value alternative) that has been foregone when a choice is made
Back
Card 4
Front
A person, company etc that has an effect on the economy of a country, for example by buying, selling, or investing.
Back
Card 5
Front
a goal or target that a business does its best to achieve
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