Chapters of business key words 0.0 / 5 ? Business StudiesKey wordsIGCSENone Created by: a f.vCreated on: 15-05-14 20:10 Ch 1 - 1 of 32 Business Means an organization which produces goods and services. 2 of 32 Goods Means physical products like a mobile phone, packet of crisps or a pair of shoes. 3 of 32 Services Means non-physical products like banking, car washing and waste disposal. 4 of 32 Needs Means basic requirements for human survival. 5 of 32 Wants Means people’s desires for goods and services but are not needed to survive. 6 of 32 Entrepreneurs Means people who take risk and set up businesses. 7 of 32 Consumer Goods Means goods and services sold to ordinary people rather than business. 8 of 32 Private sector Means business organisations owned by individuals or a group of individuals. 9 of 32 Producer goods Means goods and services produced by one business for another. 10 of 32 Public sector Means business organisations owned by central or local government. 11 of 32 Scarce resources Means the amount of resources available in limited. 12 of 32 Stakeholder Means an individual or group with an interest in the operation of a business. 13 of 32 Ch 2 - 14 of 32 Mission Statement Is a brief summary of a firm’s aim, objectives and values. 15 of 32 Objectives Is the goal or targets set by a business. 16 of 32 Profit Maximisation Is making as much profit as possible in a given time period. 17 of 32 Ch 7 - 18 of 32 Capital-intensive production Is the production methods that make more use of machinery relative to labour. 19 of 32 Division of Labour Is the specialisation in a specific tasks or skills by an individual. 20 of 32 Entrepreneur Is an individual who organises the other factors of production and risk their own money and business venture. 21 of 32 Factors of Production Is the resources used to produce goods and services. They include land, labour, capital and enterprise. 22 of 32 Fixed Capital Is the stock of “man made” resources such as machines and tools used to help make goods and services. 23 of 32 Labour Is the people used in production. 24 of 32 Labour-intensive production Is the production methods that make more use of a labour relative to machinery 25 of 32 Production Is the transformation of resources into goods or services. 26 of 32 Specialisation In business, it is the production of a limited range of goods. 27 of 32 Ch 8 - 28 of 32 De-industrialisation Is the decline in manufacturing. 29 of 32 Primary Industry Is the production involving the extraction of raw materials from the earth. 30 of 32 Secondary Industry Is the production involving the conversion of raw materials into finished and semi-finished goods. 31 of 32 Tertiary Industry Is the production of services in the economy. 32 of 32
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