Business studies unit 1 section 1 key terms
- Created by: Emma Butler
- Created on: 19-03-13 10:26
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- Definitions-unit 1 section 1
- Entrpreneur-an individual with an idea for a business
- Franchisee-the firm that buy the franchise rights from the existing business
- Business objective-a clearly defind target for a business to achieve over a certain period of time
- Market share-the proportion of total market sales sold by one business
- Ethics-the moroal grounds on which decisions are made andd the impact the business has on its internal&external environment
- Turnover-the value of sales made during a trading period, also called revenue
- Stakeholder-an indivdual or group with an interets in a business, such as employees, customers, managers, shareholders, suppliers, competors and the local community.
- Business plan-a statement showing how a business sets out to achieve its aims and objectives
- Sole trader-the most common and most simple form of business organisation, often just one person
- Unlimited liability-unincorporated businesses, such as sole traders and partnerships, have unlimited liablity, which mean the owners are responsible for all the businesses debits
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