Specific, Measurable, Achieveable, Relevant and Time based
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What are stakeholders?
People who have an interest in a business or organisation
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What are social enterprises?
Organisations that aim to help the local community, these can be community services and youth groups.
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Whats the primary sector?
The first stage of production, it involves acquiring raw materials. This is things such as: fishing, mining, farming etc.
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What's the secondary sector?
Second stage of production, It is the manufacturing and assembly process, it involves converting raw materials into components. For example car manufacturing.
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Whats the tertiary sector?
The third stage of production. This is providing a service for its business. For example retailing.
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Whats interdependence?
How each production line is connected to each other.
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Whats a sole trader?
A person who owns and runs a business by themself.
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Whats an advantage of a sole trader?
You keep all the profit & are completely in control & easy to set up
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Whats a disadvantage of a sole trader?
Hard to find cover if ill & Unlimited liabilty.
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Whats unlimited liabilty?
The business is responsible for all debts of the business and their personal posessions are at risk.
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What are the advantages of partnerships?
share responsibility less work load, can find cover if ill.
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What are the disadvantages of partnerships?
Unlimited liabilty & not in complete control
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How many owners can there be in a partnership?
2-20
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What are the two different ownership types?
Public sector & private sector.
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Whats the public sector?
The public sector is owned by the government, and are funded by people paying their taxes.
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What are some examples of public sectors?
Schools, NHS retc.
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Whats the private sector?
companies owned by private indivduals.
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what types of ownerships does the private sector include?
Sole tarders, Partnerships, Limited companies (Public limited & privated limited)
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Whats a private limited company?
A company that sells shares priately to family and friends, not on the stock exchange.
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what are the advantages of private limited companies?
Limited Liabilty & can control who buys shares therefore you can still keep majority of business.
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What are the disadvantages of private limited companies?
You have to publish financial accounts, so competitors can see your costs and sales.
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What are public limited companies?
A company that sells share to the public on the stock exchange and isn't owned by the government
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what are the advantages of public limited companies?
Limited liabilty.
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What are the disadvantages of public limited companies?
No control pver shares, sop risk of takeover & You have to publish financial accounts so competitors can look at your costs and sales.
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What are multinational companies?
A company that has facilities and other assets in atleast one other country than its home country. Many companies have factories in different countries but heaquarters in another country.
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What are the advantages of a multinational company?
They will become well known, so will have a better reputation & aim at a large market, so will gain a larger profit
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What are the disadvantages of multinational companies?
Expensive, many barriers which could limit business such as transport, language and culture.
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Other cards in this set
Card 2
Front
What are stakeholders?
Back
People who have an interest in a business or organisation
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