Business

• ICT - The computing and communications that a business may use to exchange information with stake holders
• stake holders - individuals and organisation networks that are affected by the activities of the business
• Intranets - Communication networks which can only be accessed by an organisations employees
• Extranets - Similar to intranets but can also be accessed by other organisations such as suppliers
• E - commerce - the act of buying or selling products using electronic systems such as the internet
• M - commerce - the buying and selling of products through wireless handheld devices such as smartphones
• Shareholders - A person or organisation that owns part of a company . Each shareholder holds a 'share' of the business
• Ethics - Whether a business decision is thought to be morally right or wrong
• Profit - the difference between the values of a business's revenue and it's total cost
• Fair trade - ProductsThose for which customers pay higher prices and offer better trading terms ,such as payments with orders.
• External costs - a business's activities result in harmful effects on other people not directly involved with in production
• Consumers - Individuals who buy goods and services form a business
• Interest rates - The cost of borrowing money or the reward for saving money , expressed as a percentage
• Overdraft - A flexible loan which businesses can use, whenever necessary, up to an agreed limit
• Consumer spending - The value of goods and services bought by consumers over a time period, usually a month a or a year
• Income elastic products - Products whose sales are sensitive to changes in consumer incomes
• Oppertunity cost - the loss of other alternatives when one alternative is chosen.
• Business sectors - primary, secondary, tertiary
• • USP - Unique selling point
• • Needs and Wants - something  you don't need is a want and something you have to have is a need
• Footfall -the amount of customers you get and how many people are living in that area
• Private limited company (ltd) -A business in owned by itself 
• Public limited company (PLC) -A business with directors or owned by shareholders 
• Elastic Product - it is when a product does change as the prices of thing oes up like the price of food.
• Inelastic product -a product that doesn’t change the amount of sales even during different prices.
• Qualitative Data-Data that is someone's opinion and what they think about something.
• Quantitative Data -Data to do with numbers that you can collect over a number of people. 
• Primary research -when you do research by yourself for your business.
• Secondary research -when you use something else to help your research  like a newspaper or online.
• Marketing -growing awareness of products and services
• SMART - targets-Specific,measurable,Achievable,Time bound  
• Marketing Mix - Price, Product, Promotion, Place
• Price - How much the custoemr is paying for the product
• Product - The good or service that the customer obtains
• Promotion - How the customer is found and persuaded to buy the product.
• Place - How the product is distributed to the customer
• The main factors to condiser when designing a product - Design, Price, Expected sales, Cost of development and production
• 1. commerce

  Commercial transactions conducted electronically on the internet
• Trade Off


  choosing more of one and less than another, or choosing something instead of another.
• Opportunity cost


  The loss of other alternatives when one alternative is chosen