business key terms

• What is the term for the amount of money taken in by a business when selling a good or service

  revenue
• What is the the term for a form of online marketing which places advertisements on web pages showing the results from search engine queries

  search engine advertisements
• What term involves countries joining together in trade as if they were one

  single market
• What term is used to describe businesses which operate for the benefits of community, charity, workers etc.

  social enterprise
• What is the term used to describe a pricing stratergy which involves sellig products at high prices in order to earn high intial profits

  price (skimming)
• What is the term used to decribe the number of people an individual is responsible for in a business organisation

  span of conrtol
• What is the term used to describe a complex system of businesses, people. activities, info involved in moving a good or service to a customer

  supply chain
• What is the term used to describe businesses acting in a responsible manner so our our environment and resources are still availbe in the future

  sustainability
• What is the term used to describe, are paid to workers based on the number of hours worked

  time rates
• What is the term used to describe the full amount of moeny spent by a business to make the goods in a certain time persiod

  total costs
• What is the term used to describe the full amount taken by a business when selling all its goods in a certain time period

  total revenue
• What is the term used to describea system of interest free short trem credit for the purchase of non durable goods

  trade credit
• What is the term used to describe an alternate term for revenue

  turnover
• What is the term used to describe when owners are responsible for all debts of the business, personal belongings may have to be sold to pay debt

  unlimited liability
• What is the term used to describe the cost whcich varies with the number of goods produced

  variable costs
• What is the term used to describe private investors providing capital to new or small businesses

  venture capital
• What is the term used to describe the buying or merger of businesses at different stages of production

  vertical intergration
• What is the term used to describe businesses who are owned by a share holders who have limited liability

  private limited companies
• What is the term used to describe in obtaining or buying of goods and services from an external source.To be used in production or sold on

  procurment
• What is the term used to describe a good produced for other businesses example:warehouse

  producer goods
• What is the term used to describe the collection/range of all good or services offered by a business

  product portfolio
• What is the term used to describe the point in the product life cycle as the market is full with competitors inntroduce similar products

  product saturation
• What is the term used to describe add on rewards paid to reflect the profits earned by business

  profit sharing
• What is the term used to describe businesses owned by share holders who have limited liability .Their shares are available to others by selling to the general public

  public limited companies
• What is the term used to describe the guarantee by producers to consumers that standards have been met

  quality assurance
• What is the term used to describe the selling of goods to consumers

  retailer
• What is the term used to describe always stays the same no matter how many goods are produced

  fixed costs
• involves organisational charts where there are few or no levels of middle management between staff and executives

  flat (horizontal) structures
• consumers brought together to get there reactions to product before lauch

  focus groups
• occurs when a business takes over another business to control the direct distrubuition of a businessses products

  forward vertical intergration
• the rights given by one business to another to sell goods or services using its name

  franchise
• a business which pays royalties for the right to sell goods or services under the name of another business

  franchisee
• is a business which allows a franchisee to sell using their processes experience and name for royalties

  franchisor
• are rewards to workers that are not included in their original pay eg. work van

  fringe benefits
• increased interdependency of people around the world as a result of cultural exchange and increased trade , which leads to an increase worldwide production of goods and services

  globalisation
• allows a business to enter a different market in addition to the one they are already involved in

  diversification
• a business doing what is morally right for its stakeholders

  business ethics
• involve a number of methods businesses might use to prolong the lifecycle of their product

  extension strategies
• manufacturing of one good from start to finish . Each product is different and offers a unique good

  job production
• this process saves storage cost by kepping their stocks of finished goods or material to a minimum.Goods will only be produced when orders are made and new material will be bought only when needed

  just in time