Business GCSE year 9

• Business Activity


  The process of buying, selling, or trading goods or services with the intention of earning a profit
• Factors of Production


  Labour, Capital, Entrepreneurship, and Natural Resources used to create goods and services
• Needs vs. Wants


  Essential necessities (Needs) vs. Desirable goods / services (Wants)
• Scarcity


  The fundamental problem of economics, where unlimited human wants and needs compete for limited resources
• Opportunity Cost


  The value of the next best alternative that is given up when a choice is made
• Specialization


  The process of focusing on a specific area or activity within a business to gain efficiency, expertise, and competitive advantage
• Consumer Goods


  Products or services intended for individual or household consumption to satisfy personal needs and wants
• Consumer Services


  Intangible products providing value to individuals or households through human interaction, expertise, or intangible benefits
• Capital Goods


  Tangible products or intangible services used to produce other goods or services as inputs in the production process
• Added Value


  The difference between the value of a product or service and the cost of producing it, measured by the sum of the value of all intermediate stages of production
• Knowledge Management


  Creating and sharing knowledge to improve production, reduce costs, and increase efficiency
• Six Sigma


  Implementing Six Sigma principles to improve quality, reduce defects, and increase efficiency
• Lean Manufacturing


  Implementing Lean principles to reduce waste, improve efficiency, and increase quality
• Supply Chain Optimization


  Improving supply chain management to reduce costs, increase efficiency, and improve delivery times
• Process Optimization


  Streamlining production processes to reduce costs, increase efficiency, and improve quality
• Innovation


  Introducing new products, services, or features to create value for customers
• Quality Improvement


  Improving product quality to increase customer satisfaction and loyalty
• Product Differentiation


  Creating unique or innovative products that meet specific customer needs
• Create Awareness


  Raising awareness of the product, service, or brand among the target audience
• Build Brand Loyalty


  Fostering a sense of attachment and loyalty among customers towards the brand
• Drive Sales


  Generating sales and revenue for the organization through effective marketing strategies
• Build Relationships


  Establishing and maintaining strong relationships with customers, employees, and stakeholders
• Differentiate


  Differentiating the product, service, or brand from competitors to stand out in the market
• Increase Profitability


  Increasing profitability and return on investment (ROI) through effective marketing strategies
• Gain Competitive Advantage


  Establishing a competitive advantage by creating unique and valuable offerings that meet customer needs
• Market


  A group of potential customers or clients interested in consuming a good, service, or idea
• Target Market


  A specific group of customers or potential customers with shared characteristics, needs, and purchasing habits
• Consumer


  An individual or entity that purchases or uses goods or services for personal or household consumption
• Business Environment


  The external and internal factors that affect an organization's operations, strategy, and performance
• Market Changes


  The external and internal factors that affect the supply and demand of goods and services
• Price Elasticity


  A measure of how responsive the quantity demanded or supplied of a good or service is to changes in its price