BICS GLOSSARY S3 Business Management January 2009

Business Activity Any activity which provides us with goods and services. The identification and satisfaction of unending consumer wants Things that we can use again and again (e.g. televisions). Durable Goods Cycle Of Business

Any activity which provides us with goods and services.

The identification and satisfaction of unending consumer wants

Goods Things we can see and touch (e.g. cars) Inputs The respirces that are needed in order to produce goods and services Non-durable goods Things that we can normally only use once (e.g. food)

Bics Glossary Outputs-goods and services produced by businesses Partnership- a business that is owned and run by two or more people , with unlimited liability. Primary businesses- businesses that are involved in exploiting natural resources e.g. oil.

Outputs-goods and services produced by businesses

Partnership- a business that is owned and run by two or more people , with unlimited liability.

Primary businesses- businesses that are involved in exploiting natural resources e.g. oil.

private sector public limited company private limited company secondary business businesses that are privately owned a business with limited liability whose shares are available to the general public to buy on the stock market a business with limited liability whose shares are not available to buy on the stock market businesses which are involved in manufacturing and construction

Limited Liability The owner or owners will lose only the money they invested in the business if it fails. Franchise An arrangement where one or more firms operates under the name of another e.g. Benetton Voluntary Sector Businesses which are set up and run for the benefit of a good cause.

Public Corporations. Government funded service providers. Local Funded Providers Organisations that have been set up to provide specific services e.g. BBC Services that are provided directly by the national government e.g. NHS Services that are provided by local authorities e.g. education

Objectives of business The aims which the business attempts to achieve. Entrepreneur A risk-taker who is willing to organise the resources needed to produce goods or services to the public in the hope of achieving the business objectives. Stakeholders Those who have influence over the business and are affected by its success or failure.

GOODS- THE WE CAN SEE AND TOUCH (E.G CARS) OUTPUTS- GOODS AND SERVICES PRODUCED BY BUSINESS. PRIVATE SECTOR- BUSINESSES THAT ARE PRIVATLEY OWNED.