Organizations that are involved in the production of goods and/or the provision of services
What is A BUSINESS
100
Natural ressources that can be found in nature, such as timber, fish, oil etc.
What are LAND
100
Not-for-profit organizations that support "good causes" from societies point of view
What are CHARITIES
100
A self-employed person who runs a business on their own and has unlimited liability and receives all profits
What is a SOLE TRADER
100
The a_____ is long-term goals and is qualitative. The _____ is based on the a____ but is more specific and also quantitative. The main difference is the time scale, where the aim is over a longer period of time than the objective.
What is the difference between an aim and an objective?
200
The people who manage, plan and organize the other 3 factors of production
What are ENTREPRENEURS
200
The overall term for the 4 inputs necessary for the production process
What are the FACTORS OF PRODUCTION
200
A form of private sector business owned by 2-20 people.
What is PARTNERSHIPS
200
A feature of sole traders or partnerships who are legally liable for all money owed to creditors
What is UNLIMITED LIABILITY
200
the declaration of an organization's overall purpose; it forms the foundation for setting the objectives of a business
What is a MISSION STATEMENT
300
The physical and mental human effort used in the production process
What is LABOR
300
The process a country undergoes, as it moves from the primary towards the secondary sector
What is INDUSTRIALIZATION
300
A legal document signed by the owners of a partnership stating fundamental issues of the business
What is DEED OF PARTNERSHIP
300
The market place for trading stocks and shares of public limited companies.
What is the STOCK EXCHANGE
300
the various methods that busiensses can use in an attempt to achieve their mission or vision; it forms the long-term plans for the whole organization
What is STRATEGY
400
The cost measured in terms of the next best alternative foregone when a choice is being made.
What is OPPORTUNITY COST
400
Refers to the different sections of a business fx. marketing, finance, HR and production
What are FUNCTIONAL AREAS
400
A legal document required to make an incorporated company. Includes basic information of the organization.
What is a Memorandum of Association
400
An incorporated business that allows the public to buy and sell its shares.
What is a PUBLIC LIMITED COMPANY
400
an organization's long-term aspirations, i.e. where it ultimately wants to be
What is VISION
500
The difference between a product´s price, and the total cost of the inputs that went into making it: the extra worth created in the production process.
What is VALUE ADDED
500
A shift in the relative share of national output and employment that is attributed to each business sector i.e. primary, secondary, tertiary
What is STRUCTURAL CHANGE
500
Means there is a legal difference between the owners of a company and the business itself
What is INCORPORATION
500
A business organization owned by shareholders with limited liability, but whose shares cannot be bought by, or sold to, the general public.
What is a PRIVATE LIMITED COMPANY
500
the long-term goals of a business, often expressed in the firm's mission statement; a general statement of a firm's purpose or intentions and tend to be qualitative in nature