Economic and Business Environment
The point at which the demand and supply curve intersect.
What is equilibrium?
Part of the business cycle where spending increases and businesses expand.
What is a boom?
Market where stockbrokers buy and sell shares on behalf of their clients.
What is a stock market?
A person who starts, operates and assumes the risk of a business venture.
What is an entrepeneur?
Collecting and analysing information about customers and the business opportunities available.
What is market research?
An agreement to borrow a set amount of money that needs to be repaid within a certain period of time
What is a loan?
Businesses considering the interests of stakeholders, society and the environment when making economic and business decisions.
What is corporate social responsibility?
A business with fewer than five employees.
What is a micro business?
To make a good or service available to someone.
What is supply?
Strengths, weaknesses, opportunities, threats.
What is a SWOT analysis?
Population characteristics including age, ethnicity, gender, marital status, family size and income.
What is demographics?
An economy experiences a cycle of ‘booms’ and ‘busts’.
What is the business cycle?
A long and severe recession.
What is a depression?
A business which runs some or all of its business using the internet
What is an online business?
Rivalry among businesses that try to supply the needs and wants of a market.
What is competition?
The group of customers to whom the business intends to sell its products
What is target market?
A general rise in prices.
What is inflation?
As prices increase, less people want a particular product. If the price decreases, more people want the prodeuct.
What is demand?
The markets that allow us to buy most of our goods and services including shopping areas.
What is a retail market?
A business that is owned and operated by one person
What is sole trader?
General public may buy and sell shares in these companies.
What is public companies?
For a set fee, the small business owner receives the benefits of a successful business formula, a well-recognised name and established trademarks.
What is a franchise?
Part of the business cycle caused by lack of spending.
What is a recession?
A business with 20 to 199 employees.
What is a medium size business?
The process by which the world is becoming increasingly interconnected as a result of increased trade and cultural exchange.
What is globalisation?
A detailed examination of the strengths and weaknesses of different alternatives in order to see whether the benefits outweigh the costs.
What is a cost benefit analysis?
Company that has ‘Pty Ltd’, after its name.
What is a private company?
Intellectual property, brand recognition, and other aspects of a company that are valuable but not easily quantifiable.
What is goodwill?