All Yr 11 Business Studies Definitions
• A Business can be defined as the organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals' needs and wants.
• A product is a good or service that can be bought or sold.
• Goods are items that can be seen or touched.
• Services are things done for you by others.
• A finished product is one that is ready for customers to buy and use.
• Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers' needs and wants.
• Revenue is the money a business receives as payment for its products.
• Operating expenses are all the costs of running the business except the cost of goods sold.
• Profit is what remains after all business expenses have been deducted from sales revenue.
• Risk refers to the possibility of loss.
• Income is money received by a person for providing his or her labour, or a business from a return on its investments.
• A wage is money received by workers, usually on a weekly basis, for services they provide to an employer.
• A salary is a fixed amount of money paid on a regular basis, usually fortnightly, or monthly, to a permanent employee of a business.
• A dividend is part of a business's profit that is divided among shareholders.
• Shareholders are people who are part owners of a company because they own a number of shares.
• Choice is the act of selecting among alternatives.
• Innovation is an improvement on something already established.
• An invention is the development of something new.
• Research and development is a set of activities undertaken to improve existing products and improve production.
• An entrepreneur is someone who starts, operates and assumes the risk of a business venture in hope to make a profit.
• Quality of life refers to the overall wellbeing of an individual, and is a combination of both materials and non-material benefits.
• Market business's refers to the business's share of
• A product is a good or service that can be bought or sold.
• Goods are items that can be seen or touched.
• Services are things done for you by others.
• A finished product is one that is ready for customers to buy and use.
• Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers' needs and wants.
• Revenue is the money a business receives as payment for its products.
• Operating expenses are all the costs of running the business except the cost of goods sold.
• Profit is what remains after all business expenses have been deducted from sales revenue.
• Risk refers to the possibility of loss.
• Income is money received by a person for providing his or her labour, or a business from a return on its investments.
• A wage is money received by workers, usually on a weekly basis, for services they provide to an employer.
• A salary is a fixed amount of money paid on a regular basis, usually fortnightly, or monthly, to a permanent employee of a business.
• A dividend is part of a business's profit that is divided among shareholders.
• Shareholders are people who are part owners of a company because they own a number of shares.
• Choice is the act of selecting among alternatives.
• Innovation is an improvement on something already established.
• An invention is the development of something new.
• Research and development is a set of activities undertaken to improve existing products and improve production.
• An entrepreneur is someone who starts, operates and assumes the risk of a business venture in hope to make a profit.
• Quality of life refers to the overall wellbeing of an individual, and is a combination of both materials and non-material benefits.
• Market business's refers to the business's share of