Business Studies - Prelim Study Notes
Key Terms:
* Analyse: identify components and the relationship between them; draw out and relate implications. * Appreciate: make a judgement about the value of. * Assess: make a judgement of value, quality, outcomes, results or size. * Define: state meaning and indentify essential qualities. * Describe: provide characteristics and features. * Determine: make a decision or work out an answer after appropriate thought and investigation. * Discuss: identify issues and provide points for and/or against * Distinguish: recognise or note/indicate as being distinct or different from; to note differences between. * Evaluate: make a judgement based on criteria; determine the value of. * Examine: inquire into. * Explain: relate cause and effect, make the relationships between things evident; provide why and/or how. * Extrapolate: infer from what is known. * Identify: recognise and name. * Outline: sketch in general terms; indicate the main features of. * Predict: suggest what may happen based on available information. * Synthesise: put together various elements to make a whole.
NATURE OF BUSINESS:
A business is an organised effort of individuals to provide and sell, for a profit, products that satisfy individual’s needs and wants.
A product is a good or service that can be bought or sold.
Services are intangible and are done for you by others.
Business Size:
Business size can be measured using number of employees, number of owners, market share. The number of employees is the easiest quantitative measure. Small businesses have less than 20 employees, medium businesses have between 20 and 199 employees and large business’ have in excess of 200 employees.
* Micro businesses:
-employ fewer than 5 people
-employ 3% of all people in the private sector
-54% have no employees
* Geographical spread:
-local: tend to be small/medium in size, service a surrounding area
* Analyse: identify components and the relationship between them; draw out and relate implications. * Appreciate: make a judgement about the value of. * Assess: make a judgement of value, quality, outcomes, results or size. * Define: state meaning and indentify essential qualities. * Describe: provide characteristics and features. * Determine: make a decision or work out an answer after appropriate thought and investigation. * Discuss: identify issues and provide points for and/or against * Distinguish: recognise or note/indicate as being distinct or different from; to note differences between. * Evaluate: make a judgement based on criteria; determine the value of. * Examine: inquire into. * Explain: relate cause and effect, make the relationships between things evident; provide why and/or how. * Extrapolate: infer from what is known. * Identify: recognise and name. * Outline: sketch in general terms; indicate the main features of. * Predict: suggest what may happen based on available information. * Synthesise: put together various elements to make a whole.
NATURE OF BUSINESS:
A business is an organised effort of individuals to provide and sell, for a profit, products that satisfy individual’s needs and wants.
A product is a good or service that can be bought or sold.
Services are intangible and are done for you by others.
Business Size:
Business size can be measured using number of employees, number of owners, market share. The number of employees is the easiest quantitative measure. Small businesses have less than 20 employees, medium businesses have between 20 and 199 employees and large business’ have in excess of 200 employees.
* Micro businesses:
-employ fewer than 5 people
-employ 3% of all people in the private sector
-54% have no employees
* Geographical spread:
-local: tend to be small/medium in size, service a surrounding area