Glossary for Business Studies Paper 1

1. Opportunity cost 2. Specialization 3. Objectives 4. Value added 5. Profit 6. Business stakeholders 7. Primary business 8. Secondary business 9. Tertiary business 10. Private business/sector 11. Public business/sector 12. Merit good 13. Public good 14. Privatization 15. Capital intensive business 16. Labour intensive business 17. Conglomeration 18. Integration 19. Merger 20. Takeover 21. Wholesaler 22. Retailer 23. Economies of scale 24. Diseconomies of scale 25. Diversification 26. Market size, market growth 27. Market share 28. Sole trader 29. Partnership 30. Limited company 31. Private /public limited company 32. Unlimited / limited liability 33. Unincorporated/ incorporated 34. Deed of partnership 35. Shareholders 36. Stock market 37. Prospectus 38. AGM 39. Joint venture 40. Franchise 41. Nationalized business 42. Monopoly 43. Socially responsible business 44. Inflation 45. Economic boom 46. Economic recession 47. Unemployment 48. Balance of payment deficit/surplus 49. Monetary policy 50. Fiscal policy 51. Quota 52. Interest rate 53. Dismissal 54. Redundancy 55. Cost benefit analysis 56. Pressure groups 57. Fixed/variable cost 58. Break even output 59. Margin of safety 60. Budget 61. Sales forecast 62. Working capital 63. Cash flow forecast 64. Balance sheet 65. Profit and loss statement 66. Variance 67. Debtors 68. Creditors 69. Fixed asset 70. Current asset 71. Long term/current liabilities 72. Shareholders funds 73. Profit margin 74. Low/high profit margin 75. Internal finance 76. External finance 77. Revenue expenditure 78. Capital expenditure 79. Overdraft 80. Lease 81. Share capital 82. Gearing 83. Hierarchy 84. Chain of