Untitled Studyset
Created by emstirr
| Term | Definition |
|---|---|
Business | — An organisation set up to meet customer demand and make profit. |
Enterprise | Identifying opportunities and taking risks to start a business. |
Entrepreneur | A person who starts and runs a business. |
Business aims & objectives | Goals a business wants to achieve (often SMART). |
Added value | increasing the worth of a product by improving it. |
Variable costs | Change with output (materials, wages). |
Break-even | When revenue equals costs. |
Cash flow | Money moving in and out of a business. |
Cash inflow / outflow | Money received / money spent. |
Sources of finance | Loans, overdrafts, venture capital, savings. |
Batch production | Making products in groups. |
Buffer stock | Extra stock kept for emergencies |
Supply chain | The network from raw materials to customer. |
Autonomy | independence in a job role. |
Centralisation | Decisions made at the top of the organisation. |
Dynamic market | A market that changes rapidly. |