1/6/26, 12:58 PM Higher Business Management (Full Course) Flashcards
Higher Business Management (Full Course)
Business Any organisation working towards a set of objectives
Goods Things we can see and touch
Durable Goods Things we can use again and again
Non-durable goods Things we can use only once
Service A thing that is done for us
Wants Non-essential things we would like to have
Needs Essential things for survival
Land An economic term meaning natural resources which businesses use
Labour An economic term meaning the workforce of a business
Capital An economic term meaning factories, machines, vehicles, tools etc that a business
owns or controls
Enterprise This is the business ideas that an entrepreneur or owner has on how to use land,
labour and capital in their business
Entrepreneur The person who develops a business idea and combines the factors of production
(land, labour, capital and enterprise). They take the risk of losing their initial
investment if the business idea fails.
Factors of Production Land, Labour, Capital and Enterprise
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, 1/6/26, 12:58 PM Higher Business Management (Full Course) Flashcards
Cycle of Business
ZI ZI The constant process of producing goods and services
ZI ZI ZI ZI ZI ZI ZI
Primary Sector ZI Businesses involved in extracting natural resources
ZI ZI ZI ZI ZI
Secondary Sector ZI Businesses involved in manufacturing & construction
ZI ZI ZI ZI ZI
Tertiary Sector ZI Businesses involved in providing services
ZI ZI ZI ZI
De-industrialisation The process of manufacturing decline
ZI ZI ZI ZI
Sole Trader
ZI a business owned by a single person
ZI ZI ZI ZI ZI ZI
Partnership a business owned by two or more people
ZI ZI ZI ZI ZI ZI ZI
Public Limited Company
ZI ZI a buisness witth limited liabilty whose shares are availible to the general public to
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
buy on the stock market
ZI ZI ZI ZI
Private Limited Company
ZI ZI a company whose shares are not bought and sold on the stock market and can onl
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
y pass to another person with the agreement of other shareholders
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
Franchise the right to use a specific business's name and sell its products or services in a giv
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
en territory.
ZI
Public Corporation
ZI An organisation created by an Act of Parliament
ZI ZI ZI ZI ZI ZI ZI
Charity An organisation created to promote good causes
ZI ZI ZI ZI ZI ZI
Private Sector ZI The part of the economy owned by individuals and businesses
ZI ZI ZI ZI ZI ZI ZI ZI ZI
Public Sector
ZI The part of the economy owned by the government
ZI ZI ZI ZI ZI ZI ZI ZI
Voluntary Sector ZI Organistions set up to rise money for good causes, or to provide facilities for their me
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
mbers
Deed of Partnership
ZI ZI Contract drawn up between owners
ZI ZI ZI ZI
Memorandum of Association ZI ZI Document that regulates a firm's external activities and must be drawn up on the for
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
mation of a plc ZI ZI ZI
Partnership Agreement ZI A written agreement among all owners
ZI ZI ZI ZI ZI
Limited Liability
ZI The responsibility of a business's owners for losses only up to the amount they inve
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
st; limited partners and shareholders have limited liability
ZI ZI ZI ZI ZI ZI ZI
Unlimited Liability ZI The owner is personally and fully responsible for all losses and debts of the busine
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
ss
Royalty Payment to the holder of a patent or copyright or resource for the right to use their
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI Z
property
I
higher-business-management-full-course-flash-cards/ 2/6
Higher Business Management (Full Course)
Business Any organisation working towards a set of objectives
Goods Things we can see and touch
Durable Goods Things we can use again and again
Non-durable goods Things we can use only once
Service A thing that is done for us
Wants Non-essential things we would like to have
Needs Essential things for survival
Land An economic term meaning natural resources which businesses use
Labour An economic term meaning the workforce of a business
Capital An economic term meaning factories, machines, vehicles, tools etc that a business
owns or controls
Enterprise This is the business ideas that an entrepreneur or owner has on how to use land,
labour and capital in their business
Entrepreneur The person who develops a business idea and combines the factors of production
(land, labour, capital and enterprise). They take the risk of losing their initial
investment if the business idea fails.
Factors of Production Land, Labour, Capital and Enterprise
higher-business-management-full-course-flash-cards/ 1/6
, 1/6/26, 12:58 PM Higher Business Management (Full Course) Flashcards
Cycle of Business
ZI ZI The constant process of producing goods and services
ZI ZI ZI ZI ZI ZI ZI
Primary Sector ZI Businesses involved in extracting natural resources
ZI ZI ZI ZI ZI
Secondary Sector ZI Businesses involved in manufacturing & construction
ZI ZI ZI ZI ZI
Tertiary Sector ZI Businesses involved in providing services
ZI ZI ZI ZI
De-industrialisation The process of manufacturing decline
ZI ZI ZI ZI
Sole Trader
ZI a business owned by a single person
ZI ZI ZI ZI ZI ZI
Partnership a business owned by two or more people
ZI ZI ZI ZI ZI ZI ZI
Public Limited Company
ZI ZI a buisness witth limited liabilty whose shares are availible to the general public to
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
buy on the stock market
ZI ZI ZI ZI
Private Limited Company
ZI ZI a company whose shares are not bought and sold on the stock market and can onl
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
y pass to another person with the agreement of other shareholders
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
Franchise the right to use a specific business's name and sell its products or services in a giv
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
en territory.
ZI
Public Corporation
ZI An organisation created by an Act of Parliament
ZI ZI ZI ZI ZI ZI ZI
Charity An organisation created to promote good causes
ZI ZI ZI ZI ZI ZI
Private Sector ZI The part of the economy owned by individuals and businesses
ZI ZI ZI ZI ZI ZI ZI ZI ZI
Public Sector
ZI The part of the economy owned by the government
ZI ZI ZI ZI ZI ZI ZI ZI
Voluntary Sector ZI Organistions set up to rise money for good causes, or to provide facilities for their me
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
mbers
Deed of Partnership
ZI ZI Contract drawn up between owners
ZI ZI ZI ZI
Memorandum of Association ZI ZI Document that regulates a firm's external activities and must be drawn up on the for
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
mation of a plc ZI ZI ZI
Partnership Agreement ZI A written agreement among all owners
ZI ZI ZI ZI ZI
Limited Liability
ZI The responsibility of a business's owners for losses only up to the amount they inve
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
st; limited partners and shareholders have limited liability
ZI ZI ZI ZI ZI ZI ZI
Unlimited Liability ZI The owner is personally and fully responsible for all losses and debts of the busine
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI
ss
Royalty Payment to the holder of a patent or copyright or resource for the right to use their
ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI ZI Z
property
I
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