Higher Business Management (Full Course)

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




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




higher-business-management-full-course-flash-cards/ 2/6