Business and its environment Unit 1

Limited Liability

Consumer goods

Consumer services

Capital goods

4 factors of production

Added value

Entrepreneur

Social enterprise

Opportunity cost

Primary sector business activity

Secondary sector business activity

Tertiary sector

Private sector

Public sector

Mixed economy

Free-market economy

Command economy

Sole trader

Partnership

Share

Franchise

Joint ventures

Holding company

Public corporation

Different measures of size

Sales turnover

Capital employed

Market capitalisation

Market share

Internal growth of business

External growth of business

Most effective business objectives(list)

Mission statement

Corporate social responsibility

Ethics

Ethical code

Stakeholders