|An organization which produces goods and services
|goods and services sold to ordinary people rather than business
|People who take risk and set up businesses
|physical products like a mobile phone, packet or crisps or a pair of shoes.
|basic requirements for human survival
|business organizations owned by individuals or groups of individuals
|goods and services produced by one business for another
|business organizations owned by central or local government
|the amount of resources available is limited
|non-physical products like banking, car washing and waste disposal
|an individual or group with ann interest in the operation of a business.
|peoples' desires for goods and services
|a brief summary of a firm's aims and objectives.
|the goals or targets set by a business
|making as much profit as possible in a given time period
|Deed of partnership
|a binding legal document which states the formal rights of partners.
|where a business (the franchisor) allows another operator (the franchisee) to trade under their name
|where the business has a separate legal identity from that of its owners
|where a business owner is only liable for the original amount of money invested in the business.
|Limited liability partnership
|a partnership where all partners have limited liability
|a partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business
|a business owned by between 2 and 20 people
|Sole trader / sole proprietor
|a business owned by a single person
|those businesses where there is no legal difference between the owner and the business
|where the owner of a business is personally liable for all business debts.
|the process of a company 'going public'
|where two or more companies share the cost, responsibility and profits from a business venture
|a business organization which has a separate legal identity from that of its owners
|a market for shares in plcs
|Private limited company
|A limited company that is not on the stock market. Shares are traded privately.
|Public limited company
|Larger limited companies. Shares can be traded on the stock market.
|the growing integration of the world's economies
|a large business with markets and production facilities in several different countries
|Repatriation (of profit)
|where a multinational returns the profits from an overseas venture to the country where it is based
|production methods that make more use of machinery relative to labour
|Division of labour
|specialisation in specific tasks or skills by an individual
|an individual who organizes the other factors of production and risks their own money in a business venture.
|Factors of production
|the resources used to produce goods and services. They include land, labour, capital and enterprise.
|the stock of 'man-made' resources such as machines and tools used to help make goods and services.
|the people used in production
|Labour intensive production
|production methods that make more use of labour relative to machinery
|the transformation of resources into goods or services
|in business, the production of a limited range of goods
|the decline in manufacturing
|production involving the extraction of raw materials from the earth.
|production involving the conversion of raw materials into finished and semi-finished goods
|the production of services in the economy.
|areas that are designated by the UK or EU as having economic problems and are eligible for support in a variety of forms
|areas of land which were once used for urban development
|areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time.
|measures used by the government to attract businesses to 'depressed' areas