Unit 1 Business Studies

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Business Studies (Unit 1)
Lauren Thrower
Flashcards by Lauren Thrower, updated more than 1 year ago
Lauren Thrower
Created by Lauren Thrower over 9 years ago
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Question Answer
Lateral Thinking Thinking differently to find new and unexpected ideas.
De Bono's Six Thinking Hats Red - Emotions, gut feelings Blue - Thinking about what they want Green - Getting around a problem creatively Grey - Difficulties White - Facts Yellow - Positive aspects
Patents Right of ownership of an invention, design or process when it is registered with the government.
Invention and Innovation Research and Development = Invention = Potential products and processes = Innovation = Products ready to sell to customers
Franchise - Ready made business. Advantages: - Ready made business - Training - Equipment - Ongoing support - Access to goods/services - Advertising/promotion - Operate in an exclusive area
Franchisee - A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor
Franchisor The business that give franchisees the right to sell its products or service.
Unlimited Liability Sole traders are businesses owned by one person, the owner has unlimited liability. The owner is responsible for all debts, therefore they could lose belongings to pay for debts.
Limited Liability Private limited companies have limited liability. Any debts by the business belong to the business so the owner can only lose how much they invested.
Supply Amount that sellers are willing and able to sell at any given price.
Demand Amount that buyers are willing and able to purchase at any given price.
Commodity Markets Markets for raw materials, such as oil, steel and wheat in production of other goods.
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