Unit 1 AICE Business

Limited Company; large business w/ legal rights to sell shares to general public

Economic resources are owned and controlled by both private and public sectors

The benefit of the next most desired option that is given up

Document covers internal working and control of business

Physical goods used by an industry to aid in the production of other goods and services

total value of long term finance invested in a business

Compromises organizations accountable to and controlled by central or local government (state)

Firms provide services to consumers and other businesses like hotels, banking, and tourism

Business or organization that owns/controls a number of separate businesses

Uses the name, logo and trading systems of an existing successful business

People who can be affected by and have interests in any action by an organization

Someone who takes financial risk of starting and managing a new venture

Economic resources owned, planned, and controlled by the state

Document detailing a companys rules & guidelines on staff behavior that must be followed

INCREASING the difference between initial cost of bought-in materials and finished goods r sold

Expansion of a business by means of opening new branches (aka organic growth).

Person or institution owning shares in a limited company

Physical and tangible goods sold to the general public

Economy resources are owned by a private sector with little state intervention

States the name of the company

Sales of the business as a proportion of total market sales

Business in which one person provides the permanent finance + full control & keeps all profits

Certificate confirming part ownership of a company, entitling shareholder rights

2 or more businesses that agree to work closely together on a particular project

Method of coordinating and motivating staff in an organization by dividing into specific target

Concept that accepts that businesses should consider their actions and impact on society.

Small to medium size businesses thats owned by shareholders; cant sell share to public

Business formed by 2 or more people to carry out a business together; shared capital investment

Firms engaged in farming, fishing, and natural resources that can be used by other firms

Firms that manufacture and process products from natural resources like computers and baking

3 objectives of social enterprises: economic, social and environmental

The total value of sales made by a business in a given time period

The view that the businesses have responsibilities to all groups, NOT just shareholders

Business with mainly social objectives; reinvests profits benefiting society

Business enterprise owned and controlled by the state

non-tangible products sold to the general public

Difference between the cost of purchasing bought-in materials and price of finished goods

Total value of company's issued shares

Only liability or potential loss a shareholder has if the company fails