Business Key words s - z

Trade credit is when a business has to pay for items straight away

involves private investors providing money for a business

time rates are paid to workers based on the hours worked

sustainability is about keeping business going regardless of the environmental impact

online marketing which places adverts on web pages from search engines

vertical integration

when employers do not offer a minimum number of hours to be worked

supply chain is the movement of goods from source to customer

paid to factory or shop workers based on time or piece rates

a place where resources are stored before they are sold

the amount of money taken in buy a business

a specific geographical area

using information that already exists

buys goods from manufacturer and sells to retailer

countries joining together to trade with no barriers

price skimming involves selling at a high price to start with

website & apps which allow users to make and share information

people who are working or looking for employment

involves a series of steps between potential buyer & seller

span of control is the number of people an individual is responsible for

measurable timed agreed realistic specific : acronym

sole traders have one person working in a business, but can be owned by more than one

USP

this means YOU CAN LOSE YOUR PERSONAL POSESSIONS

paid to admin & management based on work for the year

stakeholders own a % of the Business

turnover

businesses which operate for the benefit of the community

total cost is the full amount of money spent producing goods in a time period

variable costs

total revenue is the amount of money coming in from sales over a period