CCEA Business Studies AS Unit 1|GUARANTEED SUCCESS.(A+)
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Course
CCEA
Institution
CCEA
CCEA Business Studies AS Unit 1|GUARANTEED SUCCESS.
Business Enterprise
Any operation established to produce or supply goods/services desired by consumers generally with a view to making profit.
Factors of Production
The inputs of land, labor, capital and enterprise required to produce or sup...
CCEA Business Studies AS Unit 1|GUARANTEED SUCCESS.
Business Enterprise
Any operation established to produce or supply goods/services desired by consumers generally with a
view to making profit.
Factors of Production
The inputs of land, labor, capital and enterprise required to produce or supply goods/services.
Entrepreneur
Someone who starts and runs a business and has the responsibility of the risks involved.
Entrepreneurial Characteristics
These are common traits found in successful entrepreneurs and examples may include innovative,
visionary, flexibility, knowledgeable, risk taker, decisiveness, goal orientated, motivated and committed.
Adding Value
A business will add value to raw materials used in its production process so that there will be a significant
difference between the cost of purchasing raw materials and the selling prices of the finished article.
Competitive Advantage
A favorable situation that a business organization has over its rivals arising from a marketing opportunity
such as price or cost or both. Its strengths and positions a business better within the business environment.
Sole Trader
A business organization which has a single owner and in which there is no legal distinction between the
owner and the business. The owner receives all the profits and has unlimited responsibility for all losses
and debts.
Partnership
A business relationship of two or more entities conducting business for mutual benefit. They manage the
business and share equal responsibility for the company's profits and losses, and its debts and liabilities.
Deed of Partnership
A binding legal document which states the formal rights of partners in the business.
Sleeping Partner
A partner who contributes capital and shares in profits/losses but does not participate in decision making.
Limited Partnership
A partnership which has at least one ordinary partner who has unlimited liability. A limited partner
contributes capital, share in profits but has limited liability. A limited partner cannot participate in
decision making.
, Limited Company
A business organization which has separate legal entity from those of its owners. The liability of the
members of the company is limited to what they have invested to the company.
Shareholders
Investors who have bought a share in the company.
Limited Liability
Each shareholder is only liable for the original amount of money invested in the business.
Franchise
An agreement between two parties, which gives one party the rights to market a product or service using
the trademark of another business.
Social Enterprise
A business venture established to address a social issue within a community or to improve the quality of
life for citizens or the environment. All profit made is reinvested to help achieve the social objective of
the business.
Stakeholder Groups
Specific groups of people who have a genuine interest in the activities of a particular business and who
will be affected by the activities of the business. Examples include owners, employees, customers,
lenders, government, suppliers, management and community.
Consumer Goods and Services Market
This is where households purchase the goods/services they desire and businesses try to meet their demand
by selling the goods/services in store, online etc.
Capital Goods Market
This in an industrial market selling tangible goods required by businesses who supply the consumer goods
market. Items include machinery, equipment, vehicles and tools.
Labor Market
This is where those seeking work can interact with employers who are competing to hire them.
Demand
The desire to own anything, the ability to pay for it, and the willingness to pay.
Supply
The quantity of products which suppliers make available to the market at any given price.
Equilibrium Price
The price at which the quantity demanded by consumers is equal to the quantity supplied.
Mass Market
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