1.1.1 - The Dynamic Nature of Business Flashcards Preview

GCSE Edexcel - Business definations and equations > 1.1.1 - The Dynamic Nature of Business > Flashcards

Flashcards in 1.1.1 - The Dynamic Nature of Business Deck (20)
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1
Q

Enterprise:

A

entrepreneurial activity (can also mean business or company)

2
Q

Entrepreneur:

A

Entrepreneur: someone who creates a business, taking on financial risks with the aim of making a profit from the business

3
Q

Consumer:

A

someone who buys and uses goods and services

4
Q

Obsolete:

A

Out of date or not used anymore

5
Q

E-commerce:

A

using the internet to carry out business transactions

6
Q

M-Commerce:

A

M-Commerce: using mobile technologies, such as smartphones and tablets, to carry out business transactions

7
Q

Social Media:

A

websites that allow users to interact with other users, by sharing text based messages, pictures or links to online content

8
Q

Payment platforms:

A

Enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller.

9
Q

Marketplace:

A

The activities involved in buying and selling services, in competition with other companies

10
Q

Data:

A

information, particularly statistics that can be collected and analysed

11
Q

Demographic:

A

relating to the population, such as average age, average income and so on

12
Q

Need:

A

The products or services people need to make life comfortable

13
Q

Want:

A

Want: What people choose to spend money on , once the weekly bills have been paid (rent, water, food)

14
Q

Good:

A

Good: Products that may be fresh, such as apples, or manufactured, such as Heinz beans. They are tangible.

15
Q

Service:

A

Service: Providing useful ways to help people live their lives, for example shops, restaurants and hospitals.

16
Q

Venture capital:

A

Risk capital provided by an investor willing to take a risk in return for a share in any later profits; the venture capital

17
Q

Demand:

A

The number of units that customers want – and can afford – to buy

18
Q

Adapted Products:

A

Adapted Products: Finding new products based on the original one, such as Wall’s White Chocolate Magnum

19
Q

Original idea:

A

Ideas that have not been done before

20
Q

Competitive advantage:

A

A feature of a business that helps it to succeed against rivals