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)
Loading flashcards...
1

Enterprise:

entrepreneurial activity (can also mean business or company)

2

Entrepreneur:

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

3

Consumer:

someone who buys and uses goods and services

4

Obsolete:

Out of date or not used anymore

5

E-commerce:

using the internet to carry out business transactions

6

M-Commerce:

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

7

Social Media:

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

8

Payment platforms:

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

Marketplace:

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

10

Data:

information, particularly statistics that can be collected and analysed

11

Demographic:

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

12

Need:

The products or services people need to make life comfortable

13

Want:

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

14

Good:

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

15

Service:

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

16

Venture capital:

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

17

Demand:

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

18

Adapted Products:

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

19

Original idea:

Ideas that have not been done before

20

Competitive advantage:

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