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Flashcards in Need For Business Activity Deck (15)
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1
Q

profit

A

the surplus of income (revenue) over costs

2
Q

gap in the market

A

where there is a demand, but no product to fill it

3
Q

products

A

goods and services

4
Q

services

A

those things done to or for a customer

5
Q

goods can be

A

touched

6
Q

to succeed a business needs to

A

find a gap in the market

7
Q

stakeholder

A

a person, group or organisation with a direct stake in a business

8
Q

internal stakeholders

A

those with a direct interest in a business

9
Q

shareholders

A

owners of shares in a business (all shareholders are stakeholders but not vice versa)

10
Q

external stakeholders

A

individuals, groups or other businesses that have a less direct stake in a business

11
Q

aims

A

long term goals towards which a business can work

12
Q

objectives

A

shorter term targets that can be measured

13
Q

social enterprise

A

an organisation with social objectives, aimed at stakeholders such as members, customers and communities

14
Q

co-operative

A

a group that shares in a business to ensure a fair deal for members

15
Q

primary sector

A

the first stage of production process, dealing with raw materials