Cost of capital

The opportunity that costs you the most

The value of the next-best alternative when a decision is made

Business satisfies consumers wants

Maximize profits

Franchise

Expand into different countries

Not enough resources, goods or services to provide for consumers unlimited wants

Not enough resources, goods or services to provide for consumers unlimited needs

The separation of a work process into a number of tasks

Someone who controls all aspects of the operation at hand

People in business focus on what they do best

An extremely rare and special talent

Goods + Services = Value added

Selling price - cost of bought-in materials

The value the consumer pays for a good or service

All FOP added together

Good or service people want but are essential for survival

Good or service people want but aren’t essential for survival

Manufacturing goods from raw materials

Using natural resources to make raw materials for business Private Sector, Part of the economy owned and controlled by private individuals Secondary Sector, Manufacturing goods from raw materials

Part of the economy owned and controlled by private individuals

A business that provides services to consumers and other businesses

Part of the economy owned and controlled by private individuals

Using natural resources to make raw materials for business Private Sector

Manufacturing goods from raw materials

A business that provides services to consumers and other businesses

Part of the economy owned and controlled by private individuals Secondary Sector, Manufacturing goods from raw materials

Part of the economy owned and controlled by private individuals

A business that provides services to consumers and other businesses

Manufacturing goods from raw materials

Manufacturing goods from raw materials

A business that provides services to consumers and other businesses

Manufacturing goods from raw materials

The economy owned and controlled by private individuals

A document setting out a businesses objectives and how it will achieve them

A document setting out a businesses needs and how it will buy them

A document setting out a businesses failures and how it will fix them

Someone who invests capital, takes a risk and starts up and operates a new business venture

Someone who works at he front desk, answering the phone calls and takes appointments

Someone who invests in a company/business

Someone who is not a risk taker

Two companies share capital and expertise on a project they share risks and profits

Not enough resources, goods or services to provide for peoples’ (consumers) unlimited wants

the potential benefits a business misses out on when choosing one alternative over another

Business expansion without taking over or merging with another business (organic growth)

Aims or targets a business sets out to achieve

Incorporated business with shares sold to friends and family

No separation between the company and the owners in law

Part of the economy owned and controlled by the government

Business is a separate legal entity - separation between owners and the company

A business owned by one person who is responsible for all decisions, capital invested and risk

Two companies share capital and expertise on a project they share risks and profits

A private enterprise which uses profits to pursue environmental or social objectives

Good or service people want but aren’t essential for survival

Business expansion, taking over or merging with another business

Incorporated business with shares sold to friends and family

Part of the economy owned and controlled by private individuals

Good or service people want but aren’t essential for survival

Incorporated business with shares sold to friends and family

Part of the economy owned and controlled by private individuals

Part of the economy owned and controlled by the government

Buying the license to use another companies logo and sell their products

A business that provides services to consumers and other businesses

Owners personal assets may be taken to pay for debts of the company

A private enterprise which uses profits to pursue environmental or social objectives

Business is a separate legal entity - separation between owners and the company

Part of the economy owned and controlled by private individuals

Owners personal assets may be taken to pay for debts of the company

A business that provides services to consumers and other businesses

Part of the economy owned and controlled by private individuals

Good or service people want but aren’t essential for survival

Part of the economy owned and controlled by the government

A business that provides services to consumers and other businesses

Owners responsibility for company debts restricted to what they have invested in the business

the potential benefits a business misses out on when choosing one alternative over another

Two or more people join to set up a business. Shared decision making, capital invested and risk

A business owned by one person who is responsible for all decisions, capital invested and risk

A private enterprise which uses profits to pursue environmental or social objectives

Incorporated business with shares sold to the general public, limited liability

Business is a separate legal entity - separation between owners and the company

Owners responsibility for company debts restricted to what they have invested in the business

Individual or group outside the business impacted by the business activity (customers, suppliers, government, local community)

Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees)

Capital given by a government to a business to assist with start-up costs, innovation or business growth

Owners responsibility for company debts restricted to what they have invested in the business

Owners responsibility for company debts restricted to what they have invested in the business

Part of the economy owned and controlled by private individuals

Incorporated business with shares sold to the general public, limited liability

A private enterprise which uses profits to pursue environmental or social objectives

Owners responsibility for company debts restricted to what they have invested in the business

Incorporated business with shares sold to the general public, limited liability

Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees)

Two or more people join to set up a business. Shared decision making, capital invested and risk

Two or more people join to set up a business. Shared decision making, capital invested and risk

Capital given by a government to a business to assist with start-up costs, innovation or business growth

Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees)

Incorporated business with shares sold to the general public, limited liability

Two or more people join to set up a business. Shared decision making, capital invested and risk

Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees)

Government-owned organisation set up to provide service to the public Public Limited Company, Incorporated business with shares sold to the general public, limited liability

Good or service people want but aren’t essential for survival

Good or service people want but aren’t essential for survival

Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees)

A business that provides services to consumers and other businesses

Incorporated business with shares sold to the general public, limited liability

Good or service people want but aren’t essential for survival

Incorporated business with shares sold to the general public, limited liability

Two or more people join to set up a business. Shared decision making, capital invested and risk

A business owned by one person who is responsible for all decisions, capital invested and risk

A document setting out a businesses objectives and how it will achieve them

Aims or targets a business sets out to achieve

Business is a separate legal entity - separation between owners and the company

Incorporated business with shares sold to the general public, limited liability

People in business focus on what they do best

Aims or targets a business sets out to achieve

Good or service people want but aren’t essential for survival

Selling price - cost of bought-in materials