IGCSE Today

IGCSE Today
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Definitions
Set
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IGCSE Today
O Level 0450 Mohamed Abdou Etman

IBusiness
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A Need : isdaa good or service essential for
y
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living.
A Want : is a good or service which people
would like to have, but which is not
essential for living, peoples wants are
unlimited.
The Economic Problem : results from there
being unlimited wants but limited resources
to produce the goods and services to satisfy
those wants, this creates scarcity.
Opportunity cost : is the next best
alternative given up by choosing another
item
Division of Labour : is when the production
process is split up into different tasks and
each worker performs one of these tasks, it
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is alsoE known as specialization
BusinessTocombines factors of production to
da
make products
y (goods and services) to
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satisfy peoples wants

Business objectives : are the aims or targets
that a business works towards
Value added : is the difference between the
selling prices of a product or service and the
cost of bought in materials and components
A stakeholder : is any person or group with
a direct interest in the performance and
activities of a business
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dasector of industry :extracts and
The primary
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uses the natural resources of the earth

The secondary sector of industry :
manufactures goods using the raw materials
provided by the primary sector
The tertiary Sector of industry : provides
services to consumers and the other sectors
of industry
De-industrialization : occurs when there is a
decline in the importance of the secondary
manufacturing sector of industry in a
country
A free market economy : has no government
control over factors of production, it is also
known as market economy
A monopoly : is a business which controls
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all of Ethe market for a product
To Economy : does not have a
A Command
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private sectoryas all resources are owned by
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the state
A mixed economy : has both a private and a
public (state) sector
Capital : is the money invested into a
business by the owner
Profit :is the surplus after total costs have
been subtracted from sales revenue
Internal Growth : occurs when a business
expands its existing operations
External Growth : is when a takes over or
merges with another business it is often
called integration as one firm integrated into
another one
Merger : is when the owners of two
businesses agree to join their firms together
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E one business
to make
Toor Acquisition :is when one
Takeover
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business buysy out the ownes of another
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business which then becomes part of the

predator business
Horizontal Integration : is when one firm
merges with or take over another one in the
same industry at the same stage of
production
Vertical Integration : is when one firm
merges with or takes over another one in the
same industry but at a different stage of
production , the vertical integration can be
forward or backward
Conglomerate integration : is when one firm
merges with or takes over a firm in a
completely different industry, this is also
known as diversification
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da : it means that the owners
Limited liability
of a companyy(shareholders) cannot be held
responsible for the debts of the company
they own , their liability is limited to the
investment they made in buying their shares
Partnership agreement : is the written and
legal agreement between business partners,
it is not essential for partners to have such
an agreement but it is always recommended
Unincorporated business :is the one that
does not have a separate legal identity , sole
traders and partnerships are unincorporated
businesses
Shareholders : are the owners of a limited
company , they buy shares which represent
part ownership of a company
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Prospectus
is a detailed document issued by
To of a company when they are
the directors
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converting it yto public limited company
status, it is an invitation to the general
public to buy shares in the newly formed
plc.
Annual general meeting : is a legal
requirement for all companies, all
shareholders may attend, they vote on who
they want to be on the board of directors for
the coming year
Dividends : are payments made to
shareholders from the profits of a company
after it has paid corporation tax , they are
return to shareholders for investing in the
company
Franchise is a business based upon the use
of the brand names , promotional logos and
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SE methods of an existing successful

trading
business,Tothe franchise buys the license to
da
operate this business
from the franchiser
y
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Inflation : d
isathe increase in the average
price level ofygood and services over time
Unemployment a situation that exists when
people who are willing and able to work
cannot find a job
Economic growth : is when a country's
growth domestic product increases , more
goods and services are then produced than
in the previous year
The balance of payment is the records of the
difference between a country's exports and
imports
Real income is the value of income and falls
when the prices rise faster than money
income
Gross domestic product GDP : it is the total
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valueSEof all goods and services in a country

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in one year
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Exports : are ygoods and services sold from
one country to other countries
Imports : are goods and services bought in
by one country from other countries
The Exchange rate : is the price of one
currency in terms of another for example
LE1:$1.5
Exchange rate depreciation : is the fall in
the value of a currency compared with other
currencies
Fiscal policy : is any change by the
government in tax rates or public sector
spending
Direct taxes : are paid directly from
incomes such as income taxes and profit tax
Indirect taxes : are added to the prices of
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goods
purchaseTothe goods such as Value Added
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Tax
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Disposable income : is the level of income a
tax payer has after paying income tax
Import tariff : is the tax on an imported
products
Import quota : is a physical limit to the
quantity of a product that can be imported
Monetary policy : is a change in interest
rates by the government or central bank
Exchange rate appreciation : is the rise in
the value of a currency compared to other
currencies
Supply side policies : are used by
governments to improve the efficient supply
of goods and services in their country
Ethical decision : is a decision taken by a
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manager
observedToin that firm this can include
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improving working
conditions for staff
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beyond legal requirements, or not producing
dangerous or polluting goods, even if these
activities are not illegal
Industrial tribunal : is a legal meeting which
considers workers complaints of unfair
dismissal or discrimination at work
Contract of employment : is a legal
agreement between employer and employee
listing the rights and responsibilities of
workers
Planning permission : is given by a
government body to allow a business to
build a factory or office in a particular
location, this permission can be refused if
the site is not suitable
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Development
area : is a region of a country
To
where businesses
will receive financial
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support to establish
there, high
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unemployment is often a problem in there
areas
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Constraint d:ais something that controls or
y of a business decisions
limits the action
External constraints : are those over which a
business has no direct control
Social responsibility : is when a business
takes decisions that may benefit
stakeholders other than shareholders e.g. a
decision to reduce pollution of the local
environment by using the least and least
dirty production equipment
Pressure groups : are formed by people who
share a common interest and who will take
action to try to change government policy or
business decisions
Cost-benefit analysis : is the valuation by a
government agency of all external and
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private
businessTdecision
od
ay : are the costs paid by the rest
External costs
of the society , other than the business , as a
result of a business decision
External benefits : are the gains of the rest
of society other than the business resulting
from a business decision
Private costs : are the costs of a business
decision actually paid for by the business
Private benefits : are the financial gains
made by a business as a result of a business
decision
Social costs : is the addition of the private
and external costs of a business decision
Social benefit : is the addition of the private
and external benefits of a business decision
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Fixed costsda: are costs which do not vary
y of items sold or produced
with the number
in the short term, they have to be paid
whether the business is making any sales or
not , they are also known as overheads
costs.
Variable costs : are costs which vary with
the number of items sold or produced, they
are often called direct costs as they can be
directly related ti or identified with a
particular product.
Total costs : are fixed and variable costs
combined
Break even charts : are graphs which show
how costs and revenues of a business
change with sales, they show the level of
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salesSEthe business must make in order to

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break even
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Revenue : theyincome during a period of
time from the sale of goods and services
where Total revenue= Quantity sold X price
The Break even point : is the level of sales
at which total costs equals to total revenues
The contribution : is the selling price less
the variable costs
Direct costs : are those costs that can be
directly related to or identified with a
particular product or department
Marginal costs : are the extra costs a
business will incur by producing one more
unit of output
Indirect costs : are those costs which cannot
be directly related to a particular product ,
they are often called overheads or overhead
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costsSE
AverageTcosts
od per unit : is the total costs of
ay
production divided
by total output
Economies of scale : are the factors that
lead to a reduction in average costs as the
business increases in its size
Diseconomies of scale : they are the factors
that lead to an increase in average costs as a
business grows beyond a certain size
Forecasts : are predictions of the future , for
example , likely future changes in the size
of the market
A trend : is an underlying movement or
direction of data over time , for example,
the trend of sales data may be increasing
A line of best fit : is a line drawn through a
series of points , for example, sales data,
which bes shows the trend of that data , it
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can be
BudgetsT:oare plans for the future containing
da
numerical or yfinancial targets
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Accounts :dare
ay the financial records of a
firm's transactions
Accountants : are the professionally
qualified people who have responsibility for
keeping accurate accounts and for
producing the final accounts
Final Accounts : are produced at the end of
the financial year giving details of the profit
or loss made over the year and the worth of
the business
Trading Account : shows how the gross
profit of the business is calculated
The cost of goods sold : is the cost of
producing or buying in the goods actually
sold by the business during a time period
Sales revenue : is the income to a business
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during
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goods and
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Gross profit :yis made when sales revenue is
greater than the costs of goods sold
Net profit : is the profit made by a business
after all costs have been deducted from
sales revenue , it is calculated by
subtracting overhead costs from gross
profits
The profit and loss account : shows how the
net profit of a business and the retained
profits of a company are calculated
Depreciation : is the fall in the value of a
fixed asset over time
Appropriation account : is that part of the
profit and loss account which shows how
the profit after tax is distributed either by
dividends or kept in the company as
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retained
RetainedToprofit : is the net profit reinvested
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back into a company
, after deducting tax
y
and payments to owners, such as dividends
Balance sheet : shows the value if a
business assets and liabilities at a particular
time
Assets : are those items of value which are
owned by the business , they may be long
term (fixed) or short term (current)
Liabilities : are items owed by the business
Liquidity : is the ability of a business to pay
back its short term debts
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Cash flow d: aof a business is the cash inflows
and outflows yover a period of time
Cash inflows : are the sums of money
received by a business during a period of
time
Cash outflows : are the sums of money paid
out b a business during a period of time
Cash flow cycle : shows the stages between
paying out cash for labour, materials, etc.
and receiving cash from the sale of goods
Profit: the surplus after total costs have been
subtracted from the sales revenue
Cash flow forecast : is an estimate of future
cash inflows and outflows of a business,
usually on a month by month basis this will
then show the expected cash balance at the
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end SofE each month

OpeningTcash
od or bank balance : is the
ay held by the business at the
amount of cash
start of the month
Net cash flow : is the difference , each
month between inflows and outflows
Closing Cash or bank : is the amount of
cash held by the business at the end of each
month, this become next month opening
cash balance
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da : is the finance needed by a
Start up capital
new businessyto pay for essential fixed and
current assets before it can begin trading
Capital expenditure : is money spent on
fixed assets which will last for more than
one year
Revenue expenditure : is money spent on
day to day expenses which do not involve
the purchase of a long term assets for
example wages or rent
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da structure : refers to the
Organizational
y
levels of management
and division of
responsibilities within an organization
Job description : outlines the responsibilities
and duties to be carried out by someone
employed to do a specific job
Delegation means giving a subordinate the
authority to perform particular tasks, it is
important to remember that it is the
authority to perform a task which is being
delegated not the final responsibility
Chain of command : is the structure in an
organization which allows instructions to be
passed down from senior management to
lower levels of management
The span of control : is the number of
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subordinates
working directly under a
managerTo
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Line managers
y : have direct authority over
subordinates in their department, they are
able to take decisions in their departmental
area
Staff managers : are specialist advisers who
provide support to line managers and to the
board of directors
Decentralised management structure :
means that most decisions are taken at the
center or higer levels of management
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Strategic decisions
: are very important
y can affect the overall
decisions which
success of the business
Tactical decisions : are decisions which are
taken more frequently and which are less
important
Operational decisions : are day to day
decisions which will be taken by a lower
level of managers
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da : is the transferring of a
Communication
message fromy the sender to the receiver ,
who understands the message
Message : is the information or instructions
being passed by the sender to the receiver
Transmitter or sender : is the person starting
off the process by sending the message
Medium of communication : is the method
used to send a message , for example , a
letter is a method of verbal communication
Receiver : is the person who receives the
message
Feedback : is the reply from the receiver
which shows whether the message has
arrived , been understood , and if
necessary , acted upon.
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E communication : involves a
OneSway
messageTwhich
od does not call for or require a
response ay
Two way communication : is when the
receiver gives a response to the message
and there is a discussion about it
Internal communication : is when messages
are sent between people working in the
same organization
External communication : is when messages
are sent between one organization and
another organization or outside individual
Communication nets : are the ways in which
members of a group communicates with
each other
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Motivationd:ais the reason why employees
want to workyhard and work effectively for
the business
Wage : is the payment for work , usually
paid weekly
Salary : is the payment for work , usually
paid monthly
Commission : is payment relating to the
number of sales made
Profit sharing : is a system whereby a
proportion of the company profits is paid
out to employees
Bonus : is an additional amount of payment
above basic pay as a reward for good work
Performance-related pay : it is the pay
which is related to the effectiveness of the
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employee
To: the method for assessing the
Appraisal
da
effectiveness yof an employee
Fringe benefits : they are non financial
rewards given to employees
Job satisfaction : is the enjoyment derived
from the feeling that you have done a good
job
Job rotation : involves workers swapping
round and doing each specific task for only
a limited time and then changing round
again
Job enlargement : it is where extra tasks of a
similar level of work are added to a
worker's job description
Job enrichment : it involves looking at jobs
and adding tasks that require more skills
and/or responsibilities
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Leadership
styles : are the different
To to dealing with people when in a
approaches
da
position of authority
such as autocratic ,
y
laissez-faire and democratic leadership
styles
Formal group : is a group designated to
carry out specific tasks within a business
Informal group : is a group of people who
form independently of any official groups
set up within the business and who have
similar interest or something else in
common
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da: identifies and records the
Job analysis
y and tasks relating to a job
responsibilities
Job description : outlines the responsibilities
and duties to be carried out by someone
employed to do a specific job
Job specification : is a document which
outlines the requirements, qualifications,
expertise, physical characteristics etc. for a
specified job
Internal recruitment : is when a vacancy is
filled by someone who is an existing
employee of the business
External recruitment : is when a vacancy is
filled by someone who is not an existing
employee and will be new to the business
Induction training : is an induction given to
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a new
Tocustoms, and procedures and
activities,
da
introducing them
y to their fellow workers
On-the-job training : occurs by watching a
more experienced worker doing the job
Off-the-job training : involves being trained
away from the workplace , usually by
specialist trainers
Workforce planning : it is the process of
establishing the workforce needed by the
business for the forseeable future in terms
of the number and skills of employees
required
Redundancy : is when an employee is no
longer needed and so loses their job, it is
not due ti any aspect of their work being
unsatisfactory
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da: is a group of workers who
Trade union
have joined toy ensure that their interests are
protected
Craft union : is a trade union which
represents a particular type of skilled
workers
General union : is a trade union which
represents workers from a variety of trades
and industries, they are often unskilled but
also include semi-skilled workers
Industrial union: is a trade union which
represents all types of workers in a
particular industry
White collar union : is a trade union which
represents non manual workers, for example
, office workers , management and
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professional
people
To : is an unpaid representative
Shop steward
da
of a trade union
y at a factory or office level
Closed shop : is where all employees must
be a member of the same trade union
Single union agreement is when a firm will
deal with only one trade union and no
others
Employer associations : are groups of
employers who join together to give
benefits to their members, also known as
employer federations or trade associations
Negotiations : is another name of collective
bargaining , it is when there is joint decision
making involving bargaining between
representatives of the management and of
the workforce within a firm , the aim is to
arrive at a mutually acceptable agreement
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Collective
bargaining : is negotiations
betweenTone
od or more trade unions and one
ay
or more employers
or employer associations
in pay and conditions of employment.
Productivity agreement : is where workers
and management agree an increase in
benefits, in return for an increase in
productivity
Industrial action : is action taken by the
trade unions to decrease or halt production
Strike : is when employees refuse to work
picketing is when employees who are taking
industrial action stand outside their place of
work to prevent or protest at the delivery of
goods , arrival and departure of other
employees
Work to rule : is when rules are strictly
obeyed so that work is slowed down
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Go slow
To but more slowly than usual
normal tasks
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Non cooperation
y : is when employees refuse
to work longer than their working hours
Non strike agreement : is reached when
trade unions and management agree to have
pay disputes settled by an independent
arbitrator instead of taking strike action
Arbitrator : the once who listens to both
sides in the industrial dispute (trade union
and management) and then gives a ruling on
what they think is fair to both sides
Lock out : it is when employees are locked
out of their workplace by the employers
Worker participation : a situation occurs
when employees contribute to decision
making in the business
Works councils : they are the committees of
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Market : itdisa the place where buyers and
y
sellers come together
to exchange products
for money, this will not usually be a single
location
Product orientated business :it is the
business whose main focus is on the product
itself
Market orientated business : it is the
business which carries out market research
to find out consumer wants before a product
is developed and produced
Marketing budget : is a financial plan for
the marketing of a product or product range
for some specified period of time, it
specifies how much money is available to
market the product or range so that the
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marketing
To
may spend
da
Marketing : the
y management process which
identifies customer wants anticipate their
future wants and then goes about satisfying
them profitably
Market share : the percentage of total
market sales held by one brand or business
Market segmentation : it is where the
market has been divided up into groups of
consumers who have similar needs
Mass market : is where there is a very large
number of sales of a product
Niche market : is a small , usually
specialized segment of a much larger
market
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Primary research
: the collection and
y
collation of original
data via direct contact
with potential or existing customers , also
called sometimes field research
Secondary research : the process of
analyzing a data that has already been
collected and is available for use by others,
it is also called desk research
Questionnaire is a set of questions to be
answered as a means of collecting data for
the market research
Consumer panels : are groups of people
who agree to provide information about a
specific product or general spending
patterns over a period of time
Random sample : is when people are
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selected
To for market research
information
da
Quota sampley : is when people are selected
on the basis of certain characteristics such
as gender or income etc. as a source of
information for the market research
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da: is the unique name of a
Brand name
y
product that distinguish
it from other brands
Brand loyalty : is when consumers keep
buying the same brand again and again
instead of choosing another competitor's
brand
Brand image : it is an image or identity
which gives it a personality of its own and
distinguishes it from its competitor's brands
Packaging : it is the physical container or
wrapping for a product, it is also used for
promotion and selling appeal
The product life cycle : description of the
stages a product will pass through from its
introduction through its growth until it is
mature and then finally its decline
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Cost plus pricing
: is the cost of
y the product plus a profit
manufacturing
making up
Penetration pricing : is when the price is set
lower than the competitor's prices in order
to be able to enter a new market
Price skimming : is where a high price is set
for a new product on the market
Competitive pricing : is when the product is
priced in line with or just below competitors
prices to try to capture more of the market
Promotional pricing : is when a product is
sold at a very low price for a short period of
time
Psychological pricing : is when particular
attention is paid to the effect that the price
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daadvertising : is where the
Informative
y
emphasis of advertising
or sales promotion
is to give full information about the product
Persuasive advertising : is advertising or
promotion which is trying to persuade the
consumer that they really need the product
and should buy it
Target Audience : refers to people who are
potential buyers of a product or service
AIDA model : is a simple way of planning
an advert's design , it stands for attention ,
interest , desire , action
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Channel ofddistribution
: is the means by
ay
which a product is passed from the place of
production to the customer or retailer
Agent : is an independent person or
business that is appointed to deal with the
sales and distribution of a product or range
of products, the agent will either put an
additional amount on the price to cover their
expenses or will receive a commission on
sales
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da: is the output measured
Productivity
y used to create it
against the inputs
Job production : is where a single product is
made at a time
Batch Production : is where a quantity of
one product is made , then a quantity of
another product will be produced ,i.e
batches , usually as orders come in
Flow production : is where large quantities
of a product are produced in a continuous
process , sometimes referred to as mass
production
Lead time : is the margin of time between
the date when stock is obtained and the date
when it is sold on
Lean production : techniques used by
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to cut down on waste and
thereforeToincrease efficiency , for example
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by reducing the
y time it takes for a product to
be developed and become available for sale
Kaizen : is a Japanese term meaning
continuous improvement through the
elimination of waste
Just in time JIT : is a production method
that involves reducing or virtually
eliminating the need to hold stocks of raw
materials or unsold stocks of the finished
products as supplies arrive just at the time
when they are needed
Total Quality management TQM : is the
continuous improvement of the products
and processes by focusing on quality at each
stage of production
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da : is the price of one currency
Exchange rate
y
in terms of another
for example GBP 1 :
$1.5
Currency appreciation : occurs when the
value of a currency rises it buys more of
another currency than before
Currency depreciation : occurs when the
value of a currency falls it buys less of
another currency than before
Common currency : is the result of an
agreement between countries to use the
same currency for all business and other
transactions , such as the Euro in the
European union
Multinational businesses : are those with
factories , production or service operations
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IGCSE Today - Business Definitions

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O Level 0450 Mohamed Abdou Etman

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