AQA GCSE Business key terms

An action intended to maintain or increase sales of an existing product, delaying its decline and extending its life.

A harmful effect of business activity borne by people outside the business, such as disturbance to nearby residents from delivery noise.

Money obtained from outside a business to help fund its activities, such as a bank loan or investment.

Expansion by combining with another business through a merger or takeover.

Filling a vacancy with someone from outside the business.

Funding obtained from outside a business, such as borrowing, investment from new shareholders or government grants.

An individual or group outside a business, such as a customer, supplier or local resident, that affects or is affected by its activities.

A resource used to produce goods or provide services. The four factors are land, labour, capital and enterprise.

Funding used to start, operate or expand a business.

An estimate of a business’s future financial results or position, based on assumptions and available information.

The ability of a business idea to generate sufficient income and have enough money available to continue operating.

A resource, such as oil or a metal ore, that exists in a limited stock and cannot be replaced on a human timescale.

A cost that does not change with output over the period and range being considered, such as rent.

An organisational structure with few levels of hierarchy, usually a short chain of command and wide spans of control.

A production method in which products pass through a continuous sequence of operations at workstations or machines on a production line.

A guided discussion with a small group of people from the target market to gather detailed feedback.

A person or business that pays for the right to operate using a franchisor’s brand and business format.

An arrangement in which a franchisor allows a franchisee to operate using its brand and business system in return for payments.

A business that grants others the right to trade using its brand and business format.

An additional benefit provided by an employer rather than direct cash pay, such as private healthcare or a staff discount.

Employment involving the normal full working week set by the employer.

An unmet or poorly served customer need that a business could satisfy with a product or service.

Dividing a market according to where customers live, such as their country, region or whether they live in an urban or rural area.

The increasing integration of countries’ economies through cross-border trade and movements of people, technology and finance.

The long-term rise in the Earth’s average temperature, driven by an increase in greenhouse gases in the atmosphere.

A tangible, physical product supplied to a customer, such as a vehicle or a loaf of bread.

Funding provided by government for an eligible business or purpose, which normally does not have to be repaid if its conditions are met.