AQA GCSE Business key terms

Output per worker over a given period of time.

The natural resources and physical sites used in production, including land, water and raw materials.

The time between placing an order and receiving it.

An approach to production that reduces waste while maintaining or improving quality.

The form of business ownership that determines matters such as control, responsibility for debts and how profits can be distributed.

Laws that set requirements for how individuals and organisations behave.

The extent to which people are in paid work in an economy; an employment rate expresses this as a proportion of a defined population.

A financial obligation owed by a business, such as a loan or an unpaid supplier’s invoice.

Protection that limits shareholders’ financial responsibility for company debts to their investment in its shares.

Money borrowed and repaid over an agreed period, usually with interest.

The individuals and organisations that live or operate in the area around a business.

The planning and management of the movement and storage of materials and goods, from suppliers through to the final customer.

The amount by which total costs exceed revenue.

A product deliberately sold below its cost to attract customers who may also buy other, profitable products.

The difference between actual or planned sales output and break-even output; it shows how far sales can fall before the business begins making a loss.

An arrangement through which buyers and sellers exchange goods or services. It can operate locally, nationally or internationally and does not need a physical meeting place.

The increase in total sales across a market over time.

The business activities involved in identifying and satisfying customer needs and encouraging purchases.

The combination of product, price, place and promotion decisions a business uses to meet customer needs and achieve its objectives.

The range of potential customers a business can access with its products.

Collecting information about customers’ needs, wants and preferences to help a business make decisions.

A group of customers within a market who share particular characteristics or similar needs.

Dividing a market into groups of customers with shared characteristics or similar needs, so a business can target them more effectively.

A business’s sales expressed as a percentage of total sales in its market, measured consistently by value or volume.

The total sales in a particular market over a given period, measured by value or volume.

An amount added to cost to set the selling price, often expressed as a percentage of that cost.

The stage when a product's sales remain high but sales growth slows or levels off.