Edexcel GCSE Business key terms

A tax placed on imported goods.

Compulsory payments that governments require from individuals and businesses.

An employee who guides a team's work, allocates tasks and monitors progress towards its targets.

The use of tools, equipment and digital systems to carry out tasks or improve products and processes.

An employment contract lasting for a specified period or until a particular job is completed.

All the costs of a business over a period: total fixed costs plus total variable costs.

A group of countries that agree to reduce or remove barriers to trade between their members.

An arrangement in which a supplier allows a business to receive goods now and pay for them at an agreed later date.

A situation in which gaining more of one benefit involves giving up some of another, such as accepting higher costs to improve working conditions.

Teaching employees the skills and knowledge needed to carry out their work effectively.

The general direction of change in a measure over time.

Confidence that another business will act honestly and keep its commitments.

A situation in which someone is looking for work but cannot find a job.

The number of unemployed people as a percentage of those working or looking for work.

Not registered as a company with a separate legal identity from its owners.

A distinctive feature or benefit that gives customers a particular reason to choose a product or service over competing alternatives.

A distinctive feature or benefit that sets a product or business apart from its competitors.

The average cost of producing one unit of output: total production costs divided by the number of units produced.

Owners are personally responsible for business debts, so their personal assets may be used to repay debts the business cannot pay.

A cost that changes directly with output, such as the raw materials used to make products.

Finance invested in a business with growth potential, often involving high risk, in exchange for a share of ownership.

Promotional content that spreads as people share it with others, especially through social media.

Materials, products or other resources lost because output is faulty, damaged or otherwise unusable.

The employees who work for a business.