OCR GCSE Business key terms

The improvement of an employee's skills, knowledge and capabilities over time, helping them perform effectively and prepare for future responsibilities.

The proportion of employees who leave a business over a specified period.

A person or group with an interest in, or affected by, a business's activities, such as workers, customers or suppliers.

A situation in which meeting one stakeholder group's interests makes it harder to meet another group's interests.

Products made to a consistent specification rather than individually designed for each customer.

A new business being set up or beginning to trade.

Money needed to establish a new business and cover initial costs before sufficient money comes in from sales.

Goods and materials held by a business for use in production or for sale.

An employee in a lower position in the hierarchy who reports to someone with authority over their work.

A business that provides goods or services to another business.

The businesses and stages involved in obtaining materials, making a product and delivering it to customers.

The extent to which a supplier consistently delivers the agreed goods, in the correct quantity and quality, at the agreed time.

Keeping a business operating rather than closing down.

Producing goods and services to meet present needs without reducing future generations’ ability to use natural resources to meet their needs.

When one business buys a controlling interest in another business and gains control of it.

An organisational structure with many levels in its hierarchy.

The group of customers a business aims to sell its goods or services to.

Completing sales transactions over the telephone.

Employment for a limited period or task rather than on an ongoing basis.

A brief written message sent from one mobile phone to another.

All the costs of a business at a particular level of output: fixed costs plus total variable costs.

The total income received from an investment over its lifetime minus the cost of the investment.

An agreement allowing a business to receive goods from a supplier and pay for them later.

An organisation that represents employees' interests, including negotiating over pay and working conditions.

Teaching workers job-related knowledge and skills so they can perform their work effectively.

Launching a product in a limited number of stores or distribution channels for a limited time, using sales figures to help decide whether to proceed with a full launch.

The situation in which people who are able and available to work are without a job and are seeking employment.