OCR GCSE Business key terms

The extent to which the benefits and quality received are worth the price paid.

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

The cost associated with producing or supplying one unit that contributes to costs which change with output, such as ingredients or packaging.

A merger or takeover involving businesses at different stages of the same supply chain.

An online meeting in which participants in different locations can see and hear one another.

A recognised award gained through study and assessment focused on skills or knowledge related to work.

Pay commonly calculated according to the number of hours worked.

A desire for something non-essential, such as branded trainers or an overseas holiday.

Materials left over or discarded during production or consumption.

The way a business handles and removes unwanted materials, including arranging recycling or safe disposal.

A collection of web pages that a business can use to provide information and services online.

A business that buys goods in large quantities and usually sells them in smaller quantities to other businesses.

People sharing their experiences of a business with others, which can encourage or discourage purchases.

The physical conditions and social atmosphere in which employees carry out their work.

Carrying out work at home rather than at the employer’s premises, often using digital technology.

A document an employer must provide to employees and workers recording their main employment conditions. It is not itself an employment contract.