Business and Computer Science

The increase in value that a business creates when producing a product/service. The difference between the price the customer pays and the total cost of inputs.

Questions that do not produce findings that reflect the true views of the target audience.

A unique design/sign/symbol/words/logo which makes it recognisable/distinguishes it from competitors.

The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume.

A feature of a business and/or its products that enable it to compete effectively with rival producers/products.

When there are many rivals selling similar products.

A rival business operating in the same market offering similar goods or services e.g. KFC and McDonald's.

How consumers make decisions about choosing and using products/services.

An organised collection of electronic data with instant access, search and sort capabilities.

Making products or services different or distinct from competing products/creating a USP.

Businesses produce similar products that appeal to the same group of customers.

A market that is subject to rapid/continuous change.

Research where the interviewer directly communicates with the respondent using a questionnaire.

A group discussion used to gain feedback about a product or service as part of market research.

Government publications like census data that businesses can use.

Different businesses sell non-identical products that compete for the same customer experience e.g. Netflix vs local cinema.

Creating a new idea/product/process and turning it into a marketable/sellable product/service.

When the interviewer’s opinion influences the interviewee’s responses.

Where buyers and sellers interact.

An increase in demand/sales for a particular product/service.

The use of a 2-dimensional diagram that plots products/services in a market using two key variables to spot a gap in the market.

The business finds out and responds to customers' needs and wants.

An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products.

Documents containing information, statistics, research, and facts on a chosen field.

Gathering, presenting, and analysing information about products/customers.

Dividing a market into customer groups with similar characteristics.

Identifiable groups of individuals who share one or more characteristics/needs.

The % of the total market a business has in terms of volume or value.

The total amount of sales/customers in a market measured by value/volume.

A large unsegmented market where mass appeal products are on sale.

A specialised section of the market where customers have specific needs/wants.

Watching customer behaviour for market research purposes.

Selling goods and services on the internet.

Data collected firsthand by the business (field research).

The act of distinguishing a product/service from competitors to make it more attractive to a particular target market.

The development/creation of products not previously available.

Focus on product quality/performance over customer preferences.

Research focusing on consumer opinions and beliefs (non-numerical).

Numerical market research data presented via graphs, charts, etc.

When answers given by respondents are inaccurate.

The quantity of a good or service sold within a period of time. (Sales revenue / selling price).

A small, representative group used in market research.

Data collected by another organisation, used by a business (desk research).

Dividing a market into groups with similar traits.

Platforms like Facebook/X/YouTube used to market products/services.

A primary research method used to collect information.

Trialling a product in a small market area to assess suitability.

Specialist magazines focused on trends in the business world.

The inability to predict/lack of knowledge about future events due to factors outside the business's control.

Products consumed/used together, so they are purchased together e.g. printer and printer ink.

The money earned/received from work/investments.

The quantity of goods/services that a consumer is willing to buy at a given price and time.

The structure of the population such as age, gender and geographical distribution.

The price where supply and demand are equal (market clearing price).

Factors beyond the control of a business.

A payment given to producers, usually to encourage production of a certain good.

Measures responsiveness of demand to changes in consumer income.

Taxes on spending (e.g. VAT), paid by the business.

When incomes rise, demand falls e.g. budget goods.

Goods consumers buy if they can afford them e.g. air travel.

Basic goods that consumers need e.g. food, electricity.

Factors other than price e.g. income changes, advertising, seasonality.

Quantity demanded is responsive to a price change.

Measures responsiveness of quantity demanded to a change in price.

Quantity demanded is less responsive to a change in price.

When demand rises or falls at particular times of the year due to seasonal factors.

When demand exceeds supply.

Goods bought as alternatives but perform the same function e.g. petrol car and electric car.

The amount that producers are willing and able to produce at a given price.

When supply exceeds demand.

A paid form of communication used to raise customer awareness of products, services, or brands.

Relates to the appearance of a product.

A method to analyse the product portfolio of a business (stars, cash cows, question marks, dogs).

Selling products/services to other businesses.

Selling products to individual consumers.

Methods businesses use to get products from manufacture to consumer.

Setting prices similar to competitors selling similar products.

Preference for a product or brand leading to repeat purchases.

When the business focuses on being economically viable, aiming to minimise costs.

Adding a mark-up percentage to the cost of the product.

Customers favouring a business over competitors; repeat purchases.

Producing products using materials that have been discarded as waste and recycled.

Designing products to allow disassembly at end of life and reuse of materials.

Reducing the quantity of resources discarded in production.

The combination of aesthetics, function, and economic manufacture considered when designing a product.

The electronic transfer of data.

Businesses sending leaflets or letters directly to households.

Getting products to the right place and time for customers.

The path products take from manufacturer to consumer.

A plan for getting products/services to customers.

Creating brands that appeal to customers’ emotions rather than logic.

Buying materials produced under fair working conditions and with minimal environmental impact.

A plan to extend the life or sales of a product/service.

Manufacturer → Wholesaler → Retailer → Consumer (e.g., groceries).

Relates to the quality and reliability of a product.

Brands created by producers of goods and services (e.g., Kellogg’s Cornflakes).

A plan for using the right blend of product, price, promotion, and place in order to maximise sales.

A goal the business aims to achieve through marketing.

Methods used to achieve marketing objectives.

Using electronic systems to sell goods and services.

Products manufactured for wholesalers/retailers by other businesses (e.g., Tesco Beans).

Setting low initial prices to build market share before raising prices.

Direct communication between salesperson and customer.

Where products can be purchased and the process of making products available.

Evaluating each product in the context of its market position.

Setting very low prices to force rivals out (illegal in UK, hard to prove).

Charging higher prices due to customer loyalty or lack of substitutes.

Sites that compare prices of products/services from different sellers.

Launching with high prices to recover R&D costs and attract early buyers.

The approach a business takes to setting the price of its products.

A tangible item offered for sale.

Products named only by category rather than brand (e.g., carrots).

The stages a product goes through from introduction to decline.

The collection/range of products offered by a business.

The way a business creates awareness and interest in products or services.

Pricing tactics that appeal to customer emotions.

An organisation’s attempt to communicate with interested parties, usually via unpaid media.

Creating a new name, term, symbol, or design for an established brand to develop a differentiated identity.

The using up of natural resources.

Short-term methods of promoting products to boost sales.

The non-physical, intangible parts of the economy (as opposed to goods).

Websites/apps that enable users to participate in social networking.

Changing patterns in consumer behaviour reflected in changing demands (e.g. increased use of social media, being environmentally friendly).

Providing funds to support an event/person in return for brand exposure.

Manufacturer → Retailer → Consumer (e.g., electrical goods).

Manufacturer → Consumer (direct marketing approach).

A feature that differentiates a product from competitors.

Encouraging customers to share information via social media platforms.

Managers make decisions without consulting subordinates.

Extra money added to wages/salary for performance.

Decisions made by senior management/headquarters.

The way authority and power are organised in an organisation.

Negotiation of wages/conditions of employment between employee representatives/trade unions and the employer.

Payment based on percentage of sales value.

Employee feedback sought when making business decisions.

Branches have more control/make their own decisions.

Authority passed down from superior to subordinate.

Group members participate in decision-making; two-way communication.

Termination of employment by an employer against the will of the employee.

The way in which management and employees behave towards each other.

Giving employees authority to make decisions.

Filling vacancies from outside the business.

Monetary rewards to motivate staff (piecework, commission, bonuses, profit sharing, PRP).

Few layers, wider span of control for managers.

Employees choose how/when they work (zero-hour contracts, homeworking, etc.).

Offering different work hours/location to improve work-life balance.

The order or levels of responsibility in an organisation.

Employers develop relationships with employees at an individual level.

Introductory training for new employees covering company policies, health & safety.

Filling vacancies by selecting current employees.

Giving employees more work of a similar nature (horizontal expansion).

Giving employees greater responsibility and recognition (vertical expansion).

Changing jobs or tasks.

Employees make decisions within certain limits.

Having a vision, sharing it, and providing direction.

Day-to-day organisation of the business, including staffing.

People's needs ranked from basic to self-actualisation.

Employees are organised into teams/projects from different departments.

Motivation improves when employees feel involved and valued.

The reason for people’s actions, willingness, and goals.

The process of increasing the skills of employees.

Motivation without monetary rewards (consultation, empowerment, team working, etc.).

Delegation, consultation, empowerment, team working, flexible working, job enrichment, job rotation, job enlargement.

Training away from the normal work environment.

Gaining/developing skills whilst at work doing the job.

Diagram showing who is answerable to whom in an organisation.

Workers that generally work fewer hours than a full-time employee.

Leaders make decisions considering employees' welfare.

Financial reward for meeting or exceeding performance standards.

Payment per item produced.

Sharing business profit among employees.

The process of finding and selecting workers.

When a business reduces workforce size or closes; can be voluntary.

Number of employees/subordinates a manager is responsible for.

Staff are seen as a business expense (recruitment, training, remuneration, etc.).

Staff are seen as contributing to output and value through their work.

Many layers, narrow span of control.

Breaking jobs into parts for efficiency; pay should relate to output; money as motivator.

Organising people into groups with a common aim.

A job position for a limited period of time.

Workforce representatives protecting and improving members' conditions.

Developing a person’s skills and knowledge.

The physical surroundings, atmosphere, and treatment of staff by managers.

A goal/target set by the business in the short/medium term to achieve its aim/mission.

Minimising costs/expenses/waste when producing a product or service.

How satisfied a customer is with their purchase.

Facilities and benefits provided to meet employees' well-being.

Someone who organises a business venture by combining factors of production, takes risks to set up a business for profit/reward.

Qualities/traits shown by individuals starting and running a business.

Factors that drive a person to start a business.

The activity of setting up a business, taking risks, normally in hope of profit.

Supporting a moral belief.

A business buys the right to trade using the brand/logo/business model of an existing firm for a fee/royalty.

A franchisor allows franchisees to trade under its name for a fee.

Setting up a business from home.

Desire to be one’s own boss.

A person who inspires and motivates others to meet objectives.

A business set up to generate a set income to enjoy a particular lifestyle.

A goal/target set to help achieve the business’s aim/mission.

The next best alternative forgone when making a decision.

A business ownership/organisation owned by two or more people.

Small to medium business, often family-run; shares sold privately; has limited liability.

When the difference between sales revenue and costs is at its greatest.

Making enough profit to satisfy the business owner's needs.

Business with limited liability; shares publicly traded on stock market.

The ability to recover from difficulties and try again.

Probabilities of outcomes are known or considered; something an entrepreneur can plan for.

Selling as much as possible in a time period or generating as much sales revenue as possible.

Business with aims benefiting society, profits reinvested into business/community.

Setting up a business while showing concern for social issues.

A goal to benefit/improve the community.

A business owned by one person with unlimited liability.

When a business sells shares publicly on stock exchange for the first time.

A short-term objective aiming to keep the business running.

Having more of one thing leads to having less of something else.

An external method of finance/money borrowed from a bank paid back, with interest.

Individuals who invest in a business in exchange for a stake in the business (shares).

A strategic document detailing how a business will develop and attract investors.

The movement of cash into and out of a business over time.

The flow of cash into a business.

The flow of cash out of a business.

Predicted cash inflows and outflows over a period of time.

Cash left in the account at the end of the month (Net cash flow + Opening balance).

An external source of finance where a large number of individuals provide funding in return for shares/free products/discounts.

Features of an economy which have effects on business and consumers e.g. unemployment, inflation and exchange rates.

Money raised from outside the business.

A sum of money given by a government or other organisation that does not need to be repaid.

The raising of capital/cash from within the business e.g. owner's capital, personal savings, retained profit.

A contract to acquire the use of resources such as property or equipment.

An obligation to pay another person/lender/supplier.

The obligation of a shareholder for business debts is limited to their investment.

An external source of finance; amount borrowed, usually repayable after a fixed term.

Difference between cash inflows and outflows.

Cash in the bank at the start of the month.

When a business has a negative bank balance because withdrawals exceed deposits.

When a person lends money to individuals or businesses via online platforms.

A source of internal finance provided by the owner of a business.

Profit re-invested back into/kept by the business which is not paid as a dividend.

A type of internal finance involving selling resources that belong to the business.

Finance raised by a business through issuing/selling new shares.

Where a firm receives goods but pays the supplier at a later date.

The obligation of a business owner to cover all business debts.

External finance from investors in return for shares (capital injection).

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(Current assets - Inventory) / Current liabilities.

Valuable things that a business can use.

Cash put into the business by the owner.

An asset of a business which can come from investors, lenders or customers.

The cost of inventory bought or produced.

Liquid assets converted into cash within 12 months e.g. inventories, trade receivables and cash.

Debts owed by a business that must be repaid within one year.

Current assets / Current liabilities.

Factors outside the control of a business which might cause failure e.g. competition, legislation, customer tastes, economic conditions.

Factors contributing to a business running out of cash e.g. late payments, inability to borrow.

Revenue - cost of sales.

(Gross profit / Sales revenue) x 100.

Factors a business can control e.g. poor decision-making, loss of key staff.

Debts owed by a business to lenders and suppliers.

The ability to meet current liabilities with current assets.

Total assets - Total liabilities.

Long term resources used for more than one year e.g. property and equipment.

Debts owed by the business for more than one year e.g. loans.

Factors from inside or outside the business e.g. poor management, external shocks.

Gross profit - other operating expenses.

(Operating profit / Sales revenue) x 100.

When a business does not have enough cash to support its production and sales, usually because it is growing too fast.

Total revenue - total costs.

(Net profit / Sales revenue) x 100.

Operating profit - interest.

Profit as a proportion of sales.

The value of the shareholders' investment in a business.

A document showing income and expenditure of a business over a financial year.

A summary at a particular point in time of a firm's assets, liabilities and equity.

A charge made by governments on activities, earnings and income of individuals and businesses.

Share capital + Retained profit or owner's capital + retained profit less drawings.

Current assets – current liabilities; cash available for day-to-day trading.

A manufacturing process in which components or goods are produced in groups (batches).

Stock held as protection in case of reduction in supply or increase in demand.

Current output / maximum possible output x 100.

Output is made primarily using machinery/capital goods relative to labour.

Employees organised into multiskilled teams responsible for a particular part of production.

Reducing capacity, such as making employees redundant to cut costs.

Minimising waste and making the best use of resources to reduce costs.

The manufacture of an item/product in a continuous process.

The point where a business cannot produce any more output.

Raw materials/work-in-progress held by a business.

Production of a single good/service carried out one at a time to customer requirements.

Stock control system where items arrive immediately before they are needed.

A Japanese practice focused on making small improvements in all business processes.

A production method requiring a higher proportion of labour than capital.

Using as few resources as possible; includes waste minimisation, JIT and TQM.

When a business is running at full capacity and straining resources.

Output per person/machine per period of time.

A positive feature of a product that has no defects.

Checking/testing at each stage of production to prevent faults.

Small groups of workers who meet regularly to discuss and resolve production problems.

Final products are checked by inspectors to find faults.

Maintaining excellence by paying attention to each production stage.

The stock level at which new orders are placed.

The amount of stock ordered when an order is placed.

Using uniform resources/activities or producing a uniform product.

Items held for future sale/processing such as raw materials, WIP or finished goods.

Managing the optimum quantity of goods/components for resale/production.

Shows inventory movements including minimum/maximum levels, reorder level and quantity, and lead times.

The flow of stock into and out of storage.

A right-first-time approach ensuring products are checked at every stage to eliminate defects.

When a business is producing at less than full capacity.

Producing goods/services using as few resources as possible.

Partially finished goods.

The rise in the price of one currency against another currency.

Obstacles that make it difficult for new firms to enter the market.

The high point in the business cycle where GDP is growing quickly.

Measures economic activity over time and shows stages of boom, downturn, recession and recovery.

Legislation designed to protect consumers from poor-quality products and poor business practices.

A measure which shows changes in average prices over time.

Legislation against unfair selling practices; consumers have legal rights if products/services are misleading, unsatisfactory or unfit for purpose.

A fall in the general price level.

A fall in the value of a currency.

Favouring one person or group over another.

A period where GDP grows but slowly.

Economic variables such as growth, inflation, interest rates and unemployment.

Laws giving employees basic rights to prevent exploitation e.g. minimum wages, redundancy pay, maternity leave.

Legislation designed to reduce business impact and protect the environment.

The price of one currency in terms of another.

The amount spent by the government on public services and welfare benefits.

Measures put in place to prevent accident or injury in the workplace.

The general increase in the level of prices in an economy in a year.

The price of borrowing money or the return on saving money.

A collective name for laws and regulations used by governments to restrict certain activities.

Characteristics of a market such as barriers to entry and number of businesses, determining behaviour within the market.

A wage rate set by the government; it is illegal to pay below this.

When GDP falls for two or more quarters (6 months).

A period where economic growth begins to increase again after a recession.

The percentage of the working population without a job and actively seeking work.

Broad, long term ideas as to how the business should develop

A goal that a business strives to achieve in order to meet its long term aim

Assesses if the corporate aims and mission statement continue to reflect the current corporate vision

A set of guiding principles used to steer stakeholders to achieve a business’s aims and objectives

A strategic tool to help a business analyse business growth

Refers to the contracts and relationships within and around an organisation

Seeking lower cost to reduce prices and therefore increase sales and revenue

A skill or attribute possessed by a business

New products to a new market (more risky but potentially more rewarding)

Resources to finance strategy e.g. cash, current assets, and ability to borrow

Developing a new product or process in the production of a product

Marketing an existing product in new markets

Selling existing products in an existing market (least risky strategy)

Identifies sources of competitive advantage a business might achieve

Marketing new or modified products in existing markets

Operational factors such as premises, equipment and resources needed to meet customer needs

Long term decisions relating to achieving an overall goal

Short term actions that help to achieve the strategy

Identifies internal strengths/weaknesses and external opportunities/threats

Economic variables affecting a business e.g. exchange rate, inflation, interest rates

Businesses have obligations to the environment; some are closely monitored

Legal requirements a business must follow when operating in a country

Political, economic, social, technological, legal and environmental influences on strategy

Laws/policies affecting a business e.g. regulations and subsidies

Analyses competition: substitutes, new entrants, buyer power, supplier power, rivalry; helps judge profitability

Demographic/lifestyle/taste changes e.g. ageing population, fashion

Technology changes affecting business e.g. new processes, mobile tech, disruptive tech

Competitor behaviour that may lead to loss of market share

A rise in average/unit costs experienced as a business grows

When average costs fall as total output increases

Average cost reductions available to all businesses as the industry grows

Large firms raise finance more easily with wider sources and better interest rates

Expanding sales revenue, usually hoping profits increase too

Cost reductions from expanding production within a business

Large firms get better rates buying inputs in bulk

As firms grow they may diversify to reduce risk

Larger firms can employ specialist managers e.g. marketing, HR

Large firms can be more efficient through capital equipment

Joining businesses in exactly the same line of business

When two businesses join together and operate as one

When one business buys a majority shareholding to gain control

Joining businesses at different stages of production

Expansion by merging with or taking over another business

Expansion from within (more units/locations/product range) without merger/takeover

Buying and selling of goods or services over the internet

Extending the trend line to forecast future sales

Average based on four time periods; calculated using centring based on an 8 period total

A line roughly through the middle of all scatter points on a graph

A succession of averages derived from successive segments of values

Forecasting using trends from past data (e.g. time-series analysis)

Shows performance of one variable against another independent variable over multiple occasions

Average calculated by adding 3 periods and dividing by 3

Investment appraisal measuring net return per annum as % of initial spending

Investment appraisal using interest rates by discounting to present value (interest foregone)

Evaluating an investment project to judge whether it is worthwhile

Time taken to recover the initial investment cost

Measures time for a project to repay its initial investment

Shows outcomes with probabilities and expected monetary values

The value gained from taking a decision

Likelihood of possible outcomes happening

Tasks which, if delayed, could delay the project

Planning activity sequence to find quickest/most efficient completion without missing stages

How soon a task in a project can begin

Time a task can be delayed without affecting completion time

Latest a task can finish without delaying the whole project

Chart showing task order and timing information for completing a project

Using gathered information and a systematic, rational approach to reach a conclusion

Decisions impacting vision/mission/objectives, typically longer than five years

Focus on quick financial rewards (e.g. quarterly figures) often at expense of long-term investment

More holistic approach incorporating CSR and ethical behaviour

Unwritten code reflecting values and shared beliefs underpinning decision making

Shared attitudes, values, customs and expectations

Individuals have expertise but do not necessarily work together

Central source of power responsible for decision making

Decisions made through established rules and procedures

Values and ways of working are deeply embedded within employees

Teams focus on a particular task within the overall aim

Business needs prioritised over customers; weak communication; high staff turnover; blame culture

Groups outside a business with an interest in its activities

Employees, managers, board of directors and owners of the business

Business focuses purely on shareholder returns in decisions/objectives

Owners who invest capital and take risk

Business considers all stakeholders in decisions/objectives

Groups/people interested in business actions (owners, employees, customers, suppliers, community, pressure groups, government)

All long term finance: share capital + retained profits + non current liabilities (Non-current liabilities + Total equity)

Paying attention to social/environmental impact on a range of stakeholders, not just shareholders

Moral principles influencing decisions e.g. fair pay, good conditions, environmental impact

A business that considers ethics as a key influence on strategic decisions

Measures long-term borrowing: non-current liabilities / capital employed x 100 (highly geared > 50%)

Operating profit / capital employed x 100

Financial benefits/profits made from an investment (e.g. production location abroad)

Number of staff absent / total workforce x 100

Management engages in discussions with employees about strategies and practices

Key employees receive shares if the business reaches performance targets

Granting employees more authority in the workplace

People in the workforce including recruitment, training and redundancy

Total output / average number of employees

Number of employees that remain in the business over a period of time

Percentage of employees leaving a business over a period of time

A plan for a business to continue operating after a serious incident

Implementing a vision through radical strategies to bring about positive change

A course of action to respond successfully to a major future event that may or may not happen

When mitigation costs more than the risk; common for small businesses

Identifying/evaluating risks in an activity; ensuring health & safety compliance

Ceasing an action entirely (opposite of acceptance) e.g. pulling out of an unstable country

Most common strategy: reduce impact/likelihood (e.g. backups to avoid long system failure)

Identify, assess and prioritise risks and plan responses to deal with impact

Handing risk to a third party e.g. outsourcing payroll/customer service

Anticipating possible changes and devising ways of dealing with them

Identifying and developing new leaders to replace old leaders when they leave/retire/die

Economies are considered to be: Brazil, Russia, India, China and South Africa.

An increase in the GDP - value of output of goods and services produced in an economy over time.

An area/country where goods and services are produced, sold and bought.

Developing-country economies with rapid growth but significant risk.

Indicator of growth: unemployment, labour costs, productivity, qualifications and labour supply.

Gross Domestic Product: output of goods and services in an economy over a period of time.

Composite index: life expectancy, schooling, and standard of living (GNI per capita).

Development indicator: life expectancy, mortality, pollution exposure, access to clean water.

Growth indicator: % of adults who can read and write.

Economies are considered to be Mexico, Indonesia, Nigeria and Turkey.

Goods/services produced in the home market but sold in a foreign market.

Foreign Direct Investment: investing by setting up operations or buying assets in another country.

Goods/services bought into one country from another.

When an economy/business concentrates on a specific range of products or services.

A business sets up factories/offices etc. in another country.

Economies/cultures drawn deeper together via trade networks and rapid spread of technology.

Policies restricting trade e.g. tariffs, quotas, customs duties, rules and regulations.

Movement of people to another country to seek work or a better life.

Some businesses grow while others shrink/close e.g. shifts between primary/secondary/tertiary sectors.

Reduction (or removal) of trade barriers between countries.

Companies owning/controlling production or service facilities outside their home country.

Financial support to domestic producers to help compete with overseas firms.

Physical limit on the quantity of imports allowed into a country.

Policies protecting domestic firms by making imports less attractive (tariffs, quotas, subsidies, regulation).

A tax on imports to make them more expensive.

Measures designed to restrict trade.

The Association of Southeast Asian Nations.

European Union: single market with free movement of people, goods, services and capital.

North American Free Trade Area (replaced by the USMCA).

Market where most trade barriers are removed; common laws/policies ease movement of goods, services, capital and labour.

Group of countries trading freely with reduced/no tariffs and quotas between them.

Moving a function/department to an external specialist provider (may be overseas).

Conditions elsewhere that look more advantageous and attract a business to relocate.

Conditions making the current location less desirable and may cause a business to leave.

Moving to a new location to improve premises use and reduce costs (e.g. rent).

Limiting risks e.g. avoiding over-dependence on one market.

Most customers already have the product; limited opportunity for growth.

Money households have available to spend/save after taxes.

How many/severe barriers exist when entering a country; higher ranking = fewer barriers.

Systems/services needed for an economy to function e.g. transport links, communications.

Materials/substances in nature exploited for economic gain e.g. iron ore, coal, forests, lakes.

Payment to a producer to offset/lower production costs.

Companies from different countries combine assets and operations.

Creation of the mind protected by law (patents, copyrights, trademarks).

Two or more businesses collaborate for a specific project while remaining independent.

Legal monopoly rights to a new product/process; others cannot copy without permission.

Extent a business/area (e.g. country) can compete successfully against rivals.

When employers cannot find enough workers with a particular skill.

World viewed mainly from home culture; products/marketing not adapted.

Maintain global brand but tailor products to local markets (mix of ethnocentric + polycentric).

Adapting a global product to local tastes (“think global, act local”).

Each host country is unique; adapt marketing mix to each market to maximise sales.

Recognition that people globally have different interests and values.

Specialised global market segments with needs unmet by the global mass market.

Record of transactions from imports/exports and international capital movements.

Funds transferred by an MNC to purchase/acquire physical assets (factories, machines).

Multinational company: operates in more than one country.

Pricing between subsidiaries to reduce tax liabilities in higher-tax countries.

Employment of children to undertake business activity.

Substances released into the air that harm the environment.

When an agent takes advantage of another e.g. employer abusing an employee.

How a business treats/monitors labour used in sourcing raw materials, components and services.

Meeting present needs without damaging/compromising future needs.

Process of getting rid of unwanted materials.

Government policy promoting competition and preventing abuse of market power/price fixing/predatory pricing.

Using legal methods to reduce the amount of tax a company pays.

Using illegal methods to avoid paying taxes owed.

World Trade Organisation: supervises world trading arrangements, trade negotiations, and promotes free trade.