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business studies revision
Transcript of business studies revision
A commodity is a good for which there is demand, but which is supplied without qualitative differentiation across a market. (e.g. coal, wood and wheat)
• Surplus – excess
Goods that are in excess of the requirement and cannot be returned to the vendor for credit, but are useful for some purpose.
• Shortage – unable to meet the requirements (quantity) Product
Packaging weight and size
Break even place
Access by customers
Position on shelf’s
Location of business
Access by employees Aim: An aim is your overall achievement. It’s the end of your goal.
Objective: An objective is how to achieve your aim.
Franchise is an alternative to building 'chain stores' to distribute goods and avoid liability over a chain/brand name.
Franchisor: is the person who gives people the right and sells the goods to the franchisee.
Franchisee: is the person, who buys the right to set up the business, he buys it from the franchisor. Copyright ©: copyright is where if you own a webpage for example or a picture on the internet and if you copyright it then no one else is allowed to use it. For example apple iPod is copyrighted so no other iPod company has copied it.
Long term finance:
When the price goes up the demand goes down. Aim: An aim is your overall achievement. It’s the end of your goal.