Eduqas/WJEC GCSE Business Official Definitions Part 1

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advertising media

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are the various places where advertisements may be found such as television, newspapers or the internet.

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A (Business) Aim

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is the long term objective of the business. Its aim might be to have the largest market share in its sector.

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Average rate of return (ARR)

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Backward vertical integration

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occurs when the suppliers of a business are taken over by that business.

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Bank loans

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are long to medium term loans that can be used to buy producer goods. The goods become the property of the business immediately but failure to repay the loan to the bank could lead to the business being closed down.

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Batch production

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is found when a small number of identical products are made at once. Batches can be made as often as required.

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Blogs

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provide information and allow discussion on the internet with other users producing their own entries or posts.

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Break-even

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occurs where the total amount of money taken in by a business is the same as the amount of money paid out. Neither a profit nor a loss is made where total revenue equals total cost.

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Business angels

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are wealthy individuals who invest their private capital into startup businesses in return for a share in the business.

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Business plan

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helps in decision making by showing the aims and objectives of a business and the strategies and requirements needed to achieve these. It also provides information to banks and other possible providers of finance to persuade these to grant loans and other monies to the business.