CCEA Business Studies AS Unit 1-
Questions and Answers
Social Enterprise
A business venture established to address a social issue within a community or to improve
the quality or life for citizens or the environment. All profit made is reinvested to help achieve
the social objective of the business.
Stakeholder Groups
Specific groups of people who have a genuine interest in the activities of a particular business
and who will be affected by the activities of the business. Examples include owners, employees,
customers, lenders, government, suppliers, management and community.
Consumer Goods and Services Market
This is where households purchase the goods/services they desire and businesses try to meet
their demand by selling the goods/services in store, online etc.
Capital Goods Market
This in an industrial market selling tangible goods required by businesses who supply the
consumer goods market. Items include machinery, equipment, vehicles and tools.
Labour Market
This is where those seeking work can interact with employers who are competing to hire them.
Demand
The desire to own anything, the ability to pay for it, and the willingness to pay.
Supply
The quantity of products which suppliers make available to the market at any given price.
Equilibrium Price
, The price at which the quantity demanded by consumers is equal to the quantity supplied.
Mass Market
A broad, non-targeted, non-segmented market.
Niche Market
A business aims their product at a narrow or focused subset of a larger market sector.
Quality
Providing goods/services that satisfy the consumers needs and expectations.
TQM (Total Quality Management)
A culture of quality embraced by everyone within an organisation. The emphasis is on 'getting it
right' first time to make the organisation more cost efficient and to build up a good reputation
for high quality products/services.
Quality Assurance
Processes established throughout the organisation to ensure that all activities associated
with producing/supplying goods or services meet the highest possible standard of quality for
customers.
Quality Control
Operational checks carried out at various stages of the products manufacture to ensure
all errors are eliminated and the highest standards of quality has maintained.
ISO 9000
A series of quality standards developed by the International Organisations for Standardisation
that are designed as a guide to ensure quality of products, services and management in a
wide range of organisations.
Productivity
Questions and Answers
Social Enterprise
A business venture established to address a social issue within a community or to improve
the quality or life for citizens or the environment. All profit made is reinvested to help achieve
the social objective of the business.
Stakeholder Groups
Specific groups of people who have a genuine interest in the activities of a particular business
and who will be affected by the activities of the business. Examples include owners, employees,
customers, lenders, government, suppliers, management and community.
Consumer Goods and Services Market
This is where households purchase the goods/services they desire and businesses try to meet
their demand by selling the goods/services in store, online etc.
Capital Goods Market
This in an industrial market selling tangible goods required by businesses who supply the
consumer goods market. Items include machinery, equipment, vehicles and tools.
Labour Market
This is where those seeking work can interact with employers who are competing to hire them.
Demand
The desire to own anything, the ability to pay for it, and the willingness to pay.
Supply
The quantity of products which suppliers make available to the market at any given price.
Equilibrium Price
, The price at which the quantity demanded by consumers is equal to the quantity supplied.
Mass Market
A broad, non-targeted, non-segmented market.
Niche Market
A business aims their product at a narrow or focused subset of a larger market sector.
Quality
Providing goods/services that satisfy the consumers needs and expectations.
TQM (Total Quality Management)
A culture of quality embraced by everyone within an organisation. The emphasis is on 'getting it
right' first time to make the organisation more cost efficient and to build up a good reputation
for high quality products/services.
Quality Assurance
Processes established throughout the organisation to ensure that all activities associated
with producing/supplying goods or services meet the highest possible standard of quality for
customers.
Quality Control
Operational checks carried out at various stages of the products manufacture to ensure
all errors are eliminated and the highest standards of quality has maintained.
ISO 9000
A series of quality standards developed by the International Organisations for Standardisation
that are designed as a guide to ensure quality of products, services and management in a
wide range of organisations.
Productivity
