Test 1
Unit 1: Chapter 1
Entrepreneur An individual who has the idea for a new business, starts it up
an carries most of the risks but benefits from the rewards
Customer An individual consumer or organization that purchases goods or
services from a business
Consumer An individual who purchases goods or services for personal
use
Consumer goods The physical and tangible goods sold to consumers that are
not intended for resale. (These include durable consumer
goods, such as cars and washing machines, and non-durable
consumer goods, such as food, drinks and sweets, that can be
used only once)
Consumer service The non-tangible product sold to consumers that are not
intended for resale. (These include hotel accommodation,
insurance services and train journeys)
Factors of production The resources needed by business to produce goods or
services
Capital goods The physical goods used by industry to aid in the production
of the other goods and services, such as machines and
commercial
Enterprise The action of showing initiative to take the risk to set up a
business
Adding value Increasing the difference between the cost of bought-in inputs
(materials) and the selling price of the finished goods
Added value The difference between the cost of purchasing bought-in inputs
(materials) and the selling price of the finished goods
Branding The process of differentiating a product by developing a
symbol, name, image or trademark for it
Opportunity cost The next most desired option that is given up
Multinational business A business organization that has its headquarters in one
country, but with operating branches, factories and
assembly plants in other countries
Intrapreneur A business employee who takes direct responsibility for
turning an idea into a profitable new product or business
venture
Innovation Is important for the success of any enterprise
, Business plan A written document that describes a business, its objectives,
its strategies, the market it is in and its financial forecasts
SYN
Sole proprietor = sole trader
To buy = to purchase
Controlled economy = planned economy
Manufacturing = the secondary sector of the economy
The public industry = the public sector
Fledgling industry = infant industry
Policy-owned = state-owned
Equity = share capital
To set up a company = to start up a company
Subsidies = grants = debentures
ANT
Franchisee =/ franchisor
Abundance =/ scarcity
To set up a business =/ to go bankrupt
Service industry =/ manufacturing industry
Private industry =/ public industry
International industry =/ domestic industry
Entrepreneur =/ costumer
Industrialisation =/ deindustrialisation
Free trade =/ protectionism
To thrive =/ to fail
Labour-intensive industry =/ capital-intensive industry
Natural resources =/ financial resources
Perfect market =/ imperfect market
Full price =/ reduced price
National trade =/ international trade
Private service =/ public service
Commercial service =/ community service
, SUP
Timber, coal, livestock = natural resources
Machinery, vehicles, buildings, computers = capital goods
Profit, growth, triple bottom line = business objectives
Defense, construction = secondary industry
Health care, retailing, transport = tertiary industry
Farming, fishing, mining = primary industry
HYP
Benefits of entrepreneurship = profit
Domestic industries = plastic or metal manufacturers, energy-related businesses
Public sector organizations = education
Privately-owned company = public limited company, private limited company
Trade barrier = taxes, culture
Free trade bloc = the EU
Word construction
Administrative administrate
Entrepreneurial entrepreneurship
Accountable accountability
Expansion expansionary
Economy economic economically economics economies economize
economists economical
Compete competition competitive
Intervention
Profit profitability
Scarce scarcity
Extra words
With goods = with painted equipment (washing machines)
Captain of industry = an important business runner with a lot of influence
Economies of scale = the advantage of large scale production
Fair trade = aims at sustainable development, using awareness raising and by campaigning
Unit 1: Chapter 1
Entrepreneur An individual who has the idea for a new business, starts it up
an carries most of the risks but benefits from the rewards
Customer An individual consumer or organization that purchases goods or
services from a business
Consumer An individual who purchases goods or services for personal
use
Consumer goods The physical and tangible goods sold to consumers that are
not intended for resale. (These include durable consumer
goods, such as cars and washing machines, and non-durable
consumer goods, such as food, drinks and sweets, that can be
used only once)
Consumer service The non-tangible product sold to consumers that are not
intended for resale. (These include hotel accommodation,
insurance services and train journeys)
Factors of production The resources needed by business to produce goods or
services
Capital goods The physical goods used by industry to aid in the production
of the other goods and services, such as machines and
commercial
Enterprise The action of showing initiative to take the risk to set up a
business
Adding value Increasing the difference between the cost of bought-in inputs
(materials) and the selling price of the finished goods
Added value The difference between the cost of purchasing bought-in inputs
(materials) and the selling price of the finished goods
Branding The process of differentiating a product by developing a
symbol, name, image or trademark for it
Opportunity cost The next most desired option that is given up
Multinational business A business organization that has its headquarters in one
country, but with operating branches, factories and
assembly plants in other countries
Intrapreneur A business employee who takes direct responsibility for
turning an idea into a profitable new product or business
venture
Innovation Is important for the success of any enterprise
, Business plan A written document that describes a business, its objectives,
its strategies, the market it is in and its financial forecasts
SYN
Sole proprietor = sole trader
To buy = to purchase
Controlled economy = planned economy
Manufacturing = the secondary sector of the economy
The public industry = the public sector
Fledgling industry = infant industry
Policy-owned = state-owned
Equity = share capital
To set up a company = to start up a company
Subsidies = grants = debentures
ANT
Franchisee =/ franchisor
Abundance =/ scarcity
To set up a business =/ to go bankrupt
Service industry =/ manufacturing industry
Private industry =/ public industry
International industry =/ domestic industry
Entrepreneur =/ costumer
Industrialisation =/ deindustrialisation
Free trade =/ protectionism
To thrive =/ to fail
Labour-intensive industry =/ capital-intensive industry
Natural resources =/ financial resources
Perfect market =/ imperfect market
Full price =/ reduced price
National trade =/ international trade
Private service =/ public service
Commercial service =/ community service
, SUP
Timber, coal, livestock = natural resources
Machinery, vehicles, buildings, computers = capital goods
Profit, growth, triple bottom line = business objectives
Defense, construction = secondary industry
Health care, retailing, transport = tertiary industry
Farming, fishing, mining = primary industry
HYP
Benefits of entrepreneurship = profit
Domestic industries = plastic or metal manufacturers, energy-related businesses
Public sector organizations = education
Privately-owned company = public limited company, private limited company
Trade barrier = taxes, culture
Free trade bloc = the EU
Word construction
Administrative administrate
Entrepreneurial entrepreneurship
Accountable accountability
Expansion expansionary
Economy economic economically economics economies economize
economists economical
Compete competition competitive
Intervention
Profit profitability
Scarce scarcity
Extra words
With goods = with painted equipment (washing machines)
Captain of industry = an important business runner with a lot of influence
Economies of scale = the advantage of large scale production
Fair trade = aims at sustainable development, using awareness raising and by campaigning
