A/AS Level Business Studies - Chapter 2 - Business Structure (some A-Level material)

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Public corporation

a business enterprise owned and controlled by the state - also known as nationalized industry

Partnership

a business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities

Sole trader

a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits

Holding company

a business organisation that owns and controls a number of separate businesses, but does not unite them into one unified company

Franchise

a business that uses the name, logo and trading systems of an existing successful business

Public limited company

a limited company, often a large business, with the legal right to sell shares to the general public - shares prices are quotes on the national stock exchange

Shareholder

a person or institution owning shares in a limited company

Voluntary export limits

an exporting country agrees to limit the quantity of certain goods sold to one country

Mixed economy

economic resources are owned and controlled by both private and public sectors

Command economy

economic resources are owned, planned and controlled by the state

Free-market economy

economic resources owned largely by the private sector with very little state intervention

Primary sector

firms engaged in extracting raw materials to be used and processed by other firms, e.g. farming, fishing

Secondary sector

firms that manufacture and process raw materials, e.g. construction, baking

Tertiary sector

firms that provide services to consumers and other businesses, e.g. retailing, insurance, telecommunications

Quotas

limits on the physical quantity or value of certain goods that may be imported

Free trade

no restrictions or trade barriers exist that might prevent or limit trade between countries

Privatisation

selling state-owned and controlled business organisations to investors in the private sector

Tariffs

taxes imposed on imported goods to make them more expensive than they would otherwise be

Globalisation

the increasing freedom of movement of goods, capital and people around the world

Limited liability

the only liability - or potential loss - a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder

Joint venture

two or more businesses agree to work closely together on a particular project and create a separate business division to do so

Share

a certificate confirming part ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights

Private limited company

a small to medium-sized business that is owned by shareholders who are often members of the same family. This company is unable to sell shares to the general public

Multinational business

business organisation that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries

Private sector

comprises of businesses owned and controlled by individuals or groups of individuals

Public sector

comprises of organisations accountable to and controlled by central or local government

Public-private partnerships

these are government services or business ventures that are funded and managed through a partnership of government and one or more private-sector companies

Articles of Association

this document covers the internal workings and control of the business - for example, the names of directors and the procedures to be followed at meetings will be details

Memorandum of Association

this states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorization and the declared aims of the business

Protectionism

using barriers to free trade to protect a country's own domestic industries


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