Key terms so far

2. flow of money into and out of a business
4. areas of land that were once used for urban development
5. value of one currency in terms of another
7. business organisations that have a separate legal identity from that of their owners
10. owner of a business is personally liable for all business debts
14. costs that do not vary with the level of output
15. market where it is more efﬁcient to have just one organisation meeting total market demand
16. growing integration of the world’s economies
17. the activity of starting and running businesses
18. physical products, such as a mobile phone, a packet of crisps or a pair of shoes
19. partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business
20. share of the profit paid to shareholders in a company

1. structure in which a business (the franchisor) allows another operator (the franchisee) to trade under their name
3. where there is no legal difference between the owner and the business
6. business that has a separate legal identity from that of its owners
8. business that aims to improve human or environmental well-being, charities for example
9. transfer of public sector resources to the private sector
11. resources used or owned by a business, such as cash, stock, machinery, tools and equipment
12. making enough profit to satisfy the needs of the business owner(s)
13. process of a company 'going public’