Unit 3 Key words

3. A named product which consumers see as different from others
5. Where a supplier gives a customer a period of time to pay for a bill for goods or services once they have been delivered.
6. Also known as income Price x quantity
8. A cost which changes by output e.g stock
10. Sales revenue- Total costs
13. Actual output- Breakeven output
17. businesses which buy in bulk ad then sell stock on in smaller quantities to retailers
18. borrowing money from a bank by drawing more money that is actually in a current account. Interest is charged.
20. Research involving asking questions
21. ideas about what is morally right in business

1. A company which is not listed on the stock exchange
2. A small group of the total population which is selected to take part in market research
3. The point when total revenue= total costs calculated by: Fixed costs divided by (selling price- variable cost per unit)
4. One way of measuring the success of a businesses operations, it is calculated by Total output divided by number of workers
7. Differentiating a product from rivals
9. Giving more responsibility to workers further down the chain of command in a hierarchy
11. Payment system where earning determined by how much sales staff sell
12. A method of import protection which places taxes on goods brought into the country
14. workers in the hierarchy who work under the control of a more senior worker
15. A cost which does not change by output e.g rent
16. A company which is listed on the stock exchange
19. Products on the boston matrix which has low market share and low market growth