Business Logbook

Unit1

1. Business: A business is an organization set up by one or more people to produce

and/or sell goods and services.

2. Goals: The purpose is usually express as goals of business.

3. Aims: Business aims are the broad goals a business wants to achieve.

4. Objectives: Business objectives are the precise steps a business needs to take in

order to achieve the stated aims.

5. Industry Sector: One way to classified business. Industries may be categorized as

either primary, secondary or tertiary.

6. Primary: exploits nature resources. Provides the raw materials needed in other

industries agriculture.

7. Secondary: using raw materials to manufacture goods.

8. Tertiary: Provides services for the economy. Covers everything that is not included

in primary and secondary industries. Includes transport and information processing.

9. Legal Structure: Second way which has five main structure sole trader, partnership,

private company, public company, franchise.

10. Sole Trader: An individual owns and runs the business.

11. Partnership: 2 people or more usually limited to maximum of 20. Usually found in

professional services.

12. Private Company: A proprietary limited company, buying and selling of shares

subject and usually family business.

13. Public Company: Their share listed on the stock exchange, usually multinational

companies.

14. Franchise: A type of business where a company with successful product/services

sells company permission to that product in a given area.

15. Size: Third way. Business category has large, medium, small and micro four

scales.(depends on the population of the country)

16. Prime Function: A prime function is the main activity in which a business is

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involved.

17. Mission Statement: The mission statement sets out the main purpose and goals of

the business.

18. Prime function: It is the main activity in which a business is involved.

Unit 2

1. Economy: The national economy is simply the economic.

2. Microeconomics: Microeconomics is concerned with the ground-level purchasing

decisions of people and business.