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Supplier - A business which sells products to another business., Franchise - The right given by one business to another to sell goods or services using its name., Respondents - Those who provide data for a survey usually by answering questions in a questionnaire or interview., Innovation - The process of transforming inventions into products., Insolvency - When a business can no longer pay its debts., Leasing - Renting equipment or premises., Surplus - When the demand for a good or service is less that the available supply., Stakeholder - An individual or group which have an interest in and is affected by the activities of a business., Demand - The amount of consumers are willing and able to buy at any given price., Motivation - In work, the desire to complete a task and meet the needs of the business consistently., Questionnaire - A list of questions to be answered by respondents, designed to gather information about consumers' tastes., Survey - Research involving asking people questions of people or organisations., Franchisor - The business that gives franchisees the right to sell its product, in return for a fixed sum of money or a royalty payment., USP - A characteristic of a product that make it different from other similar products being sold in the market., Mindmap - A diagram that is used to record words and ideas connected to a central word or idea., Patent - Right of ownership of an invention or process when it is registered with the government., Copyright - Legal ownership of material such as books, music and films which prevents these being copied by others.,

GCSE Business Studies Unit 1




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