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chapter 1

people in business

TermDefinition
entrepreneur a person who spots a gap in the market and takes personal and comes up with an idea to fill the gap
investor a person who invests money into a business in return they get dividends of the business
employer employs staff to work in the business
employee a person who works in a business in exchange for a salary or wage
producer a person who takes raw materials and turns them into a finished product
consumer a person who buys goods and services for their own use
manager the person responsible for the day to day running of a business
supplier the person who supplies the business with raw materials
equity capital money invested into a business by an individual in return for the entitlements to shares in a business.[dividends]
grant Money given from the government to an entrepreneur that doesn’t need to be paid back as long as they meet certain requirements eg. create so many jobs.
loan capital Entrepreneur takes a loan from investor and pays it back with interest.
competitive relationship two stakeholders in a business who are working towards different goals this creates a win-lose situation.
co-operative relationship two stakeholders that work together towards a mutual common goal this creates a win-win situation
dynamic relationship two stakeholders whos relationship is constantly changing
trade association an interest group set up to represent the interests of all firms in an industry
dependent relationship the stakeholders rely on eachother to reach a goal
interest group they attempt to influence government and other businesses to further the interest of their members
Created by: lilyohora
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