2441373
Description
Flashcards by Lauren Thrower, updated more than 1 year ago
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Created by Lauren Thrower
over 9 years ago
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| Question | Answer |
| Lateral Thinking | Thinking differently to find new and unexpected ideas. |
| De Bono's Six Thinking Hats | Red - Emotions, gut feelings Blue - Thinking about what they want Green - Getting around a problem creatively Grey - Difficulties White - Facts Yellow - Positive aspects |
| Patents | Right of ownership of an invention, design or process when it is registered with the government. |
| Invention and Innovation | Research and Development = Invention = Potential products and processes = Innovation = Products ready to sell to customers |
| Franchise | - Ready made business. Advantages: - Ready made business - Training - Equipment - Ongoing support - Access to goods/services - Advertising/promotion - Operate in an exclusive area |
| Franchisee | - A business that agrees to manufacture, distribute or provide a branded product, under licence by a franchisor |
| Franchisor | The business that give franchisees the right to sell its products or service. |
| Unlimited Liability | Sole traders are businesses owned by one person, the owner has unlimited liability. The owner is responsible for all debts, therefore they could lose belongings to pay for debts. |
| Limited Liability | Private limited companies have limited liability. Any debts by the business belong to the business so the owner can only lose how much they invested. |
| Supply | Amount that sellers are willing and able to sell at any given price. |
| Demand | Amount that buyers are willing and able to purchase at any given price. |
| Commodity Markets | Markets for raw materials, such as oil, steel and wheat in production of other goods. |
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