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Edexcel GCSE Business Theme 2

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Edexcel GCSE Business Theme 2 2.1.1 Internal growth Where a business grows by selling more products, launching new products or opening more stores. 2.1.1 External growth Where a business grows by tak... ing over or merging with another business. 2.1.1 Market share The percentage of total market sales belonging to one business. 2.1.1 Brand awareness The number of potential consumers who know about a business / product. 2.1.1 Product portfolio The range of products a business has available for sale. 2.1.1 Research and development The scientific research and technical development needed to come up with new ideas 2.1.1 Merger Where two businesses decide to combine to make one new business. 2.1.1 Takeover Where one business buys more than 50% of the share capital of a business 2.1.2 Aim An aim is the long term goal for an organisation 2.1.2 Objective An objective is the medium/long term target that a business sets 2.1.2 SMART Specific, Measurable, Achievable, Relevant, Timed 2.1.2 Redundancy Where an employee is released as their job is no longer required. 2.1.2 Dismissal Where an employee is released due to misconduct 2.1.3 Globalisation Where different countries trade with each other to buy and sell global goods and services. 2.1.3 Imports Buying in materials or goods from overseas 2.1.3 Exports Selling goods or materials to overseas 2.1.3 Exchange rates The value of one currency in relation to another 2.1.3 MEDCs More economically developed countries 2.1.3 LEDCs Less economically developed countries 2.1.3 Tariffs A tax on imports 2.1.3 Quotas A limit on imports 2.1.3 Protectionism Where a country imposes barriers to restrict international trade 2.1.3 Trade liberalization Where a country removes barriers to have free trade 2.1.3 Trading bloc A formal agreement between countries to work together on trade 2.1.4 Opportunity cost What is sacrificed when a decision is made 2.1.4 Trade off Where the more you have of one thing, the less you have of another 2.1.4 Ethics What is "morally right" - The right [Show More]

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