What is meant by the term 'economies of scale'?

The cost advantages a business can achieve by

increasing the scale of production and spreading fixed
costs over a greater number of units produced.

What is a 'breakeven point'?

The level of sales at which total revenue equals total
costs, resulting in neither a profit nor a loss.

What is 'cash flow'?

The movement of cash in and out of a business,
including receipts and payments of cash.

What is a 'budget'?
A financial plan for a business that sets out expected revenue and
costs over a given period of time.

What is a 'marketing mix'?

The combination of product, price, promotion, and place
(distribution) used by a business to achieve its marketing objectives.

 What is a 'SWOT analysis'?

A strategic planning tool that evaluates a business's strengths,
weaknesses, opportunities, and threats to inform decision-making.

What is 'vertical integration'?

When a business controls different stages of the production and
distribution process, from raw materials to finished products.

What is 'corporate social responsibility'?

The idea that businesses have a responsibility to consider the impact
of their actions on society and the environment, beyond simply
making a profit.

What is 'globalisation'?
The process by which businesses, cultures, and economies become
increasingly interconnected and interdependent.

What is a 'joint venture'?

A business arrangement in which two or more businesses agree to

combine resources and share profits and losses for a specific project
or business activity.