Directors for the coming year.

Assets Items of value that are owned by the business. They may be
non-current (fixed) assets or (short-term) current assets.
Break-even point The level of sales at which total costs = total revenue.
Currency appreciation Occurs when the value of a currency rises - it buys more of

profit tax.
 usually for not working in accordance with the employment contract.

are produced than in the previous year.

There exist unlimited wants but limited resources to produce the
Economic problem goods and services to satisfy those wants. This creates scarcity.
Exports Goods and services sold from one country to other countries.

four factors of production and they are in limited supply.

Horizontal integration One business mergers with or takes over another one in the
same industry at the same stage of production.

A financial statement that records the income of a business

Income statement

business's activities, customs and precedures and introducing them

to their follow workers.
over time.
 Techniques used by businesses to cut down on waste
and therefore increase efficiency, for example,
by reducing the time it takes for a product to be developed and
Lean production

business.
A financial plan for the marketing of a product or product
Marketing budget
Non-current assets Items owned by the business for more than one year.
 is always recommended.

This sector of industry extracts and uses the natural resources of

Primary sector Earth to produce raw materials used by other businesses.
Social benefits External benefits + private benefits
 tasks and responsibilities to them.

Unlimited liability The owners of a business can be held responsible for the

Unincorporated business One that does not have a separate legal identity. Sole traders and
partnerships are unincorporated businesses.