3,131 simple definitions with practical examples, covering nine Cambridge and Pearson Edexcel subject collections. Browse alphabetically, search for a term, or filter by subject and chapter.
3,131 simple definitions with practical examples, covering nine Cambridge and Pearson Edexcel subject collections. Browse alphabetically, search for a term, or filter by subject and chapter.
3,131 terms shown
A system using a.m. and p.m. to distinguish morning and afternoon.
Example: 14:00 in the 24-hour clock is 2:00 p.m.
A way of stating time using hours from 00 to 23.
Example: 8:30 p.m. is 20:30.
A workplace-organisation method: sort, set in order, shine, standardise and sustain.
Example: Workers label storage spaces so tools are easy to find.
A triangle similarity rule: two matching angles are equal.
Example: Two triangles with angles 40° and 60° both have the same shape.
Invalid values that a system should reject or handle safely.
Example: Entering letters instead of a number is abnormal data.
Invalid data that should be rejected.
Example: Age 25 is abnormal data for an 11–18 range.
Paid advertising through mass media such as television or radio.
Example: A national television campaign promotes a new snack.
Paid advertising through mass media such as television or radio.
Example: A national television campaign promotes a new snack.
Time employees are absent when they were expected to work.
Example: Repeated unplanned absences disrupt a factory shift.
Producing a good using fewer resources than another producer.
Example: One farm grows more wheat per hectare than another.
Producing a good using fewer resources than another producer.
Example: One farm grows more wheat per hectare than another.
The size of the difference between an estimated or measured value and the exact value.
Example: If the exact length is 10 and the estimate is 9.8, the absolute error is 0.2.
The actual money amounts shown in financial statements, before expressing them as ratios.
Example: A profit of $20,000 is an absolute figure.
Being unable to afford the basic essentials for living.
Example: Someone lacks enough money for food and safe shelter.
Being unable to afford the basic essentials for living.
Example: Someone lacks enough money for food and safe shelter.
Focusing on the important details while leaving out unnecessary ones.
Example: A road map shows routes but not every tree.
The change in velocity each unit of time.
Example: Increasing speed from 4 to 10 m/s in 3 s gives 2 m/s² acceleration.
The idea that firms' investment responds to changes in demand or output.
Example: Rising sales encourage a manufacturer to buy more machines.
The time a storage device takes to locate and begin reading data.
Example: An SSD usually has lower access time than a tape drive.
Designing information and technology so people with different needs can use it.
Example: Subtitles help someone who cannot hear a video.
The difference between the debit and credit totals in an account.
Example: If cash debits total $600 and credits $200, the debit balance is $400.
Being required to explain and take responsibility for actions and results.
Example: Directors report company performance to shareholders.
Being required to explain and take responsibility for actions and results.
Example: Directors report company performance to shareholders.
Recording and using financial information to understand how a business is doing.
Example: An owner checks accounts to decide whether to expand.
The rule that assets equal capital plus liabilities.
Example: Assets $12,000 = capital $8,000 + liabilities $4,000.
An informed judgement used where an exact amount is unknown.
Example: A company estimates the useful life of a delivery van.
A rule or approach used to measure and record a financial item.
Example: Two firms may choose different depreciation methods.
A set length of time for which a business prepares accounting reports.
Example: A company prepares accounts for 1 January to 31 December.
A specific method a business chooses to apply accounting principles.
Example: A firm chooses straight-line depreciation for machines.
Average annual accounting profit as a percentage of the investment measure used.
Example: Average profit of $2,000 on $20,000 initial cost gives 10% ARR.
A calculation comparing figures from financial statements to help assess performance.
Example: Comparing gross profit with revenue gives gross margin.
Amounts a business owes suppliers for purchases made on credit.
Example: A café owes its coffee supplier £500.
Amounts owed to a business by customers who bought on credit.
Example: A wholesaler is owed £800 by a retailer that bought on credit.
An expense or income belonging to the current period but not yet paid or received.
Example: December electricity used but paid in January is an accrual.
An expense incurred but not paid by the end of the accounting period.
Example: $120 wages still owed at year-end are an accrued expense.
Income earned but not yet received by the end of the period.
Example: Rent for December due in January is accrued income.
The total depreciation charged on an asset since it was bought.
Example: An asset has $900 accumulated depreciation after three years.
The total depreciation charged on an asset since it was bought.
Example: An asset has $900 accumulated depreciation after three years.
A club's total funds built up from past surpluses and contributions, less deficits.
Example: Assets of $9,000 minus liabilities of $2,000 give a $7,000 fund.
A CPU register used for intermediate calculation results.
Example: The result of an addition may be stored in the accumulator.
A variable used to build up a total or result.
Example: total ← total + price updates the running sum.
A liquidity ratio that excludes inventory from current assets.
Example: A firm removes stock from current assets before comparing with current liabilities.
A liquidity ratio that excludes inventory from current assets.
Example: A firm removes stock from current assets before comparing with current liabilities.
Current assets excluding inventory, divided by current liabilities.
Example: Quick assets of $40,000 and liabilities of $20,000 give 2:1.
A message confirming that data was received.
Example: A device sends an acknowledgement after a valid packet.
An increase in real GDP produced over a period.
Example: A country producing 3% more real output in a year has actual growth.
An output device that causes a physical action.
Example: A motor opens a barrier when instructed.
A component that makes a physical action happen after receiving a control signal.
Example: A motor opens an automatic greenhouse window.
An angle bigger than 0° but smaller than 90°.
Example: 45° is acute.
An indirect tax charged as a percentage of a product's price.
Example: A 10% sales tax adds $5 to a $50 product.
Forecasts formed largely from what happened previously.
Example: After several years of high inflation, workers expect more price rises.
The extra value a business creates by selling a product for more than the cost of its bought-in materials.
Example: A café turns $2 of ingredients into a $6 sandwich.
The difference between what a business sells an item for and the cost of bought-in materials and components.
Example: A chair sells for $80 after $35 of materials, adding $45 of value.
The extra value a business creates by selling a product for more than the cost of its bought-in materials.
Example: A café turns $2 of ingredients into a $6 sandwich.
Combining quantities to find their total.
Example: 7 + 5 = 12.
Extra money or assets introduced into the business by the owner.
Example: The owner adds another $2,000 of savings.
Costs of running the office and managing the business.
Example: Office rent and administrative salaries are expenses.
When hidden information leads to higher-risk participants being overrepresented.
Example: High-risk customers may be more likely to buy insurance at a single price.
A difference that worsens the business's position compared with the budget.
Example: Material costs are $900 higher than budgeted.
Paid messages designed to inform or persuade an audience.
Example: A business pays for an online video advert.
Paid messages designed to inform or persuade an audience.
Example: A business pays for an online video advert.
Software that shows unwanted advertising, sometimes excessively.
Example: An unwanted program keeps opening advert windows.
Grouping customer debts by how long they have been unpaid.
Example: Invoices are sorted into 0–30, 31–60 and over 60 days.
A population with a rising proportion of older people.
Example: Longer life expectancy increases the share of elderly residents.
A population with a rising proportion of older people.
Example: Longer life expectancy increases the share of elderly residents.
A person or business that arranges sales on behalf of another.
Example: A travel agent books holidays for customers.
Total planned spending on an economy's output at each overall price level.
Example: AD includes household consumption, investment, government spending and net exports.
Total intended spending on goods and services in an economy.
Example: A rise in investment raises aggregate expenditure.
Total output firms are willing and able to produce at each overall price level.
Example: AS may rise when businesses hire more workers and increase production.
Mathematics using letters and symbols to represent numbers and relationships.
Example: In x + 3 = 7, x represents an unknown number.
A fraction containing letters in its numerator, denominator or both.
Example: (x + 2)/3 is an algebraic fraction.
A clear sequence of steps used to solve a problem.
Example: A recipe for sorting names alphabetically is an algorithm.
Planning clear steps that solve a problem correctly.
Example: A student designs a routine to calculate a total bill.
When resources produce the goods and quantities society values most, often where social marginal benefit equals social marginal cost.
Example: A market is allocatively efficient when MSB equals MSC.
How prices guide scarce resources towards products people value relatively highly.
Example: Rising demand raises prices and attracts firms into the market.
Angles on opposite sides of a transversal between parallel lines; they are equal.
Example: An alternate angle to 45° is 45°.
The angle between a tangent and chord equals the angle in the opposite segment of the circle.
Example: An angle of 35° between tangent and chord gives 35° in the alternate segment.
Information that changes smoothly and continuously.
Example: The temperature outside changes continuously.
A signal that changes continuously.
Example: The air pressure variations in a person's voice are analogue.
A component that changes analogue readings into digital values.
Example: An ADC converts a temperature sensor's voltage into numbers.
A device that changes a continuously varying signal into digital values.
Example: A temperature sensor's signal is converted for a computer.
Understanding the problem and what the solution must do.
Example: A developer lists the inputs and outputs for an app.
A gate that outputs 1 only when every input is 1.
Example: 1 AND 1 gives 1.
An angle with its vertex at the circle's centre.
Example: A central angle is twice an angle at the circumference on the same arc.
A line that divides an angle into two equal angles.
Example: A bisector divides 80° into two 40° angles.
The angle measured downward from a horizontal line to something below you.
Example: Looking down from a balcony forms an angle of depression.
The angle measured upward from a horizontal line to something above you.
Example: Looking up at a tall building forms an angle of elevation.
A yearly meeting where company shareholders can discuss important matters and vote.
Example: Shareholders vote on directors at the annual general meeting.
A yearly meeting where company shareholders can discuss important matters and vote.
Example: Shareholders vote on directors at the annual general meeting.
A yearly report explaining a company's activities, results and financial position.
Example: Shareholders read the annual report before voting.
A framework comparing ways to grow using existing or new products and markets.
Example: A retailer sells existing products in a new country.
Software that helps detect, block and remove malicious programs.
Example: Security software quarantines an infected file.
Software that detects and helps remove computer viruses and other malware.
Example: An anti-virus scan warns about an infected download.
Opening a file to add new data to the end.
Example: A log file receives another entry without losing older ones.
A document used by a person applying for a job.
Example: A candidate lists experience on the employer's application form.
Software that helps users carry out particular tasks.
Example: A word processor is application software.
Programs used to complete a task for the user.
Example: A spreadsheet helps a student calculate costs.
A formal review of an employee's performance and development needs.
Example: A manager discusses targets at an annual appraisal.
When a currency rises in value compared with another currency.
Example: A stronger local currency makes imported goods cheaper.
When a currency rises in value compared with another currency.
Example: A stronger local currency makes imported goods cheaper.
A partnership account showing how profit is divided between partners.
Example: The account deducts partners' salaries before sharing remaining profit.
A value that is close to the exact answer.
Example: 3.14 is an approximation for π.
Part of a circle's curved edge.
Example: A semicircle is an arc spanning half a circle.
The amount of flat space inside a shape.
Example: A 4 cm by 3 cm rectangle has area 12 cm².
The square of the length scale factor.
Example: If lengths triple, areas become 9 times as large.
A squared unit used to measure a flat surface.
Example: A floor can cover 20 m².
The CPU component that performs calculations and logic operations.
Example: The ALU adds two numbers or compares values.
A sequence with the same difference between consecutive terms.
Example: 5, 8, 11, 14 increases by 3 each time.
A collection of values stored under one name and accessed by index.
Example: scores[1] stores one score in an array.
The lowest and highest valid index positions of an array.
Example: A ten-item array might use indexes 1 to 10.
Computer systems that perform tasks associated with human intelligence, such as recognising patterns or making decisions.
Example: A system recognises faces in photographs.
Computer technology designed to perform tasks that normally require human intelligence.
Example: A photo app recognises objects in an image.
Arranging numbers from smallest to largest.
Example: −2, 1, 5 is ascending order.
A character code used to represent letters, digits and symbols.
Example: Standard ASCII uses 7 bits for a character.
A program that translates assembly language into machine code.
Example: An assembler converts symbolic instructions for a processor.
A low-level language using short instruction names.
Example: MOV is an assembly instruction on some processors.
Something valuable that a business owns or controls.
Example: A delivery van is an asset.
Something valuable a business owns or controls.
Example: Cash and machinery are assets.
Spending that increases an asset's usefulness or capacity.
Example: Adding a larger motor to machinery can be capital expenditure.
Storing a value in a variable.
Example: total ← 10 assigns 10 to total.
Encryption that uses a related public key and private key.
Example: A sender encrypts data with the recipient's public key.
When one party to a transaction knows more relevant information than the other.
Example: A used-car seller knows about a fault the buyer cannot see.
A straight line a curve approaches but does not reach in that direction.
Example: For y = 1/x, the y-axis is a vertical asymptote.
Thinking about who will use information so it is suitable for them.
Example: A designer chooses clear language for younger students.
A meeting using sound but not necessarily video.
Example: A team holds a voice-only conference call.
Independent professionals who examine financial records and provide an audit opinion.
Example: Auditors assess whether a company's accounts are fairly presented.
Digital information placed over a view of the real world.
Example: A phone shows directions over a live camera view.
Checking that a person or device is who it claims to be.
Example: Entering a password can authenticate a user.
The official power to make decisions and give instructions.
Example: A department head can approve purchases up to $2,000.
The official power to make decisions and give instructions.
Example: A department head can approve purchases up to $2,000.
A style where the leader makes decisions with little consultation.
Example: A leader gives direct instructions during an emergency.
A leadership style where the leader makes decisions with little employee input.
Example: A manager sets the schedule without consulting staff.
A style in which a manager makes decisions with little staff input.
Example: A manager decides shift patterns without consultation.
A system that monitors inputs and controls a process with little human involvement.
Example: An automatic greenhouse controls watering.
A machine that provides banking services without a cashier.
Example: A customer withdraws cash at an ATM.
A system that changes an output in response to sensor readings.
Example: A heater switches on when a room gets too cold.
Technology that reads vehicle registration numbers from images.
Example: A car park recognises a vehicle's number plate.
A system that asks for data to be sent again when an error is detected.
Example: The receiver requests another copy of a damaged packet.
Taxes and government benefits that soften economic fluctuations without new policy decisions.
Example: During a recession, tax receipts fall and unemployment benefits rise.
Using machines or computers to perform tasks with little human involvement.
Example: Robots weld car parts in a factory.
Using machines or computers to perform tasks with little human involvement.
Example: Robots weld car parts in a factory.
A robot that can make some decisions and operate without continuous human control.
Example: A robot vacuum navigates around furniture.
Spending that does not depend directly on the current level of national income.
Example: Government orders may rise even before household income changes.
A train controlled automatically by computer systems.
Example: A metro train moves between stations automatically.
A vehicle that uses sensors and computers to drive with limited or no human control.
Example: A driverless shuttle follows its planned route.
Total cost divided by the number of units produced.
Example: A total cost of $2,000 for 100 units gives $20 per unit.
Total cost divided by the number of units produced.
Example: $1,000 to make 100 items means an average cost of $10.
The cost per unit produced.
Example: A total cost of $600 for 100 items means $6 per item.
Total cost divided by the number of units produced.
Example: $1,000 to make 100 items means an average cost of $10.
The cost per unit produced.
Example: A total cost of $600 for 100 items means $6 per item.
Fixed cost per unit of output, which falls as output rises.
Example: A $1,000 monthly rent spread over 100 items is $10 per item.
Output produced per unit of an input.
Example: 100 items made by five workers means average product of 20 items.
The share of total disposable income spent on consumption.
Example: Spending $900 of $1,000 income gives APC of 0.9.
The share of total disposable income saved.
Example: Saving $100 of $1,000 income gives APS of 0.1.
Revenue received per unit sold.
Example: $300 revenue from 30 units gives average revenue of $10.
Revenue received per unit sold.
Example: $300 revenue from 30 units gives average revenue of $10.
Variable cost divided by the number of units produced.
Example: $800 variable cost over 100 items gives AVC of $8.
A line around which a solid or shape has a symmetry property.
Example: A circular cylinder has a central symmetry axis.
Long-term storage that keeps files when the computer is off.
Example: An SSD stores documents and applications.
An extra copy of data kept so it can be restored if lost or damaged.
Example: A school backs up student records each night.
Money owed by a customer that the business cannot collect.
Example: A customer closes down while owing $400.
A record of a country's economic transactions with the rest of the world.
Example: It records international trade and financial transactions.
A record of a country's economic transactions with the rest of the world.
Example: Imports and exports are included in external trade accounts.
A record of a country's economic transactions with the rest of the world.
Example: It records international trade and financial transactions.
Avoiding unsustainable imbalances in transactions with other countries.
Example: A government seeks to reduce a persistent current-account deficit.
Another name for the statement of financial position, showing assets and liabilities at a date.
Example: A firm's balance sheet shows its financial position on 31 December.
When government revenue equals government spending.
Example: Both revenue and spending are $100 billion.
When government revenue equals government spending.
Example: Both revenue and spending are $100 billion.
The amount of data a connection can carry per second.
Example: A higher-bandwidth connection can transfer more data each second.
Fees a bank takes for providing services or processing transactions.
Example: The bank deducts a $5 account fee.
Money kept in an account at a bank.
Example: A worker's salary is paid into a current account.
A fixed sum borrowed from a bank and repaid over time, usually with interest.
Example: A factory borrows $100,000 for equipment.
A sum borrowed from a bank and repaid over time, usually with interest.
Example: A business borrows $20,000 to buy a machine.
A sum borrowed from a bank and repaid over time, usually with interest.
Example: A business borrows $20,000 to buy a machine.
When money paid out of a bank account exceeds the money available, creating a debt to the bank.
Example: A bank balance of minus $150 is an overdraft.
An arrangement allowing a business to spend more than the balance in its bank account, up to a limit.
Example: A shop uses an overdraft while waiting for customer payments.
An arrangement allowing a business to spend more than the balance in its bank account, up to a limit.
Example: A shop uses an overdraft while waiting for customer payments.
Checking differences between cash book and bank statement balances.
Example: An unpresented cheque explains why the two balances differ.
A record produced by the bank showing deposits, withdrawals and the account balance.
Example: A bank statement lists a salary receipt and a rent payment.
A graph using separate bars to compare categories.
Example: A bar chart can show how many students choose each subject.
A trading account for goods sold by a club's bar or café.
Example: A club café calculates gross profit on drink sales.
A device that reads printed barcodes.
Example: A supermarket scanner reads product codes.
A device that reads a printed pattern of bars to identify an item.
Example: A supermarket scanner reads a product barcode.
Obstacles that make it difficult for new businesses to enter a market.
Example: High setup costs can prevent new airlines entering.
Obstacles that make it difficult for new businesses to enter a market.
Example: High setup costs can prevent new airlines entering.
Swapping goods or services directly without money.
Example: A farmer exchanges vegetables for a haircut.
Swapping goods or services directly without money.
Example: A farmer exchanges vegetables for a haircut.
The number being multiplied repeatedly in a power.
Example: In 3⁴, the base is 3.
The comparison period assigned an index value of 100.
Example: If 2020 is the base year, its consumer price index is 100.
A selected group of products used to track price changes.
Example: Food, transport and clothing are included in a price basket.
Making groups of identical items before changing to another batch.
Example: A bakery makes 200 chocolate cakes then 200 vanilla cakes.
Making a group of identical products together before changing to another group.
Example: A bakery makes 200 chocolate muffins, then 200 vanilla muffins.
Making a group of identical products together before changing to another group.
Example: A bakery makes 200 chocolate muffins, then 200 vanilla muffins.
A direction measured clockwise in degrees from north.
Example: East has a bearing of 090°.
The view that leadership effectiveness depends on what leaders do.
Example: A leader balances task direction with employee support.
Targeted promotional activities such as direct mail or sales promotions.
Example: A café gives loyalty cards to regular customers.
Targeted promotional activities such as direct mail or sales promotions.
Example: A café gives loyalty cards to regular customers.
A figure or standard used to compare business performance.
Example: A firm compares its profit margin with the industry average.
Comparing performance with recognised standards or strong competitors.
Example: A courier compares delivery times with the industry leader.
The option giving the most useful quantity for the least comparable cost.
Example: A 2 L bottle for $3 is better value than 1 L for $2.
A problem that makes a survey or sample unfairly favour certain results.
Example: Only asking football fans about sport creates bias.
A labour market with one major employer and one strong union.
Example: A mining company negotiates wages with the only miners' union.
A number system that uses only the digits 0 and 1.
Example: The number 5 is written as 101 in binary.
Adding numbers written in base two.
Example: 1 + 1 gives 10 in binary.
Identification based on a person's physical or behavioural features.
Example: A fingerprint unlocks a phone.
Startup firmware that checks essential hardware and begins the boot process.
Example: The BIOS checks key components when a PC starts.
The number of live births each year per 1,000 people.
Example: A birth rate of 20 means 20 births per 1,000 people annually.
The number of live births each year per 1,000 people.
Example: A birth rate of 20 means 20 births per 1,000 people annually.
A single binary digit, either 0 or 1.
Example: The number 1010 contains four bits.
An email field that hides recipients' addresses from one another.
Example: A club uses Bcc when emailing many members.
A shared record of transactions stored in linked blocks.
Example: A blockchain records cryptocurrency transfers.
A website or section that publishes posts, often in date order.
Example: A student writes weekly posts about a science project.
An optical disc that can store more data than a DVD.
Example: A Blu-ray disc holds a high-definition film.
Trying to create a new market space instead of competing directly in an existing one.
Example: A business invents a service customers could not previously buy.
Short-range wireless technology for connecting nearby devices.
Example: Wireless headphones connect to a phone via Bluetooth.
A group elected or appointed to oversee a company's major decisions.
Example: Directors approve a new factory investment.
Extra pay given for meeting a target or good performance.
Example: A salesperson receives an extra $100 after meeting a target.
Extra pay given for meeting a target or good performance.
Example: A salesperson receives an extra $100 after meeting a target.
The amount at which an asset appears in the accounts after relevant adjustments.
Example: A machine costing $5,000 less $2,000 depreciation has book value $3,000.
Recording a business's financial transactions in an organised way.
Example: A shop records its cash purchases each day.
Books used to record transactions before they are posted to ledger accounts.
Example: Credit sales are first entered in the sales journal.
A data type that has only TRUE or FALSE values.
Example: isLoggedIn is either TRUE or FALSE.
Rules for simplifying and combining Boolean expressions.
Example: A OR 0 = A in Boolean algebra.
An expression using Boolean values and logic operations.
Example: A AND NOT B is a Boolean expression.
Using TRUE/FALSE or 1/0 values to represent logical decisions.
Example: A burglar alarm uses Boolean conditions.
Receiving money now with a promise to repay it, often with interest.
Example: A student borrows money to buy a laptop.
Receiving money now with a promise to repay it, often with interest.
Example: A student borrows money to buy a laptop.
A tool that compares products by market growth and relative market share.
Example: A growing product with high share is classified as a star.
A tool that compares products by market growth and relative market share.
Example: A growing product with high share is classified as a star.
A stage that limits the speed or output of the whole process.
Example: One slow packaging machine holds up production.
A condition at the edge of a valid range or loop.
Example: Testing age 18 checks a boundary condition.
A line that separates satisfying and non-satisfying regions of an inequality.
Example: The line y = 3 is the boundary for y ≥ 3.
Values at or very close to the permitted limits.
Example: For ages 5–18, test 5, 18, 4 and 19.
A symbol grouping part of a calculation so it is done together.
Example: (2 + 3) × 4 = 20.
A name, symbol or design that helps customers recognise a business or product.
Example: A familiar sportswear logo is part of a brand.
A name, symbol or design that helps customers recognise a business or product.
Example: A familiar sportswear logo is part of a brand.
How familiar customers are with a brand.
Example: Many shoppers recognise a company from its logo.
The ideas and feelings customers connect with a brand.
Example: Customers may see a brand as reliable and good value.
Customers' tendency to keep buying the same brand.
Example: A customer repeatedly chooses the same sportswear brand.
When customers repeatedly buy a particular brand.
Example: Someone always chooses the same shampoo brand.
When customers repeatedly buy a particular brand.
Example: Someone always chooses the same shampoo brand.
Creating a recognisable identity for a product or business.
Example: A business uses a consistent name, logo and packaging.
The level of sales where total revenue equals total costs, so there is no profit or loss.
Example: A shop breaks even when sales exactly cover all its costs.
A graph showing total costs and total revenue at different output levels.
Example: The point where the cost and revenue lines cross is break-even.
The number of units a business must sell to cover all its costs.
Example: A business breaks even after selling 500 units.
The output level where total revenue equals total costs.
Example: At 500 units, a factory makes neither profit nor loss.
The output or sales level where total revenue equals total cost.
Example: At 200 units sold, a business covers all costs but makes no profit.
The output level where total revenue equals total costs.
Example: At 500 units, a factory makes neither profit nor loss.
A device that connects and filters traffic between network sections.
Example: A bridge links two sections of a LAN.
A wider measure including narrow money plus less liquid bank deposits.
Example: Some savings deposits are included in broad money.
An intermediary who brings buyers and sellers together.
Example: An insurance broker compares offers for a customer.
Trying many possible passwords or keys until one works.
Example: A program tests thousands of passwords.
A sorting algorithm that repeatedly compares and swaps neighbouring items.
Example: A bubble sort moves larger numbers towards the end of a list.
A financial plan of expected income or spending for a period.
Example: A marketing team plans to spend $5,000 next month.
A financial plan of expected income or spending for a period.
Example: A marketing team plans to spend $5,000 next month.
When government spending is greater than government revenue.
Example: The state collects $90 billion and spends $100 billion.
When government spending is greater than government revenue.
Example: The state collects $90 billion and spends $100 billion.
A line showing combinations of two goods a consumer can afford with a fixed income.
Example: A £20 budget permits either four £5 meals or two £10 cinema tickets.
When government revenue is greater than government spending.
Example: The state collects $110 billion and spends $100 billion.
When government revenue is greater than government spending.
Example: The state collects $110 billion and spends $100 billion.
The difference between a budgeted amount and the actual result.
Example: Budgeted spending of $5,000 and actual spending of $5,500 gives a $500 variance.
Using budgets to monitor spending and take corrective action.
Example: Managers compare monthly expenses with planned amounts.
A temporary storage area used while data moves between devices or processes.
Example: A printer buffer holds pages waiting to print.
Extra inventory held to protect against unexpected demand or delayed deliveries.
Example: A shop keeps spare batteries in case sales suddenly rise.
Too many rules and layers of management that may slow decisions.
Example: A simple purchase needs approval from several departments.
The work of making or providing goods and services to meet people's needs and wants.
Example: A bakery makes bread for local customers.
The work of producing goods or providing services to meet customers' needs and wants.
Example: A bakery makes bread and sells it to customers.
Sharing information between people inside or outside a business.
Example: A manager emails staff about changes to opening times.
Changes in economic activity between stronger growth and weaker periods.
Example: A downturn is followed later by economic recovery.
The repeated expansion and contraction of economic activity over time.
Example: A boom is followed by a slowdown and possibly a recession.
The pattern of rises and falls in economic activity over time.
Example: An economy experiences growth, slowdown and recovery.
The rule that the owner's personal transactions are kept separate from the business's accounts.
Example: A shop owner's personal food bill is not a business expense.
When a business can no longer continue operating successfully.
Example: A retailer closes after prolonged losses and unpaid bills.
Money a business uses to start, operate and develop.
Example: A new restaurant needs finance for equipment and wages.
The place where a business carries out its activities.
Example: A retailer chooses a busy high street for its shop.
The place where a business carries out its activities.
Example: A retailer chooses a busy high street for its shop.
A result a business wants to achieve.
Example: A business aims to increase sales by 10% this year.
A target a business wants to achieve.
Example: A retailer aims to increase sales by 10% this year.
Specific goals a business is trying to achieve.
Example: A new shop aims to survive its first year and build sales.
The legal arrangement that determines who owns and controls a business.
Example: A startup can operate as a sole trader or company.
A document setting out a business idea, objectives, market, finance and expected performance.
Example: A start-up uses a business plan to apply for a loan.
A document explaining a business idea, its goals and how it expects to succeed.
Example: A café owner forecasts sales and costs before opening.
The possibility that a business decision will lead to losses or other problems.
Example: A shop risks losing money when opening a second branch.
A measure of how large a business is, such as its sales or number of employees.
Example: A shop with five workers is usually smaller than a chain with 500.
A long-term plan for achieving major business objectives.
Example: A company plans to enter two new markets over five years.
How well a business achieves its objectives.
Example: A business meets its profit target and keeps loyal customers.
Sales made by one business to another.
Example: A wholesaler sells ingredients to a restaurant.
Sales made by a business directly to individual customers.
Example: A clothing store sells a jacket to a shopper.
A market where organisations sell to other organisations.
Example: A packaging supplier sells boxes to supermarkets.
A group of eight bits.
Example: 01010101 uses one byte.
Very fast memory close to or inside the CPU for frequently needed data.
Example: A CPU cache reduces time spent waiting for RAM.
A risk taken after weighing likely costs and benefits.
Example: A shop trials a new range before a full launch.
The screen that shows the value entered and the answer.
Example: A calculator may show 3.5E4 for 35,000.
The part of the value of issued shares that shareholders have been asked to pay.
Example: A company calls up 80 cents on each $1 share.
Divide the numerator and denominator by the same non-zero factor.
Example: 6x/3 simplifies to 2x.
The maximum output a business can produce using available resources.
Example: A factory can make up to 500 units per day.
How much a container can hold, usually liquid.
Example: A jug may have capacity 1.5 litres.
Actual output as a percentage of maximum possible output.
Example: Producing 400 out of a possible 500 units means 80% utilisation.
The owner's investment or interest in the business.
Example: An owner puts $5,000 into a new shop as capital.
Man-made resources used to produce other goods and services.
Example: Factory machinery is capital.
Man-made resources, such as machinery and buildings, used to produce other goods and services.
Example: A factory buys a new machine to increase output.
Man-made resources used to produce other goods and services.
Example: Factory machinery is capital.
Man-made resources, such as machinery and buildings, used to produce other goods and services.
Example: A factory buys a new machine to increase output.
The balance-of-payments account recording capital transfers and some non-produced asset transactions.
Example: Debt forgiveness may appear as a capital transfer.
An increase in machinery, buildings and other productive capital.
Example: A business builds an additional factory to raise future output.
The long-term finance invested in the business, often capital plus non-current liabilities.
Example: Owner capital $12,000 + long-term loan $8,000 = $20,000.
Long-term money invested in a business, usually equity plus non-current liabilities.
Example: A business uses shareholder funds and a long-term loan to finance operations.
Long-term money invested in a business, usually equity plus non-current liabilities.
Example: A business uses shareholder funds and a long-term loan to finance operations.
Money spent buying or improving a non-current asset.
Example: Buying a new delivery van is capital expenditure.
Spending on long-term assets such as buildings or machinery.
Example: Buying a delivery van is capital expenditure.
Money spent buying long-term assets for a business.
Example: Buying a delivery van is capital expenditure.
Money spent buying long-term assets for a business.
Example: Buying a delivery van is capital expenditure.
Money entering an economy through investment, lending or other asset purchases.
Example: Foreign investors buying domestic government bonds create an inflow.
Spending on long-term assets intended to generate future benefits.
Example: A manufacturer buys an automated production line.
Output produced per unit of capital input, such as equipment or machinery.
Example: A factory measures how much output each machine produces.
Money received from selling an asset or introducing capital, not from ordinary trading.
Example: Cash from selling an old machine is a capital receipt.
The mix of owners' funds and borrowed money used to finance a business.
Example: A business may use 60% owners' funds and 40% loans.
The mix of debt and equity used to finance a business.
Example: A firm funds expansion with shares and a bank loan.
Production that relies more heavily on machinery and equipment than workers.
Example: A car factory uses industrial robots.
Production using relatively more machinery than workers.
Example: An automated car factory uses capital-intensive methods.
Production that relies heavily on machinery and equipment.
Example: A car factory uses automated machines.
Production using relatively more machinery than workers.
Example: An automated car factory uses capital-intensive methods.
Production that relies heavily on machinery and equipment.
Example: A car factory uses automated machines.
Recording eligible spending as an asset rather than an immediate expense.
Example: The cost of installing a new machine is added to the asset's cost.
An email field that sends a visible copy of a message to other recipients.
Example: A teacher uses Cc to include another colleague.
Release of carbon dioxide and other carbon-based gases into the atmosphere.
Example: Burning fossil fuels for electricity produces carbon emissions.
The greenhouse gases produced directly and indirectly by an activity.
Example: A delivery company measures emissions from its vans.
Copying card information to make a fraudulent duplicate.
Example: A criminal copies details from a payment card.
Transport costs paid to bring purchased goods into the business.
Example: A shop pays $20 to deliver stock from a supplier.
Delivery costs paid to send sold goods to customers.
Example: A retailer pays $15 to deliver an order.
A group of firms acting together to control prices or output.
Example: Oil producers may coordinate production levels.
A book that records cash and bank receipts and payments.
Example: A payment by bank transfer is entered in the cash book.
A Boston matrix product with high market share in a slow-growing market.
Example: A long-established drink generates steady cash for its company.
A reduction given for paying a credit account promptly.
Example: A customer pays $98 instead of $100 within the discount period.
The movement of money into and out of a business.
Example: Customer payments are cash inflows and wages are outflows.
Money coming into and going out of a business over time.
Example: A shop receives customer payments and pays suppliers.
Money coming into and going out of a business over time.
Example: A shop receives customer payments and pays suppliers.
An estimate of future money coming in and going out.
Example: A café predicts cash receipts and payments for next month.
An estimate of future money coming in and going out.
Example: A café predicts cash receipts and payments for next month.
Estimating when cash will enter and leave a business in future periods.
Example: A shop prepares a monthly forecast for the next six months.
Money received by a business.
Example: A customer pays $2,000 into the business account.
Money received by a business.
Example: A customer pays $100 for an order.
Money received by a business.
Example: A customer pays $100 for an order.
Money paid out by a business.
Example: A company pays $700 in wages.
Money paid out by a business.
Example: A company pays $400 rent.
Money paid out by a business.
Example: A company pays $400 rent.
A period when a business lacks enough cash to pay its bills on time.
Example: A firm cannot pay wages until customers settle invoices.
When a business has less cash than it needs to meet planned payments.
Example: A shop expects a $3,000 cash shortage next month.
An estimate of money expected to enter and leave a business in future periods.
Example: A café predicts its cash balance for the next six months.
Actions taken to ensure enough money is available when payments are due.
Example: A business negotiates later supplier payment dates.
The idea that poorer countries can grow faster by adopting existing technologies and methods.
Example: A developing manufacturer gains productivity from established machinery.
Information placed into groups or labels rather than measured on a number scale.
Example: Favourite colours are categorical data.
An older display technology that uses electron beams to create an image.
Example: Older bulky computer monitors used CRT.
The institution that manages a country's monetary system and often sets key interest rates.
Example: The central bank raises rates to slow borrowing.
The institution that manages a country's monetary system and often sets key interest rates.
Example: The central bank raises rates to slow borrowing.
The part of a computer that fetches, decodes and carries out instructions.
Example: The CPU executes a program's instructions.
The part of a computer that carries out instructions and processes data.
Example: The CPU performs calculations when a program runs.
Keeping important decisions mainly at the top of an organisation.
Example: Head office sets prices for every branch.
Keeping important decisions mainly at the top of an organisation.
Example: Head office sets prices for every branch.
The fixed point around which a shape turns.
Example: A turn of 180° around (0,0) uses the origin as its centre.
An assumption that other factors stay unchanged while one factor is studied.
Example: To study the effect of price on demand, assume income does not change.
The route through which instructions and authority pass in an organisation.
Example: An assistant reports to a supervisor, who reports to a manager.
The line of authority from senior managers down through a business.
Example: A worker reports to a supervisor, who reports to a manager.
The line of authority from senior managers down through a business.
Example: A worker reports to a supervisor, who reports to a manager.
When the whole demand curve shifts because something other than price changes.
Example: More people want umbrellas during rainy weather.
When the whole demand curve shifts because something other than price changes.
Example: More people want umbrellas during rainy weather.
When the entire supply curve shifts because a factor other than price changes.
Example: Cheaper materials allow firms to supply more.
A single letter, digit or symbol.
Example: 'A' is a character.
Rules for storing characters as binary values.
Example: UTF-8 is an encoding for Unicode text.
A list of characters and the numbers used to represent them.
Example: A character set assigns a number to the letter A.
An extra digit calculated from other digits to help spot typing mistakes.
Example: A barcode may contain a check digit.
An extra digit calculated from other digits to detect certain entry errors.
Example: A barcode includes a check digit.
A calculated value sent with data so the receiver can check it.
Example: A downloaded file can be checked against its checksum.
A written instruction asking a bank to pay money from an account.
Example: A company issues a cheque to pay a supplier.
The part of a cheque book kept as a record of a cheque issued.
Example: The counterfoil notes the cheque's amount and payee.
A payment device that reads a card chip and checks a PIN.
Example: A customer enters a PIN at a card terminal.
Selecting one option when you cannot have everything.
Example: A family chooses a new fridge instead of a holiday.
Selecting one option when you cannot have everything.
Example: A family chooses a new fridge instead of a holiday.
A straight line joining two points on a circle.
Example: A diameter is the longest chord.
Encrypted information that cannot normally be read without a key.
Example: A string of scrambled symbols may be ciphertext.
The movement of income, spending and output between households, firms and other sectors.
Example: Firms pay wages and households use wages to buy goods.
The distance around the edge of a circle.
Example: For diameter 10 cm, circumference is 10π cm.
A measure of unemployment based on people claiming certain jobless benefits.
Example: The number receiving eligible unemployment benefits is counted.
A measure of unemployment based on people claiming certain jobless benefits.
Example: The number receiving eligible unemployment benefits is counted.
How easy something is to understand.
Example: Clear instructions help staff complete a task correctly.
The number of processor clock cycles each second.
Example: A 3 GHz CPU has about three billion clock cycles per second.
Finishing work with a file and releasing it.
Example: A program closes a file after saving results.
Cash remaining at the end of a period.
Example: An opening balance of $1,500 plus net inflow of $500 gives $2,000.
The money left at the end of a period after receipts and payments.
Example: A shop finishes the month with $2,500 in its bank account.
The money left at the end of a period after receipts and payments.
Example: A shop finishes the month with $2,500 in its bank account.
The owner's capital at the end of the accounting period.
Example: This December the business has $9,500 owner capital.
Goods a business still has available for sale at the end of a period.
Example: A count shows $900 of unsold stock on 31 December.
Saving files on remote servers accessed over a network.
Example: A student opens a saved document from a cloud account.
An organisation formed for a shared activity rather than mainly to earn profits for owners.
Example: A local football club collects membership fees.
Technology commonly associated with a small memory storing firmware settings.
Example: A computer can retain its date and time settings.
Angles on the same side inside parallel lines; they add to 180°.
Example: If one is 110°, the other is 70°.
Practical help focused on improving a particular skill or performance.
Example: A manager coaches a salesperson on customer conversations.
The idea that clear property rights and low bargaining costs can sometimes let people negotiate solutions to externalities.
Example: Neighbours negotiate payment to limit noise when bargaining is practical.
The number multiplying a variable.
Example: In 7x, the coefficient of x is 7.
Negotiations between workers' representatives and employers over pay and conditions.
Example: A union negotiates a pay rise for its members.
When firms coordinate instead of competing independently, often to raise prices.
Example: Several producers secretly agree to restrict output.
The number of bits used to store the colour of one pixel.
Example: An image with 8-bit colour depth can represent 256 colour values.
A vector written with its components one above the other.
Example: A column vector with 3 over −1 means right 3, down 1.
A way to control a computer by typing commands.
Example: A technician types a command to list files.
A bank that accepts deposits and lends money to customers.
Example: A bank provides a mortgage for a family.
Pay linked to the value or number of sales made.
Example: An agent earns 5% of every sale.
Pay linked to the value or number of sales made.
Example: An agent earns 5% of every sale.
A denominator that allows fractions to be combined.
Example: For 1/2 + 1/3, use the common denominator 6.
The constant amount added between consecutive terms of an arithmetic sequence.
Example: In 4, 9, 14, the common difference is 5.
A number or expression that divides every term exactly.
Example: 4 is a common factor of 8 and 12.
An arrangement allowing free trade plus freer movement of labour and capital among members.
Example: Workers can take jobs in other member countries.
Sharing information so that someone else understands a message.
Example: A manager tells staff about a new opening time.
Anything that prevents a message being understood correctly.
Example: Technical jargon confuses a new employee.
Anything that prevents a message from being understood correctly.
Example: Loud noise makes instructions difficult to hear.
Problems that prevent a message from being understood correctly.
Example: Background noise makes instructions hard to hear.
A failure to send, receive or understand important information.
Example: A delivery is missed because the warehouse never receives the order.
The route or method used to pass information.
Example: A company uses its intranet to publish announcements.
An optical disc often used for music or smaller files.
Example: A CD can hold a collection of songs.
Information being prepared so users can compare different periods and businesses meaningfully.
Example: Using the same method helps compare this year's profit with last year's.
Producing a good at a lower opportunity cost than another producer.
Example: A country gives up fewer other products when making rice.
Producing a good at a lower opportunity cost than another producer.
Example: A country gives up fewer other products when making rice.
The opportunity cost of producing one good relative to another.
Example: A country specialises in what it sacrifices least to produce.
To decide which quantity is greater, smaller or equal.
Example: Compare 0.6 and 0.45: 0.6 is larger.
A factor that makes comparisons less reliable or fair.
Example: Different stock valuation methods can distort a comparison.
A drawing instrument used to make circles and arcs.
Example: Use a compass to construct a circle of radius 4 cm.
Two or more errors that cancel each other out in the trial balance.
Example: An extra $20 debit is matched by an extra $20 credit elsewhere.
Rivalry between sellers for customers.
Example: Two supermarkets cut prices to attract shoppers.
When businesses try to win customers from one another.
Example: Two cafés lower prices to attract more customers.
Rivalry between sellers for customers.
Example: Two supermarkets cut prices to attract shoppers.
When businesses try to win customers from one another.
Example: Two cafés lower prices to attract more customers.
Government rules designed to prevent unfair restrictions on competition.
Example: Regulators may investigate firms that secretly agree on prices.
Setting prices with reference to what competing businesses charge.
Example: A café prices its coffee similarly to nearby cafés.
Something that helps a business perform better than its rivals.
Example: Faster delivery gives an online shop a competitive advantage.
Setting a price in relation to competitors' prices.
Example: A café charges about the same as nearby cafés.
How well a producer can succeed against rivals on price, quality or other features.
Example: Better quality and lower costs make an exporter more competitive.
How well a producer can succeed against rivals on price, quality or other features.
Example: Better quality and lower costs make an exporter more competitive.
Studying rival businesses to understand their strengths and likely actions.
Example: A store compares its prices and delivery options with nearby rivals.
A translator that converts a whole program into machine code or another target form.
Example: A compiler can create an executable program.
The elements in the universal set that are not in a chosen set.
Example: If U={1,2,3}, the complement of {1} is {2,3}.
Products often used together.
Example: Printers and ink cartridges are complementary goods.
When the same product is demanded for several different uses.
Example: Wheat is demanded for both bread and animal feed.
A function made by applying one function and then another.
Example: If f(x)=x+1 and g(x)=2x, then f(g(3))=7.
An increase calculated on the latest value rather than just the original.
Example: $100 growing by 10% becomes $110, then $121.
Two inequalities combined to describe a range.
Example: 2 < x ≤ 6 is a compound inequality.
Interest calculated on the growing total, including earlier interest.
Example: 10% on $100 gives $110 after one year and $121 after two.
Using a computer-based model to explore how a real system may behave.
Example: A weather model predicts the path of a storm.
Two or more connected devices that exchange data and share resources.
Example: School computers share one printer.
Using programmed instructions to control machinery automatically.
Example: A CNC machine cuts metal parts to exact dimensions.
Connected hardware and software working together for a purpose.
Example: A library's borrowing system tracks books and loans.
Malware that attaches to files or programs and can spread when they run.
Example: An infected file passes a virus to another computer.
Technology that lets a computer analyse images or video.
Example: A system detects vehicles in road images.
Malware that copies itself and can spread through networks without attaching to a file.
Example: A worm spreads to unpatched computers.
Using computer software to create or improve product designs.
Example: Engineers design a part using CAD software.
Using computer software to create and change product designs.
Example: An engineer designs a bicycle frame on a computer.
Using computer software to create and change product designs.
Example: An engineer designs a bicycle frame on a computer.
Using computer software to support teaching and learning.
Example: A student practises spelling in an interactive activity.
Using computers to control or support manufacturing processes.
Example: A computer directs machines cutting metal parts.
Using computers to control manufacturing machinery.
Example: A computer controls a machine that cuts metal parts.
Using computers to control manufacturing machinery.
Example: A computer controls a machine that cuts metal parts.
A system that uses a computer to control a process or machine.
Example: A factory computer controls a production line.
Linking computer systems across design, planning and production to coordinate manufacturing.
Example: A factory connects its design software to automated machinery.
The percentage of market sales accounted for by the largest firms.
Example: A four-firm ratio of 80% means the four largest firms hold 80% of sales.
A loan offered on more favourable terms than normal commercial borrowing.
Example: A development bank lends at a low interest rate with a long repayment period.
A statement tested as true or false.
Example: The condition age > 12 controls whether a loop continues.
Code that chooses actions using a condition.
Example: IF mark >= 50 THEN OUTPUT "Pass".
Policy requirements attached to financial assistance or loans.
Example: A loan may require reforms to tax collection or government spending.
How sure people feel about the future, affecting spending and borrowing.
Example: A worker with a secure job may feel confident about buying a car.
How sure people feel about the future, affecting spending and borrowing.
Example: A worker with a secure job may feel confident about buying a car.
Combining businesses operating in unrelated industries.
Example: A hotel company buys a software company.
When businesses from different industries join together.
Example: A food producer buys a software company.
A merger between firms in unrelated industries.
Example: A food producer buys a software company.
Shapes that have exactly the same size and shape.
Example: Two triangles with matching sides and angles are congruent.
One of two expressions that differ only in the sign between their terms.
Example: 3 + √2 and 3 − √2 are conjugates.
A result or effect of an action.
Example: A consequence of poor service is fewer repeat customers.
Using the same accounting methods from one period to the next unless there is a good reason to change.
Example: A business keeps using straight-line depreciation each year.
A named value that should not change while a program runs.
Example: PI is stored as a constant.
A fixed value that does not change.
Example: The 5 in x + 5 is a constant.
The fixed number connecting two proportional quantities.
Example: For y = 3x, the constant is 3.
An accurate geometric drawing made using specified tools and steps.
Example: Construct the perpendicular bisector of a line segment.
How well customers know about products, rights and social or environmental issues.
Example: Shoppers check whether clothing is made ethically.
When customers refuse to buy from a company to protest against its actions.
Example: Customers stop purchasing from a firm accused of polluting.
How optimistic households feel about future jobs and income.
Example: People buy fewer expensive goods when confidence falls.
The affordable combination of goods that gives a consumer the highest satisfaction.
Example: An indifference curve touches the budget line at the best affordable bundle.
Products bought by individuals for personal use.
Example: A family buys a television for their home.
A selected group of people asked to give regular feedback about products.
Example: A supermarket panel tests proposed packaging.
A measure of changes in the prices of a basket of goods and services bought by households.
Example: The CPI tracks the changing cost of everyday purchases.
A measure of changes in the prices of a basket of goods and services bought by households.
Example: The CPI tracks the changing cost of everyday purchases.
A description of a typical customer using characteristics such as age and income.
Example: A sports brand targets teenagers interested in fitness.
Laws and rules designed to prevent customers being treated unfairly.
Example: A shop must not falsely claim that a product is safe.
Laws and rules designed to prevent customers being treated unfairly.
Example: A shop must not falsely claim that a product is safe.
The idea that consumers influence what firms produce through their purchases.
Example: If shoppers stop buying a snack, firms may stop making it.
The amount households pay for goods and services.
Example: Spending on holidays falls when household budgets tighten.
The difference between what buyers are willing to pay and what they actually pay.
Example: A buyer willing to pay $30 for a ticket pays $20, gaining $10 surplus.
What consumers like or prefer.
Example: A fashion trend can increase demand for certain shoes.
Using goods and services to satisfy wants.
Example: Buying food for dinner is consumption.
Using goods and services to satisfy wants.
Example: Buying food for dinner is consumption.
A market where potential new competitors can constrain existing firms even if few firms operate.
Example: An incumbent keeps prices low because entrants can enter quickly.
The view that the most effective leadership style depends on the situation.
Example: A crisis needs more direct guidance than a creative workshop.
Preparing actions to take if an unexpected problem occurs.
Example: A company arranges backup suppliers before disruptions happen.
Measurements that can take any value within an interval.
Example: Mass measured in kilograms is continuous data.
Making frequent small changes to improve processes or products.
Example: A team removes one source of waste each month.
Making frequent small changes to improve processes or products.
Example: A team removes one source of waste each month.
An entry that appears on both the cash and bank sides of the cash book.
Example: Depositing $200 cash into the bank is a contra entry.
Reducing amounts owed between two businesses that are each other's customer and supplier.
Example: A $100 amount owed in each direction is cancelled.
An agreement describing an employee's job terms, such as pay and working hours.
Example: A worker signs a contract showing salary and holiday entitlement.
Paying an outside provider to carry out work for an organisation.
Example: A council hires a private firm to collect waste.
Tax increases or lower public spending used to reduce total demand.
Example: Government raises tax to reduce demand-led inflation.
Tax increases or lower public spending used to reduce total demand.
Example: Government raises tax to reduce demand-led inflation.
A policy that makes borrowing harder or more expensive to reduce spending.
Example: The central bank raises interest rates to slow inflation.
A policy that makes borrowing harder or more expensive to reduce spending.
Example: The central bank raises interest rates to slow inflation.
Sales revenue minus variable costs; it helps pay fixed costs and then profit.
Example: A product sold for $10 with $6 variable cost gives $4 contribution.
Selling price per unit minus variable cost per unit.
Example: An item sells for $12 and has a $7 variable cost, giving $5 contribution.
Selling price per unit minus variable cost per unit.
Example: An item sells for $12 and has a $7 variable cost, giving $5 contribution.
A method that focuses on variable costs and contribution when making decisions.
Example: A firm evaluates a special order using its additional variable costs.
A summary account that checks the total of individual balances in a ledger.
Example: A sales ledger control account checks total customer debts.
A system that changes an output based on inputs or rules.
Example: A thermostat turns heating on when a room is cold.
A system that uses input data to change or operate a device.
Example: A thermostat controls a heater automatically.
The CPU component that manages the sequence of operations.
Example: The control unit directs data to the correct part of the CPU.
Checking results against targets and taking corrective action.
Example: A manager investigates why costs exceeded the budget.
The process of poorer economies catching up with richer ones in income per person.
Example: A low-income country grows faster and narrows its income gap.
A graph used to change between measurement units or currencies.
Example: Read 5 miles against its distance in kilometres.
Express a measurement using a different unit without changing the amount.
Example: 3 km converts to 3,000 m.
A small piece of data a website asks a browser to store.
Example: A site remembers a selected language using a cookie.
A pair of values giving a point's position on a grid.
Example: (3, −2) is a coordinate.
Legal protection for original creative work, such as writing, software and images.
Example: A student must respect the copyright of a photograph.
Using protected work without the required permission where an exception does not apply.
Example: Uploading a paid book without permission is infringement.
An individual processing unit within a CPU.
Example: A quad-core processor has four cores.
A distinctive skill or capability that helps a business compete.
Example: An engineering firm excels at designing reliable batteries.
Inflation measured after excluding some volatile items, commonly food and energy.
Example: A central bank looks at core inflation to assess underlying price pressure.
Permanent employees with skills considered essential to the business.
Example: A hospital employs permanent nurses as core workers.
The shared values and ways of working within an organisation.
Example: A company encourages open discussion and teamwork.
When a business considers its impact on society and the environment.
Example: A retailer reduces packaging waste and improves worker conditions.
When a business considers its impact on society and the environment.
Example: A retailer reduces packaging waste and improves worker conditions.
Finding and fixing mistakes in accounting records.
Example: A missing credit entry is posted to correct the trial balance.
A relationship in which two quantities tend to change together.
Example: As study time rises, test scores may show positive correlation.
Angles in matching positions where a transversal crosses lines; they are equal for parallel lines.
Example: Two corresponding angles can both be 65°.
Sides in two shapes that match the same positions.
Example: The longest sides match in similar triangles.
A trigonometric ratio: adjacent side divided by hypotenuse in a right triangle.
Example: If adjacent = 4 and hypotenuse = 5, cosine = 4/5.
A department or activity whose costs are tracked separately.
Example: The packing department is measured as a cost centre.
Keeping expenses within planned limits without harming essential operations.
Example: A restaurant reduces food waste to save money.
A graph showing how business costs change as output changes.
Example: A total-cost curve rises as more units are produced.
Producing a given output at the lowest possible monetary cost.
Example: A firm chooses a less expensive input combination for the same output.
Trying to become a lower-cost producer than competitors.
Example: A chain reduces unit costs using efficient distribution.
The amount spent to buy or make goods held as inventory.
Example: The purchase price and carriage inwards can form inventory cost.
Losses caused by defects, complaints, returns or rework.
Example: A manufacturer spends $4,000 replacing faulty parts.
The total manufacturing cost of finished goods completed during a period.
Example: Prime cost plus overheads adjusted for work in progress gives production cost.
The cost of raw materials actually used in production during the period.
Example: Opening materials $100 + purchases $600 − closing $150 = $550.
The cost of goods sold during the accounting period.
Example: Opening stock $100 + purchases $500 − closing stock $150 = $450.
The direct cost of goods sold during a period.
Example: A retailer pays $60 for goods it later sells for $100.
The direct cost of goods sold during a period.
Example: A retailer pays $60 for goods it later sells for $100.
The amount it costs to produce one unit of output.
Example: £1,000 of total cost for 100 items means £10 per item.
Adding a percentage or amount to unit cost to set a price.
Example: A $20 item with a 25% mark-up is priced at $25.
Setting a selling price by adding a mark-up to the cost.
Example: A product costing $10 receives a 30% mark-up, making its price $13.
Setting a selling price by adding a mark-up to the cost.
Example: A product costing $10 receives a 30% mark-up, making its price $13.
Inflation caused by rising production costs.
Example: Higher energy prices force firms to increase prices.
Inflation caused by rising production costs.
Example: Higher energy prices make many products more expensive.
Inflation caused by rising production costs.
Example: Higher energy prices make many products more expensive.
A variable that tracks how many items or events have occurred.
Example: count ← count + 1 increases the number recorded.
Keeping track of how many times something happens.
Example: A program counts how many students passed.
An entry on the right side of a T-account.
Example: A cash sale credits the sales account.
Money or purchasing power provided now with repayment later.
Example: A bank gives a customer credit to buy a car.
Money or purchasing power provided now with repayment later.
Example: A bank gives a customer credit to buy a car.
An account balance with more credit entries than debit entries.
Example: Sales revenue normally has a credit balance.
A payment card that allows a customer to borrow money up to a limit.
Example: A customer buys groceries on credit and pays the bill later.
A payment card that allows a customer to borrow money up to a limit.
Example: A customer buys groceries on credit and pays the bill later.
Procedures used to encourage customers to pay on time.
Example: A firm sends reminders for overdue invoices.
Procedures used to encourage customers to pay on time.
Example: A firm sends reminders for overdue invoices.
Banks adding to bank deposits when they make new loans.
Example: A bank loan can increase the amount of deposit money.
Banks adding to bank deposits when they make new loans.
Example: A bank loan can increase the amount of deposit money.
A document that reduces the amount a customer owes, often for returned goods.
Example: A seller issues a $40 credit note for a damaged item.
Purchases where a business receives goods now but pays later.
Example: The shop buys $250 of stock on credit.
Sales where customers receive goods now but pay later.
Example: A customer buys $100 of goods on 30-day credit.
How likely a person or business is to repay money it owes.
Example: A supplier reviews accounts to judge a customer's creditworthiness.
Responding quickly to a serious event threatening the organisation.
Example: A food producer manages an urgent product recall.
How responsive demand for one good is to a price change in another good.
Example: A rise in coffee prices increases demand for tea, giving positive XED.
The flat shape seen when a solid is cut straight through.
Example: A cut across a cylinder parallel to its ends shows a circle.
Raising small amounts of finance from many people, often through an online platform.
Example: Supporters fund the launch of a new product.
Raising small amounts of finance from many people, often through an online platform.
Example: Supporters fund the launch of a new product.
When extra government borrowing or spending reduces private-sector investment or spending.
Example: Higher government borrowing raises interest rates and discourages private investment.
A digital asset that uses cryptography and usually a distributed ledger.
Example: Bitcoin is a cryptocurrency.
Methods used to protect information using mathematical techniques.
Example: Encryption is one application of cryptography.
A number made by multiplying a whole number by itself three times.
Example: 27 is a cube number because 3 × 3 × 3 = 27.
A number that gives the starting number when cubed.
Example: The cube root of 64 is 4.
A graph of a polynomial with highest power 3.
Example: y = x³ is a cubic curve.
A graph of a function whose highest power is 3.
Example: The graph of y = x³ passes through the origin.
The running total of frequencies up to a given value.
Example: For frequencies 3, 5 and 2, totals are 3, 8 and 10.
The type of money used in a country.
Example: The Japanese yen is a currency.
The type of money used in a country.
Example: The Japanese yen is a currency.
When a currency rises in value compared with another currency.
Example: One dollar buys more euros than before.
When a currency rises in value compared with another currency.
Example: One dollar buys more euros than before.
Changing an amount of money from one currency into another.
Example: A traveller changes pounds into US dollars using an exchange rate.
Demand for a currency by people who need it to buy assets or goods priced in that currency.
Example: Tourists buy Japanese yen to spend in Japan.
When a currency falls in value compared with another currency.
Example: One dollar buys fewer euros than before.
A rise or fall in the value of a currency over time.
Example: The pound strengthens against the dollar one week and weakens the next.
The amount of a currency offered on the foreign exchange market.
Example: Importers sell domestic currency to buy dollars for overseas purchases.
An account recording a partner's share of profits, drawings and other adjustments.
Example: A partner's salary allowance increases their current account.
A part of the balance of payments recording trade in goods and services, primary income and secondary income.
Example: A country's goods exports appear on its current account.
A part of the balance of payments recording trade in goods and services, primary income and secondary income.
Example: A country's goods exports appear on its current account.
When current-account outflows are greater than inflows.
Example: The country pays more abroad than it receives on its current account.
When current-account outflows are greater than inflows.
Example: The country pays more abroad than it receives on its current account.
When current-account inflows are greater than outflows.
Example: A country receives more on its current account than it pays.
An asset expected to become cash or be used within about a year.
Example: Inventory and trade receivables are current assets.
An asset expected to become cash or be used within the normal operating cycle or a year.
Example: Cash and inventory are current assets.
Assets expected to turn into cash or be used within about a year.
Example: Cash and inventory are current assets.
Assets expected to turn into cash or be used within about a year.
Example: Cash and inventory are current assets.
Amounts a business must usually pay within one year.
Example: Bills due next month are current liabilities.
Amounts a business must usually pay within one year.
Example: Bills due next month are current liabilities.
An amount normally due to be paid within one year.
Example: A bill due next month is a current liability.
A debt expected to be settled within a year or the normal operating cycle.
Example: A supplier invoice due in 30 days is a current liability.
Current assets divided by current liabilities.
Example: $6,000 current assets and $3,000 current liabilities give 2:1.
Current assets divided by current liabilities; a measure of short-term liquidity.
Example: Assets of $60,000 and liabilities of $30,000 give a ratio of 2:1.
Current assets divided by current liabilities.
Example: $12,000 current assets divided by $6,000 current liabilities gives 2:1.
Current assets divided by current liabilities.
Example: $12,000 current assets divided by $6,000 current liabilities gives 2:1.
A document summarising someone's education, skills and work experience.
Example: An applicant includes qualifications and past jobs in their CV.
Making decisions based on understanding and satisfying customer requirements.
Example: A firm improves a service after analysing complaints.
When customers repeatedly choose the same business or brand.
Example: A shopper keeps buying from the same bakery.
When customers repeatedly choose the same business or brand.
Example: A shopper keeps buying from the same bakery.
Things customers expect or require from a product or service.
Example: Commuters need reliable and affordable transport.
Starting decisions with customers' needs and preferences.
Example: A manufacturer designs products after asking customers what they want.
The ongoing connection between a business and its customers.
Example: A shop responds to complaints and offers useful support.
How well a product or service meets customer expectations.
Example: A customer is satisfied when a repair is completed on time.
A free trade area with a common external tariff against non-members.
Example: Members remove internal tariffs and agree one tariff for imports from elsewhere.
Protecting computer systems, networks and information from attacks.
Example: A school uses security controls to protect student data.
A four-sided shape with all four vertices on one circle.
Example: Opposite angles of a cyclic quadrilateral total 180°.
Joblessness caused by weak demand during an economic downturn.
Example: A hotel lays off staff during a recession.
Unemployment caused by falling demand during an economic downturn.
Example: Retailers lay off staff when spending falls.
Unemployment caused by falling demand during an economic downturn.
Example: Retailers lay off staff when spending falls.
Reducing the number of bits needed to store or transmit information.
Example: Compressing a file can make it quicker to send.
A small unit of data sent across a network, usually with addressing information.
Example: A large file is split into packets before being sent.
A small unit of data sent across a network with routing information.
Example: A large file is sent in many packets.
Rules and practices used to handle people's personal information responsibly.
Example: A school restricts access to student records.
Protecting stored or transmitted information against unauthorised use.
Example: A home security camera needs a strong password.
Keeping data so it can be used later.
Example: A computer saves a document on an SSD.
The speed at which data moves between storage and a computer.
Example: A fast SSD copies large files sooner.
The kind of value a field or variable can store.
Example: An age field may use the integer data type.
The kind of value a field is allowed to store.
Example: An age field uses an integer data type.
Checks that an input follows required rules.
Example: A form rejects a date with month 15.
An organised collection of data that can be searched and updated.
Example: A school database stores pupils and classes.
A fall in the importance of manufacturing in an economy.
Example: Factory jobs decline while service jobs increase.
Lost net benefit when a market produces too much or too little compared with the efficient level.
Example: Pollution can cause output above the socially efficient level and a welfare loss.
The number of deaths each year per 1,000 people.
Example: A death rate of 8 means eight deaths per 1,000 people annually.
The number of deaths each year per 1,000 people.
Example: A death rate of 8 means eight deaths per 1,000 people annually.
A long-term loan to a company, often at a fixed interest rate.
Example: A company issues a $10,000 debenture to borrow funds.
The finance cost paid on money borrowed through debentures.
Example: A 6% debenture on $10,000 has annual interest of $600.
Long-term debt certificates issued by a company to raise finance.
Example: A company sells debentures and pays interest to lenders.
An entry on the left side of a T-account.
Example: Buying equipment for cash debits the equipment account.
An account balance with more debit entries than credit entries.
Example: The equipment account normally has a debit balance.
A document sent by a buyer to request a reduction in the amount owed.
Example: A shop sends a debit note when returning faulty stock.
Money that someone owes to another person or organisation.
Example: A loan balance is a debt.
Money that someone owes to another person or organisation.
Example: A loan balance is a debt.
Selling money owed by customers to a factor for quicker cash, usually at a discount or fee.
Example: A business sells $10,000 of invoices to receive most of the cash immediately.
Cancellation or reduction of money owed by a country or borrower.
Example: Creditors write off part of a country's external debt.
A tool that helps find errors by stepping through a program.
Example: A debugger lets a student inspect variable values.
Finding and correcting errors in code or algorithms.
Example: A programmer inspects values to find a bug.
The number multiplied each period during percentage decrease.
Example: 8% yearly decay uses the factor 0.92.
Giving decision-making power to lower levels or local branches.
Example: Store managers choose products for their regions.
Spreading control among multiple participants instead of one central authority.
Example: A decentralised network has no single controlling server.
Giving decision-making power to lower levels or local branches.
Example: Store managers choose products for their regions.
The position of a digit after the decimal point.
Example: In 2.57, 5 is in the first decimal place.
How many digits appear after a decimal point.
Example: 3.142 rounded to two decimal places is 3.14.
The mark separating whole-number and fractional parts.
Example: 3.75 has a decimal point between 3 and 7.
A point where an algorithm chooses between alternatives.
Example: IF the balance is enough, allow payment.
Comparing options and choosing one.
Example: A school decides which equipment to buy with limited funds.
Comparing options and choosing one.
Example: A school decides which equipment to buy with limited funds.
A diagram showing choices, possible outcomes and their probabilities.
Example: A company compares the possible returns from two locations.
A product-life-cycle stage when sales start to fall.
Example: Demand for DVD players falls as streaming grows.
Breaking a large problem into smaller manageable parts.
Example: A game is divided into scoring, movement and menu tasks.
A fall in the estimated amount of doubtful customer debts.
Example: The allowance falls from $300 to $200, reducing expense by $100.
Changing encrypted data back into readable information.
Example: A recipient decrypts a message using the correct key.
A legal agreement setting out how partners run a business and share profits.
Example: Two architects agree their responsibilities in a partnership deed.
When a non-profit organisation's expenses exceed its income.
Example: A club spends $900 but earns $750, giving a $150 deficit.
A sustained fall in the general price level.
Example: The average price level falls for several months.
A sustained fall in the general price level.
Example: The average price level falls for several months.
How precisely a value is measured or rounded.
Example: A mass given to 0.1 kg is more precise than one given to 1 kg.
A long-term decline in manufacturing's share of employment or output.
Example: As services expand, manufacturing employs a smaller share of workers.
A fall in the importance of manufacturing in an economy.
Example: Factory jobs decline while service jobs increase.
Removing levels of management to create a flatter structure.
Example: A business removes one middle-management layer.
Removing levels of management from an organisation.
Example: A firm removes an unnecessary middle-management layer.
Passing authority to another person to carry out a task while keeping overall accountability.
Example: A manager allows a team leader to approve staff rotas.
Giving another employee authority to carry out a task while keeping overall responsibility.
Example: A manager asks a supervisor to organise the rota.
Giving another employee authority to carry out a task while keeping overall responsibility.
Example: A manager asks a supervisor to organise the rota.
The amount consumers are willing and able to buy at different prices.
Example: More people buy a product when its price falls, other things equal.
The quantity buyers are willing and able to buy at different prices.
Example: People may buy more apples when their price falls.
The quantity buyers are willing and able to buy at different prices.
Example: People may buy more apples when their price falls.
A graph showing the relationship between price and quantity demanded.
Example: An ordinary demand curve slopes down from left to right.
A graph showing the relationship between price and quantity demanded.
Example: An ordinary demand curve slopes down from left to right.
When buyers want less at each price.
Example: Concerns about safety reduce demand for a product.
The number of workers firms are willing and able to hire at different wage rates.
Example: More restaurants hire cooks when demand for meals grows.
The number of workers firms are willing and able to hire at different wage rates.
Example: More restaurants hire cooks when demand for meals grows.
When buyers want more at each price.
Example: A popular advertisement increases demand for a brand.
Joblessness caused by insufficient aggregate demand for goods and services.
Example: A recession reduces orders and firms lay off staff.
Inflation caused when total spending grows faster than the economy can supply goods and services.
Example: Strong consumer demand pushes prices up.
Inflation caused by total spending growing faster than the economy can produce.
Example: Strong consumer demand pushes up prices when factories are full.
Inflation caused by total spending growing faster than the economy can produce.
Example: Strong consumer demand pushes up prices when factories are full.
A product that can harm users or others and may be over-consumed.
Example: Cigarettes are often treated as demerit goods.
A product that can harm users or others and may be over-consumed.
Example: Cigarettes are often treated as demerit goods.
A style where employees can contribute to decisions.
Example: A manager invites ideas before changing shift arrangements.
A leadership style where employees help with decision-making.
Example: A manager asks the team to vote on an idea.
A style in which employees contribute ideas before decisions are made.
Example: Staff discuss how to improve a production process.
A change in the size, age or characteristics of a population.
Example: An ageing population increases demand for healthcare.
A change in the size, age or characteristics of a population.
Example: An ageing population increases demand for healthcare.
Dividing customers by measurable characteristics such as age, income or family size.
Example: A toy company targets products by children's age ranges.
The ordinary number system that uses the digits 0 to 9.
Example: The denary number 12 is 1100 in binary.
Overloading a service so legitimate users cannot access it.
Example: A website becomes unavailable after a flood of requests.
The bottom number in a fraction; it tells how many equal parts make a whole.
Example: In 3/8, the denominator is 8.
The number of dependants compared with the working-age population.
Example: A high ratio means fewer working-age people support more dependants.
Allocating the cost of a non-current asset over its useful life.
Example: A $5,000 machine is charged as an expense over five years.
Spreading the cost of a non-current asset over its useful life in the accounts.
Example: A $10,000 machine is depreciated over five years.
A fall in the recorded value of a non-current asset over time.
Example: A delivery van loses value as it ages and is used.
A fall in the recorded value of a non-current asset over time.
Example: A delivery van loses value as it ages and is used.
A decrease in the value of an asset over time.
Example: A computer worth $800 loses 15% of its value each year.
When a currency falls in value compared with another currency.
Example: A weaker currency can make exports cheaper abroad.
Removing or simplifying government rules for businesses.
Example: Simpler licensing rules may make it easier to start a firm.
Removing or simplifying government rules for businesses.
Example: Simpler licensing rules may make it easier to start a firm.
Removing or simplifying government rules for businesses.
Example: Simpler licensing rules may make it easier to start a firm.
Demand for an input that comes from demand for the product it helps make.
Example: More demand for houses increases demand for builders.
Demand for an input that comes from demand for the product it helps make.
Example: More demand for houses increases demand for builders.
Demand for workers arising from demand for the goods and services they make.
Example: Higher housing demand increases demand for bricklayers.
Arranging numbers from largest to smallest.
Example: 9, 4, −1 is descending order.
Planning how a system or program will work before building it.
Example: A flowchart describes a program's decisions.
A computer designed mainly for use in one place.
Example: A school office uses a desktop computer.
A deliberate lowering of an official exchange rate in a fixed-rate system.
Example: The government sets a lower value for its currency.
A deliberate lowering of an official exchange rate in a fixed-rate system.
Example: The government sets a lower value for its currency.
A country with generally higher average incomes and more advanced infrastructure.
Example: A developed economy usually has a large service sector.
A country with relatively high incomes and strong infrastructure and public services.
Example: A developed economy often has widespread access to healthcare.
A country where average incomes and living standards are generally lower and developing.
Example: Farming may employ many workers in a developing economy.
A country with lower average incomes and more development challenges than richer economies.
Example: Some developing economies lack reliable electricity in rural areas.
A diagram comparing several social and economic development measures.
Example: A chart plots income, health, education and access to clean water.
Software that lets an operating system communicate with a device.
Example: A printer driver allows printing.
The amount by which two numbers are apart.
Example: The difference between 12 and 7 is 5.
A subtraction of two squared expressions that can be factorised.
Example: x² − 9 = (x − 3)(x + 3).
Competing by offering benefits customers see as different or better.
Example: A café offers unique recipes and locally sourced ingredients.
An electronic document used to help prove a website's or organisation's identity.
Example: A browser checks a site's certificate when opening an HTTPS page.
Money or a payment value that exists electronically.
Example: A customer pays using a digital balance.
Information represented using separate values, usually binary digits.
Example: A digital photograph is stored as numbers.
A signal represented by separate values, often binary numbers.
Example: A recorded sound file contains digital values.
An optical disc that holds more data than a CD.
Example: A DVD may store a film.
An app or device used to manage digital payment credentials or crypto keys.
Example: A digital wallet helps a user make a payment.
A component that changes digital values into analogue signals.
Example: A DAC can produce a sound signal from digital audio.
A device that turns digital values into an analogue signal.
Example: A DAC creates sound signals for speakers.
The principle that each extra unit usually gives less additional satisfaction than the one before.
Example: A fifth cup of tea gives less extra enjoyment than the first.
Finding a stored file without reading every earlier file in order.
Example: An HDD can locate a chosen file directly.
Replacing the old system with the new one at a single point in time.
Example: A shop switches fully to a new till system overnight.
A cost that can be traced to a particular product or service.
Example: Wood used in one table is a direct cost.
Capturing information straight from its source with little or no typing.
Example: A barcode reader enters a product code automatically.
Permission for an organisation to collect money directly from an account.
Example: A utility company collects the amount due each month.
Costs directly traceable to producing a particular item, other than materials and labour.
Example: A special design fee for one product may be a direct expense.
Wages of workers directly involved in making the product.
Example: Pay for someone assembling bicycles is direct labour.
Promotional messages sent straight to named potential customers.
Example: A local shop posts discount leaflets to nearby households.
Raw material that can be traced to a particular product.
Example: Wood used to make a table is direct material.
Two quantities change so that their ratio stays constant.
Example: If apples cost $2 each, cost is directly proportional to number bought.
Selling products directly to customers without relying on a conventional retail shop.
Example: A farmer sells vegetables through a weekly subscription.
Dividing a total according to given ratio parts.
Example: Share $50 in the ratio 2:3 to get $20 and $30.
A tax paid directly on income, profits or wealth.
Example: Income tax is a direct tax.
A tax paid directly on income, profits or wealth.
Example: Income tax is a direct tax.
Guiding and supporting employees to carry out plans.
Example: A supervisor explains priorities at the start of a shift.
The way in which a movement or vector points.
Example: North-east is a direction.
Unfair treatment of someone because of a disability.
Example: An employer refuses a reasonable adjustment for a qualified worker.
Providing important additional information in or alongside the financial statements.
Example: Notes explain which depreciation method is used.
An amount taken off the normal price.
Example: A 10% discount on $40 saves $4.
The percentage used to convert future cash flows into present values.
Example: A firm uses an 8% discount rate to assess a project.
A method that gives future cash flows less value than cash received today.
Example: Cash expected next year is converted to present value.
Reductions from the usual selling price.
Example: A shop offers 20% off winter coats.
Someone who wants work but has stopped looking because they believe none is available.
Example: A job seeker gives up searching after repeated rejections.
Numerical data that takes separate countable values.
Example: Number of siblings is discrete data.
Deliberate changes in taxation or public spending to influence the economy.
Example: A government approves extra infrastructure spending during a recession.
Treating someone unfairly because of a personal characteristic, such as age or sex.
Example: A qualified person is rejected because of their age.
Treating someone unfairly because of a personal characteristic, such as age or sex.
Example: A qualified person is rejected because of their age.
Rising average costs caused by a business becoming too large or difficult to manage.
Example: A large firm experiences slow communication between departments.
A rise in average cost when a business grows too large.
Example: Poor communication across a huge company can raise unit costs.
Problems of being too large that cause average costs to increase.
Example: A huge organisation wastes time because messages pass through many managers.
Problems of being too large that cause average costs to increase.
Example: A huge organisation wastes time because messages pass through many managers.
A rise in average cost when an operation becomes too large or difficult to coordinate.
Example: A huge factory loses efficiency through poor communication.
When the amount buyers want differs from the amount sellers offer.
Example: At a very low price, demand exceeds supply.
When the amount buyers want differs from the amount sellers offer.
Example: At a very low price, demand exceeds supply.
Unemployment caused when wages exceed the market-clearing level or demand is insufficient.
Example: A wage floor above equilibrium may create excess labour supply.
A cheque that the bank refuses to pay.
Example: A customer's cheque is returned because they lack funds.
A fall in the rate of inflation, while prices still rise overall.
Example: Inflation slows from 8% to 4%, but prices keep increasing.
A fall in the rate of inflation, while prices still rise overall.
Example: Inflation slows from 8% to 4%, but prices keep increasing.
When an employer ends an employee's job, often because of conduct or performance.
Example: An employee is dismissed after repeated serious misconduct.
Money left after direct taxes that can be spent or saved.
Example: A worker has $900 left after income tax.
Money left after direct taxes that can be spent or saved.
Example: A worker has $900 left after income tax.
An account used to work out profit or loss when a non-current asset is sold or discarded.
Example: The sale of an old delivery van is recorded in a disposal account.
How far something travels or how far apart two positions are.
Example: At 5 m/s for 4 seconds, the distance is 20 m.
A rule for finding the straight-line distance between coordinate points.
Example: The distance from (0,0) to (3,4) is 5.
A graph showing how far something is from a starting point as time passes.
Example: A horizontal segment shows no change in distance from the start.
A record of transactions stored and updated on multiple computers.
Example: Many nodes hold copies of the same transaction history.
The route a product takes from producer to customer.
Example: A manufacturer sells through a wholesaler and retailer.
The route a product takes from producer to final customer.
Example: A maker sells goods through a wholesaler and retailer.
The route a product takes from producer to final customer.
Example: A maker sells goods through a wholesaler and retailer.
Multiplication shared across addition or subtraction inside brackets.
Example: 2(a + b) = 2a + 2b.
Moving into new products or markets to spread risk or grow.
Example: A clothing business launches a homeware range.
A distribution of company profits to shareholders.
Example: A company pays a $0.10 dividend per ordinary share.
A payment from company profit to shareholders, if declared.
Example: Investors receive 20 cents per share.
Part of a company's profit paid to shareholders.
Example: A company pays its shareholders $0.20 for each share owned.
A measure of how many times profit available to ordinary shareholders covers ordinary dividends.
Example: Earnings of $80,000 and dividends of $40,000 give cover of two times.
A company's approach to deciding how much profit to distribute to shareholders.
Example: A business pays small dividends while investing heavily.
Payments of company profits distributed to shareholders.
Example: A company pays shareholders 5p per share.
Sharing into equal groups or finding how many times one number fits into another.
Example: 20 ÷ 5 = 4.
Splitting production into smaller tasks performed by different workers.
Example: One worker cuts fabric while another sews the clothes.
Splitting a production process into tasks, with different workers doing each task.
Example: One worker cuts fabric while another stitches shirts.
Dividing production into specialised tasks performed by different workers.
Example: In a bakery, one team mixes dough and another packages bread.
Splitting a production process into tasks, with different workers doing each task.
Example: One worker cuts fabric while another stitches shirts.
A Boston matrix product with low market share in a slow-growing market.
Example: An outdated product earns little in a shrinking market.
The set of input values allowed for a function.
Example: If x can be 1, 2 or 3, those values form the domain.
A system that translates domain names into IP addresses.
Example: DNS helps find the server for igcse360.com.
A small device used as an access or licence key for software.
Example: Specialist software runs only while a security dongle is connected.
An impact printer that creates characters with pins striking a ribbon.
Example: A business prints multi-part forms with a dot matrix printer.
Recording every transaction as equal debit and credit entries in accounts.
Example: Paying rent debits rent expense and credits cash.
Entering the same data twice and comparing the entries for differences.
Example: A password confirmation field checks both entries match.
Entering data twice and comparing the two versions.
Example: A user types a new password twice.
A debt that may not be paid, even though it has not yet been confirmed as lost.
Example: A customer who is months late may be a doubtful debtor.
Reducing a business's workforce or operations to cut costs or improve efficiency.
Example: A company closes one office and removes some posts.
Information sent from higher levels of an organisation to employees below.
Example: A director gives instructions to team leaders.
Cash or goods taken from the business by its owner for personal use.
Example: A sole trader withdraws $100 for personal shopping.
Uncrewed aircraft that can be controlled remotely or fly automatically.
Example: A farmer uses a drone to inspect crop health.
Following an algorithm by hand to check its steps and results.
Example: A student tests pseudocode without running it on a computer.
Every accounting transaction has two effects that keep the accounting equation balanced.
Example: Buying stock for cash increases stock and reduces cash.
How long an event lasts.
Example: A film from 15:20 to 17:05 lasts 1 hour 45 minutes.
Improving products and production methods through investment and innovation over time.
Example: A firm develops more efficient batteries for future electric cars.
Changing prices as demand or other conditions change.
Example: Airline ticket prices increase as seats fill up.
Buying and selling goods or services over the internet.
Example: A customer orders shoes from a website.
Buying and selling goods or services over the internet.
Example: A customer orders shoes from a website.
A publication provided in electronic form.
Example: An e-book is an e-publication.
Staying safe when using digital devices, online services and the internet.
Example: A student avoids sharing personal details with strangers.
Selling products to customers through online retail websites or apps.
Example: A shoe retailer takes orders through its website.
Sending received data back to the sender for comparison.
Example: The sender checks whether an echoed message matches.
A person or organisation making economic choices.
Example: Households, firms and governments are economic agents.
The pattern of rises and falls in economic activity over time.
Example: Growth may slow before the economy recovers.
The pattern of rises and falls in economic activity over time.
Example: Growth may slow before the economy recovers.
Improvements in people's living standards, health, education and opportunities.
Example: A country improves literacy, healthcare and incomes.
Improvements in people's living standards, health, education and opportunities.
Example: A country improves literacy, healthcare and incomes.
Improvements in people's living standards, health, education and opportunities.
Example: A country improves literacy, healthcare and incomes.
Developing a wider range of industries and activities.
Example: A country expands manufacturing and tourism rather than relying only on oil.
An increase in the amount of goods and services an economy produces over time.
Example: National output rises by 3% over a year.
An increase in the amount of goods and services an economy can produce over time.
Example: New technology helps a country produce more each year.
An increase in the amount of goods and services an economy can produce over time.
Example: New technology helps a country produce more each year.
An increase in the amount of goods and services an economy produces over time.
Example: National output rises by 3% over a year.
Countries reducing barriers so trade, investment or economic policy become more closely linked.
Example: Neighbouring countries form a common trading area.
When developments in one country have important effects on others.
Example: A global shortage of semiconductors disrupts vehicle factories worldwide.
Government decisions about how resources should be used.
Example: A government sets targets for electricity production.
People have unlimited wants but limited resources, so choices must be made.
Example: A council must decide whether to spend its budget on schools or roads.
People have unlimited wants but limited resources, so choices must be made.
Example: A council must decide whether to spend its budget on schools or roads.
People have unlimited wants, but resources to meet them are limited.
Example: A government must decide how to spend its limited budget.
Payment to a factor of production above the minimum needed to keep it in its current use.
Example: A star athlete's earnings may exceed their transfer earnings.
Avoiding large swings in output, prices and employment.
Example: Steady growth with predictable inflation suggests greater stability.
The way a society organises production and distributes resources.
Example: Countries use different mixes of private markets and government decisions.
The way a society organises production and distributes resources.
Example: Countries use different mixes of private markets and government decisions.
Cost advantages that can lower average cost as output increases.
Example: Buying materials in bulk reduces cost per item.
Lower average production costs that can result when a firm produces on a larger scale.
Example: A big bakery buys flour in bulk and lowers cost per loaf.
Lower average production costs that can result when a firm produces on a larger scale.
Example: A big bakery buys flour in bulk and lowers cost per loaf.
Cost advantages a business gains when its average cost falls as it produces more.
Example: A large factory buys materials more cheaply in bulk.
Cost advantages a business gains when its average cost falls as it produces more.
Example: A large factory buys materials more cheaply in bulk.
Teaching and learning that improve workers’ knowledge and practical skills.
Example: A vocational course helps workers operate new machines.
Teaching and learning that improve workers’ knowledge and practical skills.
Example: A vocational course helps workers operate new machines.
A desire to buy a product backed by the ability and willingness to pay.
Example: Someone wanting a laptop but unable to afford it has no effective demand at that price.
Achieving the intended result or objective.
Example: A delivery company meets its promised delivery times.
How well a business uses its resources to produce results.
Example: Faster collection of customer debts can improve efficiency.
Using resources with as little waste as possible.
Example: A plant makes the same output with less energy.
Using resources with as little waste as possible.
Example: A factory reduces wasted materials while keeping output steady.
Using resources with as little waste as possible.
Example: A factory reduces wasted materials while keeping output steady.
Using resources with as little waste as possible.
Example: A plant makes the same output with less energy.
A number showing the percentage response of one variable to a percentage change in another.
Example: A PED of −2 means demand changes by 2% in the opposite direction to price.
Sharing messages using electronic technology.
Example: A team discusses a project through video calls and email.
Moving money electronically between accounts.
Example: A salary payment goes directly into an employee's bank account.
A system that handles electronic card payments at a checkout.
Example: A debit card payment is processed through EFTPOS.
One individual value stored inside an array.
Example: The third score is an array element.
An individual item belonging to a set.
Example: 3 is an element of {1, 2, 3}.
A service for sending digital messages between users.
Example: A student emails an assignment to a teacher.
A file sent together with an email message.
Example: A student attaches a PDF to an email.
An official ban on trade with a country or on certain goods.
Example: A government stops imports of a particular product.
An official ban on trade with a country or on certain goods.
Example: A government stops imports of a particular product.
A computer built into a larger device to do a particular job.
Example: A washing machine contains an embedded controller.
A computer built into a larger device to perform a specific task.
Example: A microwave oven has an embedded controller.
A country whose economy and consumer markets are developing rapidly.
Example: An electronics firm expands into a growing emerging market.
People moving out of a country to live elsewhere.
Example: A graduate leaves their home country for work.
People moving out of a country to live elsewhere.
Example: A graduate leaves their home country for work.
The ability to understand and manage emotions in oneself and others.
Example: A leader recognises when the team is stressed and responds calmly.
Understanding how another person may feel.
Example: A leader listens carefully to an employee's worries.
The reasons employees want to work hard and perform well.
Example: Recognition and meaningful work increase motivation.
Involving workers in decisions that affect their work.
Example: Employees join meetings to suggest improvements.
A business's ability to keep its workers rather than lose them.
Example: Good career opportunities help a company retain employees.
Legal and contractual protections that workers are entitled to.
Example: An employee has the right to agreed pay and a safe workplace.
How positively workers feel about their jobs and treatment.
Example: Fair pay and supportive managers improve employee satisfaction.
The reputation of an organisation as a place to work.
Example: A company promotes its training and flexible schedules to job applicants.
Having paid work or a job.
Example: A nurse working in a hospital is employed.
Having paid work or a job.
Example: A nurse working in a hospital is employed.
Having paid work or a job.
Example: A nurse working in a hospital is employed.
An agreement setting out the terms on which a worker is employed.
Example: The contract states hours, salary and holiday entitlement.
Rules that protect workers and set duties for employers.
Example: An employer follows rules on wages, discrimination and safety.
Giving staff authority and confidence to make appropriate decisions.
Example: A service agent can approve a small refund without asking a manager.
Giving staff authority and confidence to make appropriate decisions.
Example: A service agent can approve a small refund without asking a manager.
Changing readable data into a coded form to protect it.
Example: A secure messaging app encrypts messages in transit.
Converting readable data into coded form so only authorised users can read it.
Example: An encrypted connection protects a password sent online.
Information used by an encryption algorithm to encrypt or decrypt data.
Example: A secret key unlocks an encrypted file.
The tool at the end of a robot arm used to do a task.
Example: A gripper picks up a component.
The point reached when there is no more data to read.
Example: A loop stops when it reaches the end of a file.
Changing a shape's size by multiplying lengths by the same scale factor.
Example: Enlargement by factor 2 doubles each length.
The ability to organise resources and take business risks.
Example: A person opens a bakery and brings together workers and equipment.
The ability to organise resources and take business risks.
Example: A person opens a bakery and brings together workers and equipment.
The skill and willingness to organise resources and take business risks.
Example: Someone sets up a delivery company using their savings.
The skill and willingness to organise resources and take business risks.
Example: Someone sets up a delivery company using their savings.
Software that connects business data and processes across departments.
Example: An ERP system shares stock levels with purchasing and sales.
Someone who starts and organises a business, taking risks to pursue an opportunity.
Example: A chef opens a new takeaway restaurant.
Someone who starts and organises a business while taking risks.
Example: A student starts a small online shop.
Someone who starts and organises a business while taking risks.
Example: A student starts a small online shop.
Someone who starts a business and accepts the risk of possible failure.
Example: A person opens a new online clothing store.
Someone who starts a business and accepts the risk of possible failure.
Example: A person opens a new online clothing store.
The process of starting and developing a business, often by taking risks.
Example: Launching a new delivery service is entrepreneurship.
The effect an activity has on air, water, land and living things.
Example: A mine may affect nearby rivers and wildlife.
Laws governing business effects on the natural environment.
Example: A factory must follow legal limits on air pollution.
Running activities in ways that protect natural resources over time.
Example: A firm switches to recyclable packaging.
Using resources and managing pollution so future generations can meet their needs.
Example: Protecting forests supports long-term growth and ecosystems.
Giving people fair access to jobs and development without unfair discrimination.
Example: Applicants are assessed on skills rather than gender.
A statement that two expressions have the same value.
Example: 3x + 2 = 11 is an equation.
Consumers maximise satisfaction by making marginal utility per unit of money equal across purchases.
Example: A student spends their last pound where it gives the greatest extra satisfaction.
The level of output where planned spending equals actual output.
Example: Firms have no unintended stock changes when planned expenditure equals income.
The price at which quantity demanded equals quantity supplied.
Example: At $10, the market has neither shortage nor surplus.
The price at which quantity demanded equals quantity supplied.
Example: At $10, the market has neither shortage nor surplus.
The quantity bought and sold at the market equilibrium price.
Example: At equilibrium, 500 bags are traded.
The quantity bought and sold at the market equilibrium price.
Example: At equilibrium, 500 bags are traded.
Unemployment existing when labour demand and labour supply are in balance at the prevailing wage.
Example: Some job search and skill mismatch can persist without a downturn.
The owners' residual interest in business assets after liabilities.
Example: Assets of $100,000 minus liabilities of $60,000 give equity of $40,000.
Fairness in the way resources, opportunities or outcomes are distributed.
Example: A government may support low-income households to improve equity.
Fractions that have the same value despite different numerators and denominators.
Example: 1/2 and 3/6 are equivalent.
Designing workspaces and equipment to make them safer and more comfortable.
Example: An adjustable chair helps a student sit correctly.
The range of exact values that could round to a stated measurement.
Example: A measurement of 5 to the nearest whole number means 4.5 ≤ x < 5.5.
When an entry is made in the wrong account of the same type.
Example: A customer's payment is credited to a different customer.
When a transaction is not recorded anywhere in the accounts.
Example: A $75 sale is left out completely.
When the wrong amount is first recorded and carried through both entries.
Example: A $540 purchase is entered as $450 on both sides.
When a transaction is entered in the wrong type of account.
Example: A new machine is recorded as repairs expense.
The need for respect, achievement and recognition.
Example: A public award makes an employee feel valued.
A close, sensible answer found without exact calculation.
Example: 49 × 21 is about 50 × 20 = 1,000.
A figure based on a reasonable judgement rather than an exact amount.
Example: A machine's residual value may be estimated at $500.
A common technology for connecting devices on wired local networks.
Example: A computer uses an Ethernet cable to join a LAN.
Acting fairly and responsibly, even where the law allows other choices.
Example: A business pays suppliers promptly and treats workers fairly.
A choice based on what is right or fair, not only what is profitable.
Example: A retailer pays suppliers fairly even if cheaper options exist.
Judging whether the finished solution meets its requirements.
Example: A team checks that an app solves the user's problem.
Checking whether the finished system meets its requirements.
Example: Staff review whether the new system saves time.
A parity rule that makes the total number of 1 bits even.
Example: Three 1s need an extra 1 for even parity.
A result or group of outcomes being considered.
Example: Rolling an even number is an event.
An answer written without rounding.
Example: √3 is exact; 1.732 is a rounded approximation.
When buyers want more than sellers offer at the current price.
Example: At $3, customers want 200 items but shops have only 120.
When buyers want more than sellers offer at the current price.
Example: At $3, customers want 200 items but shops have only 120.
When sellers offer more than customers want at the current price.
Example: At $20, shops have 100 unsold jackets.
When sellers offer more than customers want at the current price.
Example: At $20, shops have 100 unsold jackets.
The price of one country's currency measured in another currency.
Example: One dollar exchanges for 0.90 euros.
The price of one currency expressed in another currency.
Example: One dollar exchanges for 0.9 euros.
The price of one currency expressed in another currency.
Example: One dollar exchanges for 0.9 euros.
The price of one currency measured in another currency.
Example: If $1 buys 0.90 euros, that is an exchange rate.
The price of one currency measured in another currency.
Example: If $1 buys 0.90 euros, that is an exchange rate.
The price of one currency expressed in another currency.
Example: If $1 buys 0.9 euros, $20 buys 18 euros.
The possibility that changing exchange rates will reduce a business's income or increase its costs.
Example: An importer pays more when the currency used to buy stock becomes stronger.
A fall in a currency's value relative to other currencies.
Example: Imported materials cost more when the home currency weakens.
Buying or selling currency to influence its value.
Example: A central bank buys its currency to support its price.
Buying or selling currency to influence its value.
Example: A central bank buys its currency to support its price.
The rules a country uses to manage the value of its currency.
Example: A country may choose a freely floating or fixed exchange rate.
Multiply each term inside brackets by the factor outside.
Example: 3(x + 2) = 3x + 6.
Tax cuts or higher public spending used to increase total demand.
Example: Government builds roads to create jobs during a downturn.
Tax cuts or higher public spending used to increase total demand.
Example: Government builds roads to create jobs during a downturn.
A policy that makes borrowing easier or cheaper to encourage spending.
Example: The central bank reduces interest rates during weak growth.
A policy that makes borrowing easier or cheaper to encourage spending.
Example: The central bank reduces interest rates during weak growth.
The view that effort depends on believing it will improve performance and lead to valued rewards.
Example: Staff work harder when a bonus target is clear and achievable.
The predicted number of times an event will happen over many trials.
Example: A 1/4 chance in 100 trials gives expected frequency 25.
The total of each possible financial result multiplied by its probability.
Example: A 50% chance of $1,000 and 50% chance of $0 gives EMV of $500.
The result that should occur for a particular test.
Example: For input 2 + 3, the expected result is 5.
Measuring GDP by adding spending on final goods and services produced domestically.
Example: GDP equals consumption + investment + government spending + net exports.
A policy lowering total spending to reduce demand for imports.
Example: Higher interest rates may reduce household spending on imported goods.
A policy encouraging people to buy domestic rather than imported products.
Example: Depreciation makes imports dearer and exports cheaper.
An amount still owed for an expense incurred.
Example: Electricity owing at year-end is an expense payable.
Software that uses stored knowledge and rules to suggest decisions in a specialist field.
Example: An expert system helps identify a plant disease.
A program that uses stored specialist knowledge and rules to offer advice.
Example: A medical expert system suggests possible conditions.
Treating people or resources unfairly to gain an advantage.
Example: A supplier may exploit workers by paying unsafe or unfairly low wages.
The small raised number telling how many times a base is used as a factor.
Example: In 5³, the exponent is 3.
A decrease by the same percentage over equal time periods.
Example: A car losing 20% of its value yearly keeps 80% each year.
Growth by the same percentage over equal time periods.
Example: An amount increasing by 10% yearly is multiplied by 1.1 each year.
A good or service sold to a buyer in another country.
Example: A local firm sells clothes overseas.
A good or service sold to a buyer in another country.
Example: A local firm sells clothes overseas.
Government support that reduces exporters' production costs or raises their receipts.
Example: A subsidy helps local firms sell machinery overseas at lower prices.
Economic growth driven by expanding sales to overseas markets.
Example: A country develops electronics industries to sell products abroad.
Goods or services sold to another country.
Example: A British firm exports machinery to France.
A mathematical combination of numbers, symbols and operations without an equals sign.
Example: 2x + 5 is an expression.
The usual four Ps plus people, process and physical evidence for services.
Example: A hotel considers staff service, booking steps and room appearance.
A general term for technologies that blend or replace real-world views with digital experiences.
Example: AR and VR are both forms of XR.
An action designed to keep an existing product selling for longer.
Example: A brand introduces new flavours to revive sales.
A method used to extend a product's sales life.
Example: A company refreshes the packaging of an older product.
A method used to extend a product's sales life.
Example: A company refreshes the packaging of an older product.
An angle formed outside a shape when one side is extended.
Example: A triangle's exterior angle equals the sum of its two opposite interior angles.
A benefit received by people who are not directly involved in a transaction.
Example: Vaccinating workers helps reduce infection spread to others.
A benefit received by people outside a market transaction.
Example: A vaccination can help protect other people.
Sharing information with people or organisations outside the business.
Example: A retailer sends a delivery update to customers.
Messages exchanged between a business and people outside it.
Example: A company sends customers a delivery update.
Messages exchanged between a business and people outside it.
Example: A company sends customers a delivery update.
A cost suffered by people who are not directly involved in a transaction.
Example: Local residents suffer noise from a nearby airport.
A cost imposed on people who are not directly buying or selling a product.
Example: Air pollution harms people living near a factory.
A person or organisation outside the business buying its product.
Example: A shopper purchasing shoes is an external customer.
Cost savings gained because the wider industry in an area grows.
Example: Nearby suppliers lower delivery costs for several factories.
Cost savings a business gains because other businesses or services are nearby.
Example: A cluster of factories benefits from specialist local suppliers.
Cost savings a business gains because other businesses or services are nearby.
Example: A cluster of factories benefits from specialist local suppliers.
Changes outside a business that may affect it.
Example: New laws and exchange-rate changes are external factors.
Money obtained from sources outside the business.
Example: A company takes out a bank loan.
Money obtained from people or organisations outside the business.
Example: A company takes out a bank loan.
Growth achieved by joining with or buying another business.
Example: A drinks company buys a smaller competitor.
Growing by joining with or buying another business.
Example: A supermarket buys a smaller chain.
A separate hard disk connected to a computer for extra storage.
Example: A student keeps backups on a USB-connected external drive.
Hiring someone who does not already work for the business.
Example: A firm advertises online for new engineers.
Hiring someone from outside the business.
Example: A company recruits a new accountant through an advert.
Hiring someone from outside the business.
Example: A company recruits a new accountant through an advert.
An unexpected event outside a business that affects its performance.
Example: An earthquake interrupts factory deliveries.
Someone outside the business who is affected by its actions.
Example: Customers and suppliers are external stakeholders.
People outside a business who use its accounts.
Example: A supplier reviews accounts before allowing credit.
A cost or benefit of an activity affecting people not directly involved.
Example: Traffic noise affects nearby residents.
A cost or benefit of an activity affecting people not directly involved.
Example: Traffic noise affects nearby residents.
A cost or benefit of an activity affecting people outside the transaction.
Example: Smoke from a factory affects nearby residents.
A private online system that gives selected outsiders controlled access.
Example: A supplier logs in to a company's extranet.
Valid values at the limits of an allowed range.
Example: If 0–100 is valid, both 0 and 100 are extreme valid tests.
Valid data exactly at a permitted boundary.
Example: Age 11 is an extreme value for an 11–18 range.
Discomfort caused by using the eyes for too long without rest.
Example: A student may get tired eyes after hours staring at a screen.
Speaking directly with someone in person.
Example: A supervisor explains a safety procedure to staff.
A number that divides another whole number without a remainder.
Example: 3 is a factor of 12.
Selling customer invoices to obtain cash earlier, usually for a fee.
Example: A manufacturer sells invoices instead of waiting 60 days.
Rewrite an expression as a product of factors.
Example: 6x + 9 = 3(2x + 3).
The resources used to produce goods and services: land, labour, capital and enterprise.
Example: A farm uses land, workers, machinery and the owner's ideas.
The land, labour, capital and enterprise used to produce goods and services.
Example: A bakery needs flour, bakers, ovens and someone to organise them.
The land, labour, capital and enterprise used to produce goods and services.
Example: A bakery needs flour, bakers, ovens and someone to organise them.
The resources used to make goods and provide services: land, labour, capital and enterprise.
Example: A bakery needs workers, ovens, ingredients and an owner.
The resources used to make goods and provide services: land, labour, capital and enterprise.
Example: A bakery needs workers, ovens, ingredients and an owner.
Production costs that cannot easily be traced to one product.
Example: Factory lighting and the factory supervisor's salary are overheads.
Financial information showing what actually happened as completely and accurately as reasonably possible.
Example: A loan is reported as a liability, not as sales income.
A business mainly owned or controlled by members of one family.
Example: Parents and children manage a family bakery.
A difference that improves the business's position compared with the budget.
Example: Sales revenue is $2,000 higher than budgeted.
Ideas about how organisations should be managed, including clear authority and division of work.
Example: A manager uses unity of command so each worker has one direct supervisor.
A response showing whether a message was received or understood.
Example: A customer confirms the delivery instructions.
Information returned about a system's output so it can adjust its behaviour.
Example: A heating controller measures the room after switching on.
A response that shows whether a message was received and understood.
Example: An employee asks a question after receiving instructions.
A response that shows whether a message was received and understood.
Example: An employee asks a question after receiving instructions.
The repeated steps a processor uses to run instructions.
Example: The CPU fetches an instruction, understands it, then carries it out.
One type of data stored for each record.
Example: DateOfBirth is a field in a student table.
A named collection of information stored on a device.
Example: scores.txt is a file holding scores.
Opening, reading, writing and closing files in a program.
Example: A program saves students' scores to a file.
The location of a file in a computer's folder structure.
Example: /home/student/scores.txt is a file path.
The amount of storage space a file uses.
Example: A high-resolution picture often has a larger file size.
The way records and fields are organised in a file.
Example: A student file contains ID, name and class fields.
Expenses of borrowing money, such as loan interest.
Example: A company pays interest on a bank loan.
The team responsible for a business's financial records, payments and planning.
Example: Finance staff prepare budgets and pay suppliers.
The balance-of-payments account recording cross-border investment and financial asset flows.
Example: A foreign investor buying domestic shares creates a financial-account entry.
The spread of financial shocks from one market or country to others.
Example: A banking crisis overseas causes investors to withdraw from several economies.
Information about money received, money spent, assets and debts.
Example: A sales record showing $800 received is financial data.
Records used to understand financial performance and position.
Example: A manager studies an income statement before reducing costs.
Lower borrowing costs available to some larger, lower-risk firms.
Example: A large company negotiates a lower interest rate on loans.
Figures and reports used to make business decisions.
Example: A monthly profit report helps a manager plan.
Using debt to finance activity, which can increase both returns and risk.
Example: Borrowing helps fund growth but increases interest obligations.
Planning and controlling how a business obtains and uses money.
Example: A manager prepares budgets and monitors cash balances.
A spreadsheet-based model used to predict financial outcomes.
Example: A shop changes its sales forecast to estimate profit.
Encouraging employees by giving monetary rewards.
Example: A sales team earns bonuses for meeting targets.
Goals measured in monetary terms, such as revenue and profit.
Example: A retailer sets a target of £20,000 annual profit.
How successfully a business has earned income and managed costs.
Example: An income statement helps users judge performance.
How well a business uses money to earn profit and meet financial goals.
Example: A company tracks profit margins and cash flows each year.
How well a business uses money to earn profit and meet financial goals.
Example: A company tracks profit margins and cash flows each year.
What a business owns and owes at a particular date.
Example: The statement of financial position reports assets and liabilities.
Having enough money and financial stability to meet obligations.
Example: A small business keeps savings for unexpected bills.
A reason accounts may not show the whole picture of a business.
Example: Accounts may not reflect staff skills or customer loyalty.
Reports showing a business's financial performance and position.
Example: A company publishes profit and financial-position statements.
Reports showing a business's financial performance and position.
Example: A company publishes profit and financial-position statements.
A long-term plan for financing a business and using its financial resources.
Example: A growing firm decides how much to borrow and reinvest.
A business activity that can be measured in money and recorded.
Example: Buying supplies for $90 is a financial transaction.
The final date of a business's accounting year.
Example: One firm closes its accounts on 31 March, another on 31 December.
Completed products ready to be sold.
Example: Boxed smartphones in a warehouse are finished goods.
Hardware or software that filters network traffic according to security rules.
Example: A firewall blocks unwanted incoming connections.
A security tool that controls network traffic using rules.
Example: A firewall blocks an unwanted incoming connection.
A business organisation that produces or sells goods and services.
Example: A bakery is a firm.
A business organisation that produces or sells goods and services.
Example: A bakery is a firm.
Software stored in a device to control its basic operations.
Example: A router uses firmware to start up and manage its hardware.
Government decisions about taxation and public spending.
Example: The government cuts income tax to encourage spending.
Government decisions about taxes and spending used to influence the economy.
Example: The government increases spending during a recession.
Government decisions about taxes and spending used to influence the economy.
Example: The government increases spending during a recession.
Government changes to taxation and spending intended to influence the economy.
Example: A government raises spending to support demand.
Government changes to taxation and spending intended to influence the economy.
Example: A government raises spending to support demand.
Long-lasting resources used by a business, such as buildings and machinery.
Example: A delivery van is a fixed asset of a courier company.
A budget prepared for one expected level of activity and not changed later.
Example: A department keeps its original annual spending target.
An account that normally keeps a partner's invested capital unchanged except for agreed changes.
Example: A partner's initial $8,000 stays in their fixed capital account.
A cost that does not change with output in the short run.
Example: Monthly warehouse rent stays at $2,000.
A business cost that does not change with output in the short run.
Example: A shop pays the same monthly rent even if sales fall.
A business cost that does not change with output in the short run.
Example: A shop pays the same monthly rent even if sales fall.
A cost that does not change with output in the short run.
Example: Monthly warehouse rent stays at $2,000.
Costs that do not change with output in the short run.
Example: Factory rent stays the same even if production falls.
Costs that do not change with output in the short run.
Example: Factory rent stays the same even if production falls.
An exchange rate kept near a target through government or central-bank action.
Example: A central bank buys or sells currency to defend its target.
An exchange rate kept near a target through government or central-bank action.
Example: A central bank buys or sells currency to defend its target.
A cost that remains largely unchanged as output changes in the short run.
Example: Factory rent stays the same during a quiet month.
Non-volatile electronic memory that can be erased and rewritten.
Example: A memory card uses flash memory.
An organisation with few management levels.
Example: A small start-up may have only workers and one manager.
An organisation with few management levels.
Example: A small start-up may have only workers and one manager.
A budget adjusted for the actual level of activity.
Example: A factory revises material spending after producing more units.
Using equipment and production methods that can switch between products efficiently.
Example: A factory changes from one model of appliance to another quickly.
Arrangements that vary when, where or how people work.
Example: An employee works compressed hours four days a week.
An arrangement allowing staff to vary their start and finish times within rules.
Example: An employee starts at 8 am rather than 9 am.
An exchange rate mainly determined by market demand and supply.
Example: The currency rises when more foreign buyers demand it.
An exchange rate mainly determined by market demand and supply.
Example: The currency rises when more foreign buyers demand it.
A part of flash memory used to store an electrical charge representing data.
Example: A flash memory cell holds its data when the power is off.
Making standardised products continuously along a production line.
Example: A factory produces bottled drinks on a conveyor belt.
Making large quantities of standard products in a continuous process.
Example: A bottling line fills drinks throughout the day.
Making large quantities of standard products in a continuous process.
Example: A bottling line fills drinks throughout the day.
The amount of liquid or gas passing a point each unit of time.
Example: A tap delivers 3 litres per minute.
A diagram using symbols and arrows to show the steps in a process.
Example: A diamond shows a decision in a flowchart.
A capital account that changes with profit shares, drawings and other entries.
Example: A partner's capital increases after their share of profit is added.
A change that moves up and down over time.
Example: Daily sales fluctuate between busy and quiet days.
A small group discussing a product or idea with a researcher.
Example: Eight customers discuss a new phone design.
A small group of people discussing a product or idea with a researcher.
Example: Eight shoppers share opinions about a new cereal box.
A small group of people discussing a product or idea with a researcher.
Example: Eight shoppers share opinions about a new cereal box.
The number of people passing or entering a shop or location.
Example: A shopping-centre unit has high footfall on Saturdays.
A loop usually used when the number of repetitions is known.
Example: FOR i ← 1 TO 10 repeats a task ten times.
Comparing pressures that support and oppose a proposed change.
Example: Managers weigh staff support against training costs.
The risk that predictions differ from what actually happens.
Example: A forecast assumes sales rise, but orders may fall.
Money, goods or expertise provided to support another country's development.
Example: A grant funds a water purification project.
Investment giving a foreign business a lasting management interest in domestic operations.
Example: An overseas company builds and runs a factory in another country.
Investment by a business in productive assets or operations in another country.
Example: A company builds a new factory abroad.
Investment by a business in productive assets or operations in another country.
Example: A company builds a new factory abroad.
Where currencies are bought and sold.
Example: Banks and firms exchange dollars for euros.
Where currencies are bought and sold.
Example: Banks and firms exchange dollars for euros.
Customers and businesses in countries outside the firm's home country.
Example: A local clothing brand starts selling its products overseas.
Messages sent through recognised official channels.
Example: An official memo explains a policy change.
Official messages sent through recognised business channels.
Example: A company sends a written policy to staff.
Official messages sent through recognised business channels.
Example: A company sends a written policy to staff.
Checking that data follows a specified pattern.
Example: A date must be entered as DD/MM/YYYY.
A validation rule checking the pattern of entered data.
Example: A postcode must follow a specified pattern.
A rule showing how quantities are related using symbols.
Example: Area of a rectangle = length × width.
A calculator button used to type numerator and denominator directly.
Example: Enter 3 over 4 with the fraction key.
A power that represents a root, possibly followed by another power.
Example: 9^(1/2) = 3.
A system in which banks keep only part of deposits as reserves and lend the remainder.
Example: A bank retains some deposits and uses the rest to finance loans.
A business arrangement allowing someone to trade using another company's brand and system.
Example: A franchisee opens a branded fast-food outlet.
An arrangement where someone pays to operate a business using another firm's brand and system.
Example: A restaurant owner operates under a well-known chain's name.
An arrangement where someone pays to operate a business using another firm's brand and system.
Example: A restaurant owner operates under a well-known chain's name.
The person or business paying to operate under a franchisor's brand.
Example: An entrepreneur pays fees to open a branded coffee shop.
A business that grants another operator the right to use its brand and business system.
Example: A restaurant chain allows franchisees to open branded outlets.
A good available in sufficient amounts at no opportunity cost in the situation considered.
Example: Sunlight is generally a free good for someone sitting outdoors.
Trade between countries with few government restrictions.
Example: Countries remove tariffs on imported clothes.
Trade between countries with few government restrictions.
Example: Countries remove tariffs on imported clothes.
Trade between countries with few restrictions such as tariffs or quotas.
Example: Two countries reduce import taxes on each other's products.
Trade between countries with few restrictions such as tariffs or quotas.
Example: Two countries reduce import taxes on each other's products.
A group of countries removing tariffs on trade between members while setting their own external tariffs.
Example: Members trade freely internally but use different tariffs on outside imports.
When people can benefit from something without paying, discouraging private provision.
Example: People benefit from street lighting even if they do not contribute to its cost.
Frequency divided by class width; used for histogram height.
Example: A class with frequency 20 and width 5 has density 4.
A table showing how many times each value or group occurs.
Example: A table may show 7 pupils have two siblings.
Short-term unemployment while people move between jobs.
Example: A worker leaves one job and searches for another.
Short-term unemployment while people move between jobs.
Example: A worker leaves one job and searches for another.
Rewards in addition to normal pay, such as health insurance or a company car.
Example: A manager receives free medical insurance.
Rewards in addition to normal pay, such as health insurance or a company car.
Example: A manager receives free medical insurance.
A protocol used to transfer files between computers.
Example: A developer uses FTP to upload site files.
A method that allocates both direct costs and a share of overheads to products.
Example: A manufacturer adds factory rent to product cost estimates.
A situation where nearly everyone willing and able to work at the going wage can find work.
Example: An economy has very little unemployment caused by weak demand.
A situation where nearly everyone willing and able to work at the going wage can find work.
Example: An economy has very little unemployment caused by weak demand.
Communication in both directions at the same time.
Example: Both people can speak during a telephone call.
Employment involving the standard working hours for a full-time position.
Example: A manager works a regular five-day week.
A named subroutine that returns a result.
Example: A function returns the area of a rectangle.
A rule that assigns exactly one output to each allowed input.
Example: f(x) = 2x gives output 6 when x = 3.
A graph showing the output value of a function for each input.
Example: The graph of y = x² is a parabola.
Using a name such as f(x) to show a function's output.
Example: f(5) means the output when x = 5.
Choices about how to obtain and use money for business activities.
Example: A firm compares a bank loan with issuing shares.
Extra consumption or output possibilities made possible by exchanging goods.
Example: Two countries specialise and both consume more than they could alone.
A way of analysing decisions when each participant's outcome depends on others' choices.
Example: Two airlines decide whether to lower fares based on expected rival behaviour.
GDP divided by a country's population.
Example: A GDP of $1 billion shared among 100,000 people gives $10,000 per head.
GDP divided by a country's population.
Example: A GDP of $1 billion shared among 100,000 people gives $10,000 per head.
The extent to which a business relies on long-term borrowed finance.
Example: Taking on more debt can increase gearing.
How much of a business's long-term finance comes from borrowing rather than owners' funds.
Example: A highly geared company depends heavily on loans.
A measure of how much long-term finance comes from debt compared with capital employed or equity, depending on the formula used.
Example: A business with high long-term borrowing has high gearing.
Unfair treatment of someone because of their gender.
Example: A capable applicant is rejected solely because she is a woman.
A measure comparing disadvantages faced by women and men in key areas.
Example: Unequal representation and educational outcomes affect the GII.
Changing an organism's genetic material to give it particular characteristics.
Example: Researchers develop crops resistant to some pests.
Software that combines location data with maps for analysis.
Example: A planner uses GIS to map flood risk.
Dividing a market according to customers' locations.
Example: A company sells winter clothing in colder regions.
How easily people or resources can move between places.
Example: A worker moves to another town for a new job.
How easily people or resources can move between places.
Example: A worker moves to another town for a new job.
A sequence where each term is made by multiplying by the same number.
Example: 2, 6, 18, 54 multiplies by 3 each time.
A rare inferior good whose demand rises when its own price rises because the income effect outweighs substitution.
Example: For a very poor household, dearer staple food might lead to buying more of it.
A labour market where people often work on short jobs or tasks rather than permanent contracts.
Example: A delivery rider accepts jobs through an app.
A unit of data storage equal to one billion bytes in decimal notation.
Example: A tablet might have 128 GB of storage.
A number measuring income inequality, with 0 meaning complete equality and 1 meaning maximum inequality.
Example: A Gini coefficient of 0.25 indicates less inequality than 0.50.
A satellite-based system that estimates a receiver's location.
Example: A phone uses GPS to show your position on a map.
The long-term rise in Earth's average temperature, largely caused by greenhouse gases.
Example: Higher temperatures raise the risk of extreme heat.
Growing links between countries through trade, investment and information.
Example: A retailer sources materials internationally and sells worldwide.
Countries becoming more connected through trade, investment, technology and movement of people.
Example: A phone is designed in one country and assembled in another.
Countries becoming more connected through trade, investment, technology and movement of people.
Example: A phone is designed in one country and assembled in another.
Countries and businesses becoming more connected through trade, investment and technology.
Example: A phone is designed in one country and assembled in another.
Countries and businesses becoming more connected through trade, investment and technology.
Example: A phone is designed in one country and assembled in another.
When employees deliberately work more slowly as a form of protest.
Example: Factory workers reduce the speed of production.
The assumption that a business will continue operating for the foreseeable future.
Example: Equipment is normally valued for continued use rather than forced sale.
Physical products that people can use or buy.
Example: Shoes and textbooks are goods.
Physical products that people can use or buy.
Example: Shoes and textbooks are goods.
Physical products that customers can touch.
Example: Shoes and bicycles are goods.
Physical products that customers can touch.
Example: Shoes and bicycles are goods.
Items taken from trading stock by the owner for personal use.
Example: A shop owner takes $30 of goods home.
The public authority that makes and enforces rules and provides services.
Example: Government funds schools and builds roads.
The public authority that makes and enforces rules and provides services.
Example: Government funds schools and builds roads.
A plan showing expected government revenue and spending.
Example: A budget sets funding for schools and hospitals.
A plan showing expected government revenue and spending.
Example: A budget sets funding for schools and hospitals.
When intervention produces a less efficient or less desirable outcome than intended.
Example: An overly generous subsidy encourages wasteful production.
Money provided by government for a particular purpose, usually without repayment.
Example: A business receives funding to open in a disadvantaged area.
Benefits offered by a government to encourage particular business activities.
Example: A company receives a tax reduction for opening in a rural area.
Action by the state to influence economic activity.
Example: A government taxes pollution to discourage it.
Action by the state to influence economic activity.
Example: A government taxes pollution to discourage it.
The economic and social goals a government wants to achieve.
Example: A government seeks lower unemployment and stable prices.
Money paid by government to support a business, industry or activity.
Example: A government helps farmers pay for equipment.
Taxes collected by the government using information about business income and profits.
Example: A tax office reviews reported profit.
How steep a graph is, calculated as vertical change divided by horizontal change.
Example: On a distance-time graph, gradient gives speed along a straight segment.
Unofficial news or rumours spreading among employees.
Example: Staff hear about a proposed reorganisation from colleagues.
A way to control a computer using windows, icons and menus.
Example: A user clicks a folder icon to open files.
Economic development that reduces environmental harm and uses resources efficiently.
Example: Investing in clean energy creates jobs while cutting emissions.
A formal process for employees to raise and resolve workplace complaints.
Example: A worker reports unfair treatment through the grievance procedure.
The value of final goods and services produced within a country during a given period.
Example: A country's annual GDP measures the value of what it produces.
The value of final goods and services produced within a country during a given period.
Example: A country's annual GDP measures the value of what it produces.
The total value of final goods and services produced in a country during a period.
Example: A rise in GDP often indicates the economy is growing.
Gross profit divided by revenue, multiplied by 100.
Example: $3,000 gross profit on $10,000 sales gives 30% gross margin.
GDP plus net primary income received from overseas.
Example: Income residents earn abroad can raise GNI above GDP.
Sales revenue minus the cost of goods sold.
Example: Sales of $2,000 less cost of sales of $1,200 gives $800 gross profit.
Revenue minus the cost of goods sold.
Example: Sales of $50,000 less cost of sales of $30,000 gives $20,000.
Revenue minus cost of sales.
Example: Revenue of $1,000 less cost of sales of $600 gives $400 gross profit.
Revenue minus cost of sales.
Example: Revenue of $1,000 less cost of sales of $600 gives $400 gross profit.
Gross profit as a percentage of revenue.
Example: A $30,000 gross profit on $100,000 revenue gives 30%.
Gross profit expressed as a percentage of revenue.
Example: $300 gross profit on $1,000 revenue means a 30% margin.
Gross profit expressed as a percentage of revenue.
Example: $300 gross profit on $1,000 revenue means a 30% margin.
An increase in the size or sales of a business.
Example: A company opens three new shops.
An increase in the size or sales of a business.
Example: A company opens three new shops.
The number multiplied each period during percentage growth.
Example: 5% yearly growth uses the factor 1.05.
Damage to natural places where plants and animals live.
Example: Clearing forests for a factory may destroy wildlife habitats.
Accessing or interfering with a computer system without permission.
Example: An attacker breaks into an account using a stolen password.
Communication in both directions, but not at the same time.
Example: People using a walkie-talkie take turns speaking.
A storage device with spinning magnetic platters.
Example: An HDD can hold large video files.
A storage device with spinning magnetic platters.
Example: A desktop computer may store videos on an HDD.
An approach that treats labour mainly as a cost and focuses on tight control and performance.
Example: A firm closely monitors staffing costs and output targets.
The physical parts of a computer that you can touch.
Example: A keyboard and motherboard are hardware.
Measures for protecting people from injuries and risks at work.
Example: A factory provides protective clothing and safety training.
Services that prevent and treat illness and injury.
Example: Vaccination programmes help children stay healthy.
Services that prevent and treat illness and injury.
Example: Vaccination programmes help children stay healthy.
A theory that separates factors causing satisfaction from factors preventing dissatisfaction.
Example: Responsibility can motivate, while poor working conditions can cause dissatisfaction.
A number system with 16 symbols: 0–9 and A–F.
Example: The binary value 1111 is F in hexadecimal.
The levels of authority from senior leaders to junior employees.
Example: A company has a chief executive, managers and supervisors.
The levels of authority from senior leaders to junior employees.
Example: A company has a chief executive, managers and supervisors.
A programming language designed to be relatively easy for people to read.
Example: Python is a high-level language.
Buying an asset through instalments, with ownership normally passing after the final payment.
Example: A firm pays monthly for a delivery truck.
Buying an asset through instalments, with ownership normally passing after the final payment.
Example: A firm pays monthly for a delivery truck.
A graph showing continuous grouped data with bar areas proportional to frequency.
Example: With unequal class widths, histogram bar heights show frequency density.
Recording an asset at its original purchase cost rather than its current market price.
Example: A building bought for $70,000 may remain based on that cost.
A special optical label sometimes used to help identify genuine products.
Example: A software package has a security hologram.
Messages exchanged between people or departments at similar levels.
Example: Two team leaders coordinate deliveries.
Information exchanged between people at similar organisational levels.
Example: Two department heads coordinate a product launch.
Combining with a business at the same production stage in the same industry.
Example: One supermarket chain buys another.
When a business joins with another at the same stage of production in the same industry.
Example: One bakery chain buys another bakery chain.
A merger between firms operating at the same production stage.
Example: Two competing supermarkets combine.
The country where a foreign business operates or invests.
Example: A factory built by an overseas company creates jobs in the host country.
A person or group sharing spending and economic decisions.
Example: A family decides how much income to save.
A person or group sharing spending and economic decisions.
Example: A family decides how much income to save.
Taking a loan or credit that must be repaid later.
Example: A family borrows money to buy a car.
The money a household receives from earnings and other sources.
Example: A pay rise increases a family’s household income.
The money a household receives from earnings and other sources.
Example: A pay rise increases a family’s household income.
The part of a household’s income that it does not spend now.
Example: A family sets aside money for emergencies.
The part of a household’s income that it does not spend now.
Example: A family sets aside money for emergencies.
Money used by a household to buy goods and services.
Example: A family pays for food, transport and electricity.
Money used by a household to buy goods and services.
Example: A family pays for food, transport and electricity.
A protocol used to request and transfer web pages.
Example: A browser requests a web page using HTTP.
HTTP protected by encryption and authentication using TLS.
Example: The padlock on an HTTPS site shows that the connection is encrypted.
A secure form of HTTP that uses encryption to protect data in transit.
Example: A login page uses HTTPS.
A network device that sends incoming data to all its connected ports.
Example: Every computer connected to a hub receives the same transmitted data.
Workers' knowledge, skills, health and experience.
Example: Training nurses raises the quality of human capital.
Workers' knowledge, skills, health and experience.
Example: Training nurses raises the quality of human capital.
Workers' knowledge, skills, health and experience.
Example: Training nurses raises the quality of human capital.
Building workers' knowledge and skills through education or training.
Example: Technical training helps workers use new production equipment.
Improvement in people's health, education, opportunities and living conditions.
Example: More years of schooling and longer life expectancy show human development.
An index combining income, education and life expectancy to compare development.
Example: A country with strong schooling and health may have a high HDI.
An index combining income, education and life expectancy to compare development.
Example: A country with strong schooling and health may have a high HDI.
The idea that social needs and relationships affect how well people work.
Example: A manager builds teamwork to improve morale.
Managing the people who work for a business, including recruitment, training and performance.
Example: An HR team hires staff and supports their development.
Managing the people who work for a business, including recruitment, training and performance.
Example: An HR team hires staff and supports their development.
The people working for a business, and the team that manages staffing matters.
Example: The HR department recruits and trains employees.
The people working for a business, and the team that manages staffing matters.
Example: The HR department recruits and trains employees.
In Herzberg's theory, a condition that prevents dissatisfaction but does not necessarily motivate.
Example: Fair pay and safe working conditions reduce complaints.
Extremely rapid and uncontrolled increases in prices.
Example: Daily price rises make savings lose value quickly.
Extremely rapid and uncontrolled increases in prices.
Example: Daily price rises make savings lose value quickly.
A clickable link that opens another page or resource.
Example: Selecting a chapter link opens the notes.
A clickable link that opens another page or resource.
Example: A chapter menu links to the next lesson.
A set of rules for transferring web requests and responses.
Example: A browser uses HTTP when requesting a page.
The longest side of a right-angled triangle, opposite the right angle.
Example: In a 3–4–5 triangle, the hypotenuse is 5.
Long-lasting damage to employment or output caused by a temporary downturn.
Example: Unemployment stays high because workers lose skills during a long recession.
The number of pixels used to form an image, usually width × height.
Example: A 1920 × 1080 image has 1920 pixels across and 1080 down.
People moving into a country to live there.
Example: A family settles in another country for employment.
People moving into a country to live there.
Example: A family settles in another country for employment.
Creating a solution from its design.
Example: A programmer writes code for the planned algorithm.
A good or service bought from a supplier in another country.
Example: A country buys computers from abroad.
A good or service bought from a supplier in another country.
Example: A country buys computers from abroad.
A legal limit on the amount of a product that may be imported.
Example: A quota permits only 10,000 imported cars per year.
Supporting domestic production to replace goods previously imported.
Example: A government protects local appliance producers from foreign competition.
A tax placed on a product entering a country.
Example: A 10% tariff increases the importer's cost.
Goods or services bought from another country.
Example: A British shop imports coffee beans from Colombia.
A petty cash system that restores the cash fund to a fixed agreed amount.
Example: A $100 fund with $35 spent is topped up by $35.
A fraction with a numerator greater than or equal to its denominator.
Example: 7/4 is an improper fraction.
Something that encourages a person or business to act.
Example: Higher wages encourage more people to train as nurses.
Something that encourages a person or business to act.
Example: Higher wages encourage more people to train as nurses.
A benefit that encourages firms to buy machines or expand.
Example: A tax allowance encourages a factory to buy equipment.
Policies that encourage businesses to spend on equipment, skills or facilities.
Example: A tax allowance makes purchasing machines more attractive.
Policies or benefits that encourage people to seek or keep employment.
Example: Lower income tax may encourage some people to work more hours.
Policies or benefits that encourage people to seek or keep employment.
Example: Lower income tax may encourage some people to work more hours.
A club's statement showing income earned, expenses incurred and the surplus or deficit.
Example: It records this year's subscription income even if not all cash was received.
Measuring GDP by adding incomes earned from producing goods and services.
Example: Wages, rent, interest and profit contribute to national income.
How total income is shared among people or groups in an economy.
Example: A country may have high GDP but most income may go to a small group.
The change in what consumers can afford when a price change alters their purchasing power.
Example: Cheaper rice leaves a household with money for other items.
How strongly quantity demanded responds to a percentage change in income.
Example: Income rises 10% and demand for holidays rises 15%.
How responsive quantity demanded is to a change in consumer income.
Example: A 10% income increase causing 15% more restaurant meals gives YED of 1.5.
An uneven distribution of income among people.
Example: A country where a few people earn most income has high inequality.
An uneven distribution of income among people.
Example: A country where a few people earn most income has high inequality.
Income already earned but not yet received.
Example: Interest earned in June but paid in July is income receivable.
Money received before it has been earned.
Example: Rent collected in December for January is income in advance.
A financial statement that shows a business's income, costs and profit or loss over a period.
Example: A shop prepares an income statement for the year.
A financial statement showing revenue, costs and profit over a period.
Example: A business prepares an income statement for the year.
A financial statement showing revenue, costs and profit over a period.
Example: A business prepares an income statement for the year.
Payments or assistance that help households meet living costs.
Example: A low-income family receives extra help with rent.
Accounting records that are missing some information or do not use full double entry.
Example: A small shop keeps only receipts and payment notes.
A business legally separate from its owners.
Example: A limited company can own property in its own name.
A business legally separate from its owners.
Example: A limited company can own property in its own name.
The legal process that creates a company separate from its owners.
Example: A partnership registers as a limited company.
The legal process that creates a company separate from its owners.
Example: A partnership registers as a limited company.
Recording a transaction in the wrong accounting category.
Example: Treating the cost of a new building as rent is incorrect classification.
A rise in the estimated amount of doubtful customer debts.
Example: The allowance rises from $200 to $250, increasing expense by $50.
Preparing a new budget by adjusting the previous one.
Example: A department increases last year's budget by 4%.
Having the freedom to make decisions without being controlled by an employer.
Example: A sole trader chooses their own opening hours.
Events where the result of one does not affect the probability of another.
Example: Two separate fair coin tosses are independent.
A number or position used to select one element of an array.
Example: names[3] selects the item at index 3.
The raised number showing how many times the base is multiplied by itself.
Example: In 2⁵, the index is 5.
A rule for simplifying expressions involving powers.
Example: When multiplying powers with the same base, add the indices.
A way of writing repeated multiplication using a base and an index.
Example: 4 × 4 × 4 can be written as 4³.
A curve showing combinations of two goods that give the consumer equal satisfaction.
Example: A student is equally happy with two books and one game or one book and two games.
A cost shared by multiple products or activities.
Example: Factory lighting is an indirect cost.
Wages of factory workers who support production rather than make a particular product.
Example: A factory cleaner's wages are indirect labour.
Materials used in production but not easily traced to one product.
Example: Cleaning supplies used throughout a factory are indirect materials.
A tax on goods and services, often increasing their selling price.
Example: A sales tax increases the cost of a drink.
A tax on goods and services, often increasing their selling price.
Example: A sales tax increases the cost of a drink.
The quantity one buyer is willing and able to purchase at different prices.
Example: One household buys two cartons of milk per week at a given price.
The quantity one producer is willing and able to sell at different prices.
Example: A farmer supplies 50 kg of tomatoes per week at the current price.
Training that helps new staff settle into a job and workplace.
Example: A new employee learns safety rules on the first day.
Training that helps a new worker understand the job and workplace.
Example: A new employee learns safety rules on their first day.
Training that helps a new worker understand the job and workplace.
Example: A new employee learns safety rules on their first day.
Steps workers take to pressure an employer during a dispute.
Example: Workers hold a strike to seek safer conditions.
The relationship between employers, employees and their representatives.
Example: Managers meet staff representatives to discuss pay and conditions.
A robot used for tasks in manufacturing or industry.
Example: A robot arm repeats a precise assembly movement.
Programmable machines used to carry out repeated or precise tasks in production.
Example: A robotic arm assembles electronic components.
A typical performance figure for businesses in the same industry.
Example: A shop compares its margin with other retailers.
A statement showing that two values are not equal, or that one is no greater than another.
Example: 7 > 4 is an inequality.
The part of an expert system that applies rules to reach conclusions.
Example: The inference engine links a symptom to possible causes.
The part of an expert system that applies rules to reach a conclusion.
Example: The system uses symptoms to suggest a diagnosis.
A good for which demand generally falls as income rises.
Example: Some shoppers buy fewer budget noodles when they earn more.
A good for which demand falls as income rises, other things equal.
Example: As incomes rise, some commuters switch from bus travel to taxis.
A sustained rise in the general level of prices.
Example: The average price of goods rises by 4% in a year.
A sustained increase in the general price level over time.
Example: If prices rise by 5% overall, money buys fewer goods.
A sustained increase in the general price level over time.
Example: If prices rise by 5% overall, money buys fewer goods.
A continuing rise in the general price level.
Example: Food and transport prices rise across the economy.
A continuing rise in the general price level.
Example: Food and transport prices rise across the economy.
How rising prices can make old recorded costs less useful for comparisons.
Example: A building purchased years ago may cost far more to replace now.
The percentage increase in the general price level over a period.
Example: An index moving from 120 to 126 implies inflation of 5%.
Unofficial exchanges between people in a business.
Example: Colleagues discuss work during lunch.
Unofficial conversations between people at work.
Example: Colleagues discuss a project during lunch.
Unofficial conversations between people at work.
Example: Colleagues discuss a project during lunch.
Unofficial relationships and communication that develop alongside the formal structure.
Example: Employees share advice through an informal peer network.
When buyers or sellers lack the facts needed to make good decisions.
Example: A buyer does not know a used car has hidden faults.
When buyers or sellers lack the facts needed to make good decisions.
Example: A buyer does not know a used car has hidden faults.
Receiving more information than someone can process effectively.
Example: An employee misses a key task in 100 emails.
Receiving more information than someone can process effectively.
Example: An employee misses a key task in 100 emails.
Advertising that gives facts about a product so customers can make a choice.
Example: An advert lists a laptop's battery life and price.
Basic systems that support economic activity, such as roads, power and internet.
Example: Reliable roads help firms deliver goods.
Basic systems that support economic activity, such as roads, power and internet.
Example: Reliable roads help firms deliver goods.
Basic systems that support economic activity, such as roads, power and internet.
Example: Reliable roads help firms deliver goods.
A shortage of transport, energy, communications or other basic systems.
Example: Poor roads make it costly for farmers to reach markets.
Spending added to the circular flow through investment, government spending and exports.
Example: Government building projects inject spending into the economy.
A printer that sprays tiny ink droplets onto paper.
Example: A home printer produces colour photographs.
A printer that sprays tiny drops of ink onto paper.
Example: A family prints colour photographs on an inkjet printer.
Introducing a new or improved product, method or way of working.
Example: A retailer introduces same-day delivery.
Data provided to a program or system.
Example: A user enters a temperature.
Hardware used to enter data into a computer.
Example: A scanner is an input device.
Hardware used to enter data or instructions into a computer.
Example: A microphone inputs sound.
A value entering a logic circuit, usually 0 or 1.
Example: An alarm sensor supplies input A.
Being unable to pay debts when they fall due or having liabilities greater than assets, depending on the legal test.
Example: A business cannot meet a loan payment when it is due.
Being unable to pay debts when they fall due or having liabilities greater than assets, depending on the legal test.
Example: A business cannot meet a loan payment when it is due.
Checking products or work to identify defects or failures.
Example: A worker examines bottles before packaging them.
A whole-number data type, with no decimal part.
Example: −3 and 25 are integers.
A whole number that can be positive, negative or zero.
Example: −4, 0 and 12 are integers.
A whole-number value that makes a statement true.
Example: For 1 < x < 4, the integer solutions are 2 and 3.
Software combining tools for writing, testing and debugging programs.
Example: An IDE may provide a code editor and debugger.
Coordinating marketing activities so the message and customer experience are consistent.
Example: A campaign uses the same theme online and in shops.
Comparing financial performance or ratios of two or more businesses.
Example: Two retailers compare their gross profit margins.
When users can respond to or control what a system does.
Example: A quiz lets a student choose an answer and get feedback.
Where a graph crosses one of the coordinate axes.
Example: y = 2x + 3 meets the y-axis at 3.
When a firm's decisions depend on how rivals are expected to respond.
Example: One petrol station considers whether a rival will match its price cut.
When a firm's decisions depend on how rivals are expected to respond.
Example: One petrol station considers whether a rival will match its price cut.
Payment received for saving or paid for borrowing money.
Example: A bank charges interest on a loan.
Payment received for saving or paid for borrowing money.
Example: A bank charges interest on a loan.
An allowance to a partner based on the capital they invested.
Example: 5% on $10,000 capital gives $500 allowance.
A charge to a partner for taking money out of the business.
Example: A partner may be charged interest on personal withdrawals.
The percentage charged on a loan or paid on savings over a period.
Example: A 5% yearly interest rate costs $5 on a $100 loan for one year.
The percentage charged on a loan or paid on savings over a period.
Example: A 5% yearly interest rate costs $5 on a $100 loan for one year.
The percentage paid to borrow money or earned on savings.
Example: A 6% annual interest rate makes borrowing more expensive than 3%.
The percentages charged on loans or paid on savings.
Example: Higher interest rates make borrowing more expensive.
People or groups who use a business's accounting information.
Example: A bank checks accounts before agreeing to lend.
A business or person that helps products move from producers to customers.
Example: A wholesaler connects a manufacturer with local shops.
Sharing information among people within an organisation.
Example: A manager emails staff about new opening hours.
Messages exchanged between people within the same organisation.
Example: A supervisor emails a team about a meeting.
Messages exchanged between people within the same organisation.
Example: A supervisor emails a team about a meeting.
Someone within a business who receives work or services from another part.
Example: The assembly team is the warehouse team's internal customer.
Cost savings gained within a growing business.
Example: A large firm uses specialist machinery to reduce unit costs.
Cost savings gained within a growing business.
Example: A large firm uses specialist machinery to reduce unit costs.
Money raised from within the business rather than from outside lenders or investors.
Example: A firm uses retained profit to buy equipment.
Money raised from inside the business.
Example: A firm uses retained profit to buy equipment.
Growing by expanding a business's own activities.
Example: A bakery opens another branch.
Filling a vacancy with an existing employee.
Example: A shop promotes a team leader to manager.
Filling a job with someone who already works for the business.
Example: A shop promotes an existing assistant to supervisor.
Filling a job with someone who already works for the business.
Example: A shop promotes an existing assistant to supervisor.
Someone inside the organisation with an interest in its decisions.
Example: Employees and managers are internal stakeholders.
People inside a business who use accounting information.
Example: A manager uses cost figures to plan spending.
Rules developed to help make financial reporting consistent and understandable.
Example: Standards guide how firms prepare reports.
A measure counting people without work who are available for and actively seeking employment.
Example: Someone who wants a job but has stopped searching may be excluded.
An international organisation that supports monetary cooperation and lends to countries facing external financial difficulties.
Example: The IMF may provide funding linked to economic reforms.
Countries concentrating production on goods and services they can make relatively effectively.
Example: One country produces coffee while another makes machinery.
Countries concentrating production on goods and services they can make relatively effectively.
Example: One country produces coffee while another makes machinery.
When a business from one country acquires control of a company in another.
Example: An overseas manufacturer purchases a local rival.
Buying and selling goods and services across national borders.
Example: A car made in Japan is sold in Canada.
Buying and selling goods and services across national borders.
Example: A car made in Japan is sold in Canada.
Buying and selling goods and services between countries.
Example: A country exports coffee and imports cars.
Buying and selling goods and services between countries.
Example: A country exports coffee and imports cars.
A worldwide network of connected computer networks.
Example: A student uses the internet to access a school website.
A worldwide network connecting many smaller computer networks.
Example: A phone connects to an online service through the internet.
A company that provides access to the internet.
Example: A home broadband supplier is an ISP.
A company that provides access to the internet.
Example: A household pays an ISP for broadband.
Software that reads and runs a program, usually translating it while executing.
Example: A Python interpreter runs code one statement at a time in a simple model.
A signal that makes the CPU pause its current task to deal with an event.
Example: A keyboard press may generate an interrupt.
A small program run to respond to an interrupt.
Example: The CPU runs a routine to handle a completed disk operation.
The items that two sets have in common.
Example: The intersection of {1, 2} and {2, 3} is {2}.
A discussion used to gather detailed information from a person.
Example: A manager describes problems with the existing system.
A discussion used to gather detailed information from a person.
Example: A manager describes problems with the existing system.
A private internal network or website used by an organisation.
Example: Employees find policies on the company intranet.
A private network or website used within an organisation.
Example: A school intranet holds staff notices.
An employee who develops a new idea or venture within an existing business.
Example: An engineer creates a new product for her employer.
A property or point that remains unchanged by a transformation.
Example: Distances are invariant under a rotation.
Goods held for resale or materials and partly finished goods used in production.
Example: A shop's unsold shoes are inventory.
Materials and products a business keeps for future use or sale.
Example: A shop stores goods before customers buy them.
Materials, unfinished goods or finished goods held by a business.
Example: A shop keeps extra stock for busy days.
Materials, unfinished goods or finished goods held by a business.
Example: A shop keeps extra stock for busy days.
Physically checking how many goods are in stock.
Example: A shop counts every unsold item at year-end.
The cost of storing goods, including rent, insurance and deterioration.
Example: Frozen goods need costly chilled storage.
A measure of how quickly inventory is sold or used during a period.
Example: A retailer replaces its average stock six times a year.
A function that reverses another one when an inverse exists.
Example: The inverse of f(x)=x+4 is f⁻¹(x)=x−4.
An operation that undoes another operation.
Example: Division undoes multiplication.
Two positive quantities change so that their product stays constant.
Example: If 2 workers take 6 hours, 4 equally fast workers take 3 hours.
A relationship that gets smaller in proportion to one divided by the square of another value.
Example: Light intensity from a point source falls roughly with distance squared.
Spending on capital goods that can increase future production.
Example: A firm buys new machinery to expand production.
Spending on capital goods that can increase future production.
Example: A firm buys new machinery to expand production.
Evaluating whether a long-term project is financially worthwhile.
Example: A factory compares the expected returns from two machines.
Choices about spending money on assets or projects expected to bring future benefits.
Example: A manufacturer assesses whether to buy a new machine.
The possibility that actual returns will differ from expected returns.
Example: A new factory may sell fewer units than forecast.
Someone who provides money expecting a return or increase in value.
Example: An investor buys shares in a company.
International trade in services.
Example: Foreign visitors paying for hotel stays create service exports.
A document sent by the seller showing what a customer owes for goods or services.
Example: An invoice asks a customer to pay $250 for supplies.
A number used to identify and route data to a device on a network.
Example: A router forwards packets using IP addresses.
A numerical address used to identify a device on a network.
Example: A router forwards a packet towards its destination IP address.
A number that cannot be written as a fraction of two integers.
Example: The square root of 2 is irrational.
A customer debt that a business no longer expects to collect.
Example: A customer owing $300 is declared bankrupt.
Money collected after a customer debt was previously written off.
Example: A customer unexpectedly repays $40 of a debt written off last year.
Formal recognition that an organisation meets a specific international management standard.
Example: A manufacturer gains ISO 9001 certification for its quality system.
A triangle with two equal sides and two equal base angles.
Example: A triangle with sides 5 cm, 5 cm and 6 cm is isosceles.
Repeating instructions while or until a condition is met.
Example: A loop prints numbers from 1 to 10.
The number of times a loop has repeated.
Example: A loop that runs five times has five iterations.
An initial worsening of the trade balance after depreciation, followed by improvement if volumes adjust.
Example: Import bills rise immediately but export sales increase only after a delay.
Special words used by a profession or group that outsiders may not understand.
Example: A manager explains technical jargon before a meeting.
Studying what a job involves and what skills it needs.
Example: A restaurant identifies the duties of a head chef.
A document outlining a job's duties and responsibilities.
Example: A cashier's description includes taking payments.
A document listing the duties and responsibilities of a job.
Example: A cashier's description includes handling customer payments.
A document listing the duties and responsibilities of a job.
Example: A cashier's description includes handling customer payments.
Adding more tasks at a similar level of responsibility.
Example: A receptionist also manages meeting-room bookings.
Adding more tasks at a similar level of responsibility.
Example: A receptionist also manages meeting-room bookings.
Giving employees more meaningful responsibilities and decision-making.
Example: A worker is allowed to plan and check their own tasks.
Giving employees more responsibility or interesting tasks.
Example: A worker is allowed to plan their own work schedule.
Giving employees more responsibility or interesting tasks.
Example: A worker is allowed to plan their own work schedule.
Making a single product to a customer's specific requirements.
Example: A builder constructs a custom house.
Making one item or project at a time, usually to a customer's requirements.
Example: A tailor makes a custom wedding suit.
Making one item or project at a time, usually to a customer's requirements.
Example: A tailor makes a custom wedding suit.
Moving employees between tasks or roles to build variety and skills.
Example: Warehouse workers rotate between packing and receiving.
Moving employees between different tasks or roles.
Example: A shop worker spends time on the till and in stock control.
Moving employees between different tasks or roles.
Example: A shop worker spends time on the till and in stock control.
How positively a person feels about their work.
Example: Interesting tasks and recognition improve job satisfaction.
Two or more people dividing the duties of one full-time job.
Example: Two staff each work half the week in one role.
Two or more people dividing the duties of one full-time job.
Example: Two staff each work half the week in one role.
An unfilled position that an employer wants someone to take.
Example: A supermarket advertises a cashier vacancy.
When two goods are used together and demand for one affects the other.
Example: Higher demand for cars can raise demand for petrol.
When producing one product also creates another product.
Example: Processing crude oil produces petrol and diesel together.
When two or more businesses work together on a particular project.
Example: Two builders cooperate to develop a shopping centre.
When two or more businesses work together on a particular project or business.
Example: Two firms partner to develop a new electric vehicle.
An entry used to reverse or repair an accounting mistake.
Example: The bookkeeper debits the correct expense and credits the wrong one.
An input device used to control movement in games or simulations.
Example: A flight simulator uses a joystick.
Holding extra stocks in case supplies or demand are unpredictable.
Example: A pharmacy keeps additional stock ahead of winter.
A system where materials arrive shortly before they are needed.
Example: A factory orders parts to arrive on the day of assembly.
Receiving materials close to when they are needed, keeping stocks low.
Example: A car plant receives seats on the day they are installed.
Producing or receiving materials only when they are needed rather than storing large stocks.
Example: A factory receives car seats shortly before assembly.
Making many small, continuous improvements to how work is done.
Example: Workers suggest a better way to arrange tools.
Making many small, continuous improvements to how work is done.
Example: Workers suggest a better way to arrange tools.
An input device with keys for typing text and commands.
Example: A student types a report on a keyboard.
Software or hardware that records keys pressed on a keyboard.
Example: A keylogger steals passwords as a person types.
A unit of data storage; in decimal notation, one kilobyte is 1,000 bytes.
Example: A tiny text file may be a few kilobytes.
An oligopoly model where rivals may match price cuts but not price rises, helping explain sticky prices.
Example: A firm fears losing many customers if it raises its price alone.
The stored facts and rules used by an expert system.
Example: A medical expert system stores known symptoms and conditions.
The stored facts and specialist information used by an expert system.
Example: A plant-disease expert system stores symptoms and conditions.
Human effort used to make goods or provide services.
Example: A nurse's work is labour.
Human effort used to make goods or provide services.
Example: A nurse's work is labour.
The physical or mental work people do to make goods or provide services.
Example: A chef working in a restaurant provides labour.
The physical or mental work people do to make goods or provide services.
Example: A chef working in a restaurant provides labour.
A workforce's ability to adapt its skills, hours or duties to changing needs.
Example: Multiskilled staff switch between checkout and stock duties.
People who are employed plus unemployed people actively seeking and available for work.
Example: Workers and jobseekers together make up the labour force.
People who are employed plus unemployed people actively seeking and available for work.
Example: Workers and jobseekers together make up the labour force.
The share of working-age people who are employed or actively seeking work.
Example: If 75 of 100 working-age people participate, the rate is 75%.
A survey that estimates unemployment by asking people about their work situation.
Example: Survey responses identify people without jobs who are seeking work.
A survey that estimates unemployment by asking people about their work situation.
Example: Survey responses identify people without jobs who are seeking work.
Where employers looking for workers and people looking for jobs interact.
Example: A hospital competes with clinics to recruit nurses.
Where employers looking for workers and people looking for jobs interact.
Example: A hospital competes with clinics to recruit nurses.
Output produced per worker or per labour hour.
Example: Five workers produce 100 units, or 20 units per worker.
Output produced per worker or per hour worked.
Example: After training, each employee assembles more units per hour.
Output produced per worker or per hour worked.
Example: After training, each employee assembles more units per hour.
Output produced per worker or per labour hour.
Example: Five workers produce 100 units, or 20 units per worker.
How employers and their employees work and negotiate with each other.
Example: Managers discuss shift changes with worker representatives.
The number and types of workers available to employers.
Example: A city with many trained engineers attracts technology firms.
The proportion of employees who leave a business over a period.
Example: Ten of 100 staff leaving in a year gives 10% labour turnover.
The proportion of employees who leave a business over a period.
Example: Ten of 100 staff leaving in a year gives 10% labour turnover.
Production that uses relatively more human labour.
Example: A handmade clothing workshop needs many skilled workers.
Production using relatively more workers than machines.
Example: Handmade furniture often uses labour-intensive methods.
Production using relatively more workers than machines.
Example: Handmade furniture often uses labour-intensive methods.
Production that relies mainly on workers rather than machinery.
Example: A handmade pottery workshop uses labour-intensive methods.
Production that relies mainly on workers rather than machinery.
Example: A handmade pottery workshop uses labour-intensive methods.
A style where employees are given wide freedom to organise their work.
Example: A research team chooses its own methods.
A leadership style that gives employees considerable freedom in their work.
Example: An experienced design team chooses how to finish a project.
Natural resources used for production.
Example: Farm land, oil and water are examples of land.
Natural resources used for production.
Example: Farm land, oil and water are examples of land.
Natural resources used in production, including land, water and minerals.
Example: A farmer uses land to grow crops.
Natural resources used in production, including land, water and minerals.
Example: A farmer uses land to grow crops.
Difficulty communicating because people use different languages or language skills.
Example: A safety instruction is misunderstood by a non-native speaker.
A portable computer with a built-in screen and keyboard.
Example: A student takes a laptop to class.
A business with many workers, high sales or large capital resources.
Example: A nationwide supermarket chain is a large firm.
A printer that uses a laser and toner to print.
Example: An office uses a laser printer for letters.
A printer that uses toner and a laser-based imaging process.
Example: An office prints many sharp text pages quickly.
Usually, a lower price leads to a higher quantity demanded, other things equal.
Example: When cinema tickets become cheaper, more are sold.
Usually, a lower price leads to a higher quantity demanded, other things equal.
Example: When cinema tickets become cheaper, more are sold.
As more variable input is added to fixed inputs, marginal output eventually falls.
Example: Adding more workers to one small kitchen eventually slows each extra worker's output.
Usually, a higher price leads producers to offer more, other things equal.
Example: Higher ticket prices may encourage an organiser to add seats.
The time between ordering materials and receiving them.
Example: A supplier takes six days to deliver parts.
Influencing and guiding people towards a shared goal.
Example: A team leader encourages employees through a change.
Money withdrawn from the domestic spending flow through saving, taxation and imports.
Example: An increase in household saving can reduce spending on domestic output.
An approach focused on removing waste while maintaining customer value.
Example: A factory reduces unnecessary movement and waiting time.
Making goods efficiently while reducing waste.
Example: A factory cuts wasted materials and unnecessary movement.
Making goods efficiently while reducing waste.
Example: A factory cuts wasted materials and unnecessary movement.
Paying to use an asset without necessarily owning it.
Example: A business leases a photocopier monthly.
The bit with the lowest place value, at the right of a binary number.
Example: In 1001, the rightmost 1 is the least significant bit.
The collection of accounts used to record a business's transactions.
Example: The sales ledger contains customer accounts.
Rules set by law that restrict or guide business behaviour.
Example: Planning regulations can limit where a factory may be built.
Laws made by a government or law-making body.
Example: Employment legislation sets rules for employers.
A person or organisation that provides money to be repaid, often with interest.
Example: A bank may lend $5,000 for equipment.
Checking the number of characters in an entry.
Example: A password must contain at least eight characters.
A validation rule checking how many characters were entered.
Example: A password must contain at least eight characters.
The number used to change every matching length in a similar shape.
Example: From side 4 cm to 12 cm, the length scale factor is 3.
An amount a business owes to another person or organisation.
Example: A bank loan is a liability.
Money or another obligation a business owes.
Example: A bank loan is a liability.
Terms that explain how software may be used.
Example: A licence may limit installation to one device.
Giving another business permission to use intellectual property in return for payment.
Example: A toy maker pays to use a film character on products.
The average number of years a newborn is expected to live under current death rates.
Example: Better healthcare may increase life expectancy.
The average number of years a newborn is expected to live under current death rates.
Example: Better healthcare may increase life expectancy.
Dividing customers into groups based on activities, values and interests.
Example: A travel company targets people who enjoy adventure holidays.
A tiny electronic light used in displays and indicators.
Example: LEDs can provide backlighting for a monitor.
Surds with the same root part that can be added or subtracted.
Example: 2√5 and 3√5 are like surds.
Terms with exactly the same variable parts and powers.
Example: 3x and 5x are like terms; 3x and 3x² are not.
A comparison between businesses or periods with similar conditions.
Example: Compare two shops of similar size rather than a corner shop with a national chain.
Setting a low price to discourage potential rivals from entering a market.
Example: An established company prices just low enough to make entry unattractive.
A business with a legal identity separate from its owners, whose liability is normally limited.
Example: A company can own assets and owe debts in its own name.
A business legally separate from its owners, whose liability is generally limited.
Example: Shareholders usually risk only the money invested in shares.
A legal protection that usually limits owners' loss to what they invested in a company.
Example: A shareholder normally does not pay company debts from personal savings.
When owners usually risk only the money they invested in a company.
Example: A shareholder normally does not pay company debts personally.
Owners normally risk only the money they invested in the business.
Example: A shareholder does not usually have to pay the company's debts personally.
Owners normally risk only the money they invested in the business.
Example: A shareholder does not usually have to pay the company's debts personally.
A manager directly responsible for employees who perform the organisation's main work.
Example: A factory supervisor manages production workers.
A line dividing a shape into mirror-image halves.
Example: A square has four lines of symmetry.
A straight part of a line with two endpoints.
Example: The segment joining A and B has a fixed length.
An equation in which the highest power of the unknown is 1.
Example: 2x + 3 = 9 is linear.
The straight-line graph of a linear function.
Example: y = 2x + 1 is a straight line.
Checking items one at a time until the wanted item is found.
Example: A program checks each name in a list for Sam.
A flat screen that controls light using liquid crystals.
Example: A laptop screen may use LCD technology.
Current assets excluding inventory, divided by current liabilities.
Example: Liquid assets $3,000 and current liabilities $2,000 give 1.5:1.
The process of closing a company and using its assets to settle claims.
Example: A company sells equipment to pay creditors during closure.
How easily a business can meet its short-term payments when they are due.
Example: A company with cash available to pay bills has good liquidity.
A business's ability to meet debts that must be paid soon.
Example: A business with enough cash to pay suppliers has good liquidity.
How easily an asset can be turned into money without losing much value.
Example: Cash is more liquid than a house.
How easily an asset can be turned into money without losing much value.
Example: Cash is more liquid than a house.
How easily a business can meet its short-term payments.
Example: A firm with plenty of cash can pay bills on time.
How easily a business can meet its short-term payments.
Example: A firm with plenty of cash can pay bills on time.
Planning cash and short-term assets so payments can be made when due.
Example: A business maintains cash reserves for supplier invoices.
The desire to hold wealth as money rather than less liquid assets.
Example: People hold more cash when they expect interest rates to rise.
Difficulty paying short-term debts on time.
Example: A profitable shop may still struggle to pay suppliers this week.
The percentage of people who can read and write at a specified level.
Example: A high literacy rate suggests broad access to basic education.
Pay intended to cover reasonable everyday living costs, often distinct from a legal minimum wage.
Example: An employer voluntarily pays a higher living-wage rate.
Funds available for lending, supplied by savers and demanded by borrowers.
Example: Higher household saving can increase funds available for investment.
A network covering a small location such as a school.
Example: Computers in one computer lab use a LAN.
A network covering a small area such as a building or school.
Example: Computers in one classroom share a LAN.
Changing a product or marketing message to suit a particular country or culture.
Example: A restaurant offers different meals in different countries.
Choosing where a business should operate.
Example: A café chooses a busy street near customers.
The collection of points that satisfy a particular distance or position rule.
Example: Points 3 cm from a fixed point form a circle.
A combination of logic gates connected to produce an output.
Example: Two gates combine door and movement signals.
A mistake that makes a program give the wrong result even if it runs.
Example: Using + instead of × produces an incorrect total.
A formula showing the Boolean operations in a logic circuit.
Example: Q = (A AND B) OR C is a logic expression.
An electronic circuit that performs a Boolean operation.
Example: An AND gate outputs 1 only when both inputs are 1.
Moving all bits left or right and filling the empty positions with zeroes.
Example: Shifting 00001010 left once gives 00010100.
Planning and managing the movement and storage of goods.
Example: A delivery firm organises vehicles and warehouse space.
A period long enough for all factors of production to change.
Example: A café can lease a larger building and buy more ovens.
The economy's sustainable productive capacity when input prices have adjusted.
Example: Better education and technology can shift LRAS to the right.
The lowest average production cost possible when every input can vary.
Example: A larger factory may reduce LRAC through economies of scale.
A model in which unemployment returns to its natural rate regardless of steady inflation.
Example: Higher inflation alone does not permanently keep unemployment below its natural rate.
The maximum level of output an economy can sustain over time.
Example: Better roads and education can increase productive capacity.
The maximum level of output an economy can sustain over time.
Example: Better roads and education can increase productive capacity.
Funding available for a number of years.
Example: A business takes a five-year loan to buy machinery.
Being without a job for an extended period, often at least a year.
Example: A worker who remains jobless for 14 months is long-term unemployed.
Instructions that run repeatedly.
Example: A loop asks for marks until all students are entered.
A curve showing how evenly or unevenly income or wealth is distributed.
Example: A curve further from the equality line indicates more inequality.
The amount by which expenses exceed income for a period.
Example: Income of $900 and expenses of $1,100 give a $200 loss.
The amount by which expenses exceed income for a period.
Example: Income of $900 and expenses of $1,100 give a $200 loss.
A product deliberately sold at a very low price to attract customers who buy other items.
Example: A supermarket discounts bread to encourage shoppers to visit.
The amount by which an asset's net book value exceeds sale proceeds.
Example: An asset worth $900 in the books sells for $600, giving $300 loss.
Reducing file size without losing any of the original information.
Example: A ZIP file can be restored to exactly its original contents.
Making a file smaller by permanently removing some detail.
Example: A heavily compressed photograph may lose fine detail.
A language close to the computer's machine instructions.
Example: Assembly language is a low-level language.
The smallest possible value consistent with a rounded measurement.
Example: A length of 8 cm to the nearest cm has lower bound 7.5 cm.
Reductions in taxes paid directly on income or profits.
Example: A cut in income tax raises some workers’ take-home pay.
The rule that inventory is valued at whichever is lower: cost or net realisable value.
Example: An item costing $70 with NRV of $55 is valued at $55.
A non-essential product that people may buy more of as income rises.
Example: Designer watches are often luxury goods.
A hardware address used to identify a network interface on a local network.
Example: A switch learns which MAC addresses are on each port.
The binary instructions a particular processor can execute directly.
Example: A CPU runs machine-code instructions.
A type of AI in which a system learns patterns from data rather than only following fixed rules.
Example: An email filter learns which messages are spam.
Broad goals a government has for the whole economy.
Example: A government aims for low inflation and steady growth.
The overall price level and real output where aggregate demand equals aggregate supply.
Example: A rise in AD may increase both real output and the price level.
The study of the economy as a whole.
Example: Studying national inflation is macroeconomics.
The study of the economy as a whole.
Example: Studying national inflation is macroeconomics.
Storage that uses magnetised areas to represent data.
Example: A hard disk drive uses magnetic platters.
Storage that records data by magnetising a material.
Example: A hard disk drive stores data magnetically.
A device that reads information stored on the magnetic strip of a card.
Example: An access card is swiped through a reader.
A long strip of magnetised material used mainly for backup and archiving.
Example: A company stores old backups on tape.
The length or size of a vector.
Example: The vector (3,4) has magnitude 5.
A group of email addresses used to send a message to several people.
Example: A school sends one notice to all parents.
Choosing between producing something internally and purchasing it from a supplier.
Example: A company decides whether to manufacture or buy components.
Software designed to cause harm or gain unwanted access.
Example: Ransomware is a type of malware.
Software designed to damage devices, steal data or interfere with normal use.
Example: A malicious download installs spyware.
Planning, organising, directing and controlling resources to achieve objectives.
Example: A manager allocates staff to meet a delivery target.
Agreeing measurable targets with employees and reviewing progress.
Example: A manager and employee agree quarterly customer-service targets.
Lower average costs gained by employing specialised managers as a business grows.
Example: A big business hires expert purchasing and HR managers.
Employees responsible for coordinating people and resources to achieve goals.
Example: A shop manager organises shifts and stock.
Making finished products by transforming materials or components.
Example: A factory turns steel into bicycles.
An account showing the cost of making goods in a factory.
Example: It adds direct costs and factory overheads to find cost of production.
A function in which different inputs can give the same output.
Example: For f(x)=x², both 2 and −2 give 4.
A ratio linking distances on a map to actual distances.
Example: On a 1:50,000 map, 1 cm represents 500 m.
Gross profit expressed as a percentage of sales revenue.
Example: Goods costing $80 sold for $100 have a 20% margin.
Actual or planned output minus break-even output.
Example: If sales are 800 units and break-even is 600, margin of safety is 200 units.
The amount sales are above the break-even level.
Example: If break-even is 100 units and sales are 140, margin of safety is 40.
The amount sales are above the break-even level.
Example: If break-even is 100 units and sales are 140, margin of safety is 40.
The extra cost of producing one more unit.
Example: Making one extra sandwich costs $1.20.
The extra cost of producing one more unit.
Example: Making an extra shirt costs an additional $4.
The extra cost of producing one more unit.
Example: Making an extra shirt costs an additional $4.
A choice about the benefit and cost of one extra unit of an activity.
Example: A student studies one more hour if the expected benefit exceeds the cost.
The extra benefit received by other people from one additional unit of an activity.
Example: Vaccination benefits others by reducing disease transmission.
The extra cost imposed on third parties by one additional unit of an activity.
Example: Extra factory output causes additional air pollution for nearby residents.
The extra physical output obtained from one more worker.
Example: Hiring another packer increases daily output by 15 boxes.
The extra benefit enjoyed by the direct consumer of one more unit.
Example: The enjoyment gained from one extra cinema ticket is its MPB.
The additional cost to a producer or consumer of one extra unit, excluding external costs.
Example: A firm's cost of making one more bottle is its MPC.
The extra output made by employing one more unit of an input.
Example: Hiring one more worker increases output from 80 to 95 units, so MP is 15.
The share of extra income that households spend.
Example: Spending $80 of an extra $100 gives MPC of 0.8.
The share of extra income households save.
Example: Saving $20 of an extra $100 gives MPS of 0.2.
The amount of one good a consumer will give up for one extra unit of another while equally satisfied.
Example: A buyer sacrifices two drinks for one extra sandwich without changing satisfaction.
Extra revenue earned by selling one additional unit.
Example: Selling one more unit increases revenue from $200 to $214, so MR is $14.
The extra revenue a firm earns from hiring one more worker.
Example: An added worker creates output worth $90, so MRP is $90.
The full extra benefit to society, including private and external benefits.
Example: MSB equals MPB plus MEB when positive externalities exist.
The full extra cost to society, including private and external costs.
Example: MSC equals MPC plus MEC for production with a negative externality.
The extra satisfaction gained from consuming one more unit of a good.
Example: A second slice of pizza brings less added satisfaction than the first.
Gross profit expressed as a percentage of cost of sales.
Example: Goods costing $80 sold for $100 have 25% mark-up.
Gross profit expressed as a percentage of cost of sales.
Example: Goods costing $80 sold for $100 have 25% mark-up.
Where buyers and sellers interact to exchange goods or services.
Example: The market for mobile phones includes shops and online sellers.
Where buyers and sellers interact to exchange goods or services.
Example: The market for mobile phones includes shops and online sellers.
A group of buyers and sellers of a particular good or service.
Example: The local market for bicycles includes buyers and bicycle shops.
Studying market size, customers, rivals and trends to make business decisions.
Example: A café examines local demand before choosing a site.
The total market value of a company's issued shares.
Example: A company with 2 million shares priced at $3 has a market value of $6 million.
The total market value of all a company’s shares.
Example: If 1 million shares are worth $3 each, market capitalisation is $3 million.
The total amount all buyers in a market want at each price.
Example: Add together every household's demand for bread.
The total amount all buyers in a market want at each price.
Example: Add together every household's demand for bread.
Selling existing products in new markets.
Example: A retailer opens outlets in another country.
An economy where most resources are allocated through private buyers and sellers.
Example: Firms decide what to make based on consumer demand.
An economy where most resources are allocated through private buyers and sellers.
Example: Firms decide what to make based on consumer demand.
The price and quantity where demand and supply are equal.
Example: At $8, buyers demand the same number of units sellers offer.
The price and quantity at which demand equals supply.
Example: At $5, buyers want 100 items and sellers offer 100 items.
The price and quantity at which demand equals supply.
Example: At $5, buyers want 100 items and sellers offer 100 items.
When a market does not allocate resources in a way that is best for society.
Example: Pollution costs are ignored by a factory's selling price.
When markets do not use resources in the way that is best for society.
Example: A factory may produce too much pollution because it does not pay the full social cost.
When markets do not use resources in the way that is best for society.
Example: A factory may produce too much pollution because it does not pay the full social cost.
An unmet customer need that a business may be able to serve.
Example: A town has no affordable late-night grocery shop.
The percentage increase in the size of a market over time.
Example: Sales across an industry rise from $10 million to $11 million, a 10% increase.
Developing products by starting with customers' needs and wants.
Example: A shoe firm designs shoes after asking customers what they want.
Developing products by starting with customers' needs and wants.
Example: A shoe firm designs shoes after asking customers what they want.
Growing sales of existing products in existing markets.
Example: A supermarket encourages current customers to buy more often.
How a brand or product is presented relative to competitors in customers' minds.
Example: A watch brand positions itself as high-quality and premium.
The amount buyers pay and sellers receive for a product.
Example: The market price of bread rises after a poor harvest.
The amount buyers pay and sellers receive for a product.
Example: The market price of bread rises after a poor harvest.
Gathering and analysing information about customers, competitors and markets.
Example: A restaurant surveys customers before changing prices.
Collecting and analysing information about customers and markets.
Example: A shop surveys customers before introducing a new product.
Collecting and analysing information about customers and markets.
Example: A shop surveys customers before introducing a new product.
A group of customers with similar needs or characteristics.
Example: Students seeking low-cost laptops form one market segment.
Dividing customers into groups with similar needs or characteristics.
Example: A retailer groups customers by age and income.
Dividing customers into groups with similar needs or characteristics.
Example: A retailer groups shoppers by age and income.
Dividing customers into groups with similar needs or characteristics.
Example: A retailer groups shoppers by age and income.
The percentage of total market sales earned by a business.
Example: A company selling $2 million in a $10 million market has 20% share.
The percentage of total market sales made by one business.
Example: A firm selling 30 of 100 phones has a 30% market share.
The percentage of total market sales made by one business.
Example: A firm selling 30 of 100 phones has a 30% market share.
The percentage of total sales in a market made by one business.
Example: A brand selling 20 of every 100 phones has a 20% market share.
The percentage of total sales in a market made by one business.
Example: A brand selling 20 of every 100 phones has a 20% market share.
Total sales in a particular market, measured by value or quantity.
Example: The domestic bicycle market sells 200,000 bikes annually.
How a market is organised, including the number and size of sellers.
Example: A market with many small firms differs from one dominated by a single firm.
How a market is organised, including the number and size of sellers.
Example: A market with many small firms differs from one dominated by a single firm.
The total quantity supplied by all sellers in a market at each price.
Example: Adding the output of all local bakeries gives market supply.
The price an asset could fetch if sold in the market today.
Example: An old property may be worth more than its historic cost.
A policy that uses prices or incentives to change behaviour.
Example: A tax makes polluting production more expensive.
Identifying customer needs and meeting them profitably through suitable products and services.
Example: A café studies what customers want before changing its menu.
Finding out what customers need and meeting those needs profitably.
Example: A business researches what type of shoes customers want.
Finding out what customers need and meeting those needs profitably.
Example: A business researches what type of shoes customers want.
A review of the marketing environment, performance and activities.
Example: A business studies its brand and competitors before revising its plan.
The amount of money allocated to marketing activities.
Example: A company sets aside $10,000 for a campaign.
The amount a business plans to spend on marketing.
Example: A company sets aside $5,000 for advertising.
The team responsible for understanding customers and promoting products.
Example: Marketing staff plan a new advertising campaign.
Lower average marketing costs when advertising expenses are spread across more sales.
Example: A nationwide campaign costs less per item for a large retailer.
The combination of product, price, place and promotion used to meet marketing objectives.
Example: A shop chooses a new design, price, sales channel and adverts.
The combination of product, price, place and promotion decisions.
Example: A café chooses what to sell, its prices, location and advertising.
The combination of product, price, place and promotion decisions.
Example: A café chooses what to sell, its prices, location and advertising.
Measurable targets for marketing activities.
Example: A business aims to gain 5% market share next year.
Specific results a business wants its marketing to achieve.
Example: A business aims to increase online sales by 15%.
A measure used to check whether marketing is meeting objectives.
Example: A business monitors conversion rate and market share.
A written plan explaining marketing objectives, strategies, resources and actions.
Example: A retailer plans target customers, adverts and a sales budget.
The broad approach used to achieve marketing objectives.
Example: A firm focuses on selling premium products to high-income buyers.
A long-term plan for attracting customers and achieving marketing goals.
Example: A firm targets teenagers with affordable sportswear.
A condition under which depreciation improves the trade balance if the combined demand elasticities for exports and imports exceed one.
Example: A weaker currency may reduce a trade deficit when trade volumes respond sufficiently.
A theory suggesting people seek to meet needs from basic needs to self-fulfilment.
Example: A worker may value security before promotion opportunities.
A theory suggesting people try to meet basic needs before higher-level needs.
Example: A worker may value job security before seeking recognition.
A theory suggesting people try to meet basic needs before higher-level needs.
Example: A worker may value job security before seeking recognition.
The amount of matter in an object, often measured in grams or kilograms.
Example: A bag of rice may have mass 2 kg.
Producing customised goods efficiently using standardised processes.
Example: A shoe website lets buyers choose colours before assembly.
A large market where a product is aimed at many different customers.
Example: Standard bottled water is sold to a mass market.
A large market where a product is aimed at many different customers.
Example: Standard bottled water is sold to a mass market.
Selling and promoting a product to a broad range of customers.
Example: A large drinks company advertises to the general public.
Recording expenses in the same period as the income they helped earn.
Example: December wages are included in December's accounts even if paid later.
The goods and services people can afford.
Example: Higher real income may allow better housing.
The goods and services people can afford.
Example: Higher real income may allow better housing.
The idea that important information should be recorded and disclosed appropriately.
Example: A very small stationery item may be treated as an expense rather than an asset.
A structure in which staff report to more than one manager, often by function and project.
Example: An engineer reports to a technical manager and a project manager.
A product-life-cycle stage when sales are high but growth slows.
Example: Sales of a long-established brand remain steady.
The largest value in a set.
Example: The program finds the highest test score.
The largest possible difference allowed by the rounding precision.
Example: To the nearest centimetre, the maximum rounding error is 0.5 cm.
A legal price ceiling above which sellers cannot charge.
Example: A cap on rent limits how much landlords may demand.
A legal price ceiling above which sellers cannot charge.
Example: A cap on rent limits how much landlords may demand.
A legal price ceiling intended to keep a product affordable.
Example: A rent cap may reduce prices but create a housing shortage.
Using machinery to help people complete production tasks.
Example: A farmer uses a tractor rather than hand tools.
A hardware network interface identifier used on local networks.
Example: A network card has a MAC address.
Playing audio or video while it is delivered over a network.
Example: A lesson video plays without needing the whole file first.
Something accepted to pay for goods and services.
Example: Money lets a customer buy shoes without swapping other goods.
Something accepted to pay for goods and services.
Example: Money lets a customer buy shoes without swapping other goods.
A unit of data storage equal to one million bytes in decimal notation.
Example: A photograph might use several megabytes.
A register containing the memory address to access.
Example: The MAR points to the memory location being read.
A removable storage card used in cameras and other devices.
Example: A digital camera stores photos on an SD card.
A register holding data being transferred to or from memory.
Example: A fetched instruction may pass through the MDR.
A calculator feature for storing and recalling a number.
Example: Store a subtotal and add it to the next calculation.
Support and guidance provided by a more experienced colleague.
Example: A senior employee helps a new recruit develop confidence.
Displaying and presenting products to encourage sales.
Example: A shop places popular items near its entrance.
When two businesses combine into one organisation.
Example: Two regional banks agree to combine.
When two businesses agree to join together as one.
Example: Two local delivery firms combine into one company.
A product that benefits people and may be under-consumed in a free market.
Example: Education is a merit good.
A product that benefits people and may be under-consumed in a free market.
Example: Education is a merit good.
A measurement system using units such as metres, grams and litres.
Example: 1 metre = 100 centimetres.
The study of individual households, firms and particular markets.
Example: Studying the market for rice is microeconomics.
The study of individual households, firms and particular markets.
Example: Studying the market for rice is microeconomics.
Small loans and financial services for people or firms that may lack ordinary bank access.
Example: A small trader takes a microloan to buy stock.
An input device that converts sound into a digital recording.
Example: A learner records a voice message with a microphone.
A programmable chip that carries out instructions.
Example: A traffic controller uses a microprocessor.
A machine that uses a small processor to monitor inputs and control what happens.
Example: A washing machine follows a selected wash program.
The start of a new calendar day at 00:00.
Example: 00:00 on Tuesday comes immediately after Monday night.
The point halfway between two endpoints of a line segment.
Example: The midpoint of (0,0) and (4,6) is (2,3).
People moving from one place to live in another.
Example: A worker moves abroad for a new job.
People moving from one place to live in another.
Example: A worker moves abroad for a new job.
The smallest value in a set.
Example: The program finds the lowest temperature.
The lowest output level at which a firm can achieve long-run minimum average cost.
Example: A factory reaches its lowest unit costs at about 20,000 units.
A legal price floor below which sellers cannot charge.
Example: A minimum selling price may be set for an alcoholic drink.
A legal price floor below which sellers cannot charge.
Example: A minimum selling price may be set for an alcoholic drink.
The lowest hourly pay an employer is legally allowed to give eligible workers.
Example: A café must pay staff at least the applicable legal rate.
A law setting the lowest hourly pay employers may legally offer.
Example: A statutory minimum wage raises pay for some low-paid workers.
A framework describing managers' interpersonal, information and decision-making activities.
Example: A manager shares information and negotiates with suppliers.
The value of credit purchases calculated using supplier balances and other records.
Example: Supplier balances help reconstruct unrecorded purchases.
The value of credit sales calculated from customer balances and other records.
Example: The receivables account can reveal sales not directly recorded.
A short explanation of an organisation's main purpose and values.
Example: A charity's mission is to provide affordable meals.
An economy using both private businesses and government involvement.
Example: Private shops operate alongside public hospitals.
An economy using both private businesses and government involvement.
Example: Private shops operate alongside public hospitals.
An economy with both private businesses and government-owned organisations.
Example: Private shops operate alongside public hospitals.
A whole number written together with a fraction.
Example: 2 1/2 is a mixed number.
A separate part of a program with a defined task.
Example: A login module checks usernames and passwords.
Testing a small part of a system before checking the whole system.
Example: A login module is tested on its own.
Central bank decisions about interest rates and money conditions to influence the economy.
Example: The central bank raises rates to reduce inflation.
Central-bank decisions about interest rates and money conditions to influence the economy.
Example: A central bank cuts interest rates to encourage borrowing.
Central-bank decisions about interest rates and money conditions to influence the economy.
Example: A central bank cuts interest rates to encourage borrowing.
Policies, especially interest-rate changes, used to influence borrowing, spending and inflation.
Example: A central bank raises interest rates to help reduce inflation.
Policies, especially interest-rate changes, used to influence borrowing, spending and inflation.
Example: A central bank raises interest rates to help reduce inflation.
Countries sharing a currency or common monetary authority.
Example: Euro-area members use the euro and a shared central bank.
Anything widely accepted as payment for goods, services and debts.
Example: A customer pays with banknotes or a debit card.
Anything widely accepted as payment for goods, services and debts.
Example: A customer pays with banknotes or a debit card.
Only items that can be measured reliably in money are recorded in the accounts.
Example: A building's cost is recorded, but staff enthusiasm is not shown as an asset.
A model showing the potential expansion of deposits from an initial increase in banking reserves.
Example: With a 10% required reserve ratio, the simple multiplier is 10.
The amount of money available in an economy.
Example: More bank deposits may increase the money supply.
The amount of money available in an economy.
Example: More bank deposits may increase the money supply.
A display screen that shows computer output.
Example: A monitor shows the results of a spreadsheet.
A system that measures conditions and reports them without necessarily changing them.
Example: A weather station records temperature.
A system that collects measurements so people can check conditions.
Example: Sensors record a greenhouse's temperature over time.
A market with many firms selling differentiated products and relatively easy entry.
Example: Several cafés compete using different menus and atmospheres.
A market where one supplier dominates or is the only seller.
Example: A sole local water supplier may have monopoly power.
A market where one supplier dominates or is the only seller.
Example: A sole local water supplier may have monopoly power.
A labour market where there is one dominant buyer of labour.
Example: A single large employer in a town may influence local wages.
When protection from a loss encourages someone to take extra risks.
Example: A fully insured driver might take less care while parking.
A long-term loan usually used to buy property.
Example: A family takes out a mortgage to purchase a home.
A long-term loan usually used to buy property.
Example: A family takes out a mortgage to purchase a home.
A long-term loan usually used to buy property.
Example: A family takes out a mortgage to purchase a home.
The bit with the highest place value, at the left of a binary number.
Example: In 1001, the leftmost 1 is the most significant bit.
The main circuit board connecting computer components.
Example: The CPU and RAM connect to the motherboard.
The desire or willingness that encourages someone to work towards a goal.
Example: Recognition encourages an employee to improve performance.
The reasons that make employees want to work well.
Example: Recognition and fair pay can improve motivation.
The reasons that make employees want to work well.
Example: Recognition and fair pay can improve motivation.
In Herzberg's theory, something such as achievement or recognition that can improve job satisfaction.
Example: An employee feels motivated by responsibility for a project.
A pointing device used to control a cursor on a screen.
Example: A user clicks an icon using a mouse.
A change in quantity demanded caused only by a change in the product's price.
Example: A lower price moves buyers to another point on the same curve.
A change in quantity demanded caused only by a change in the product's price.
Example: A lower price moves buyers to another point on the same curve.
A change in quantity supplied caused only by a change in price.
Example: A rise in price moves a seller along the same curve.
Training workers to carry out more than one type of task.
Example: A hotel worker can help with both reception and reservations.
A measure of poverty based on several deprivations such as health, education and living standards.
Example: A household may be poor because it lacks clean water and schooling.
Content that combines text, pictures, sound, animation or video.
Example: A presentation includes narration and diagrams.
A presentation that combines text with media such as images, sound or video.
Example: A history slideshow uses pictures and narration.
A business with operations in more than one country.
Example: A manufacturer produces goods in several countries.
A business that operates in more than one country.
Example: A company owns factories in several countries.
A business that operates in more than one country.
Example: A clothing firm has factories in three countries.
A business that operates in more than one country.
Example: A carmaker has factories in several countries.
A business that operates in more than one country.
Example: A carmaker has factories in several countries.
A business that operates in more than one country.
Example: A clothing firm has factories in three countries.
A business operating in more than one country.
Example: A manufacturer has branches and factories worldwide.
A business operating in more than one country.
Example: A manufacturer has branches and factories worldwide.
A number found by multiplying another number by a whole number.
Example: 18 is a multiple of 6.
Finding a total from equal groups or scaling a number.
Example: 4 groups of 3 contain 12 items.
The total change in national income divided by the initial change in autonomous spending.
Example: With MPC of 0.8 and no extra leakages, the simple multiplier is 5.
A number used to increase or decrease an amount by a percentage.
Example: Increase by 15% using a multiplier of 1.15.
Making progress on several programs by sharing processor time.
Example: You listen to music while typing a report.
Events that cannot happen at the same time in one trial.
Example: On one die roll, getting a 2 and getting a 5 are mutually exclusive.
A gate that gives the opposite output of AND.
Example: 1 NAND 1 gives 0.
Money that can be spent quickly, such as cash and some immediately available deposits.
Example: Cash held by the public is part of narrow money.
The total outstanding money borrowed by a government over time.
Example: Repeated budget deficits can increase national debt.
Bringing a privately owned business or industry under state ownership.
Example: A government takes control of a railway operator.
Transferring a business or industry into state ownership.
Example: The government takes ownership of a railway company.
Transferring a business or industry into state ownership.
Example: The government takes ownership of a railway company.
Population growth when births exceed deaths, excluding migration.
Example: More births than deaths lead to natural increase.
Population growth when births exceed deaths, excluding migration.
Example: More births than deaths lead to natural increase.
Technology that helps computers work with human language.
Example: A chatbot interprets a student's typed question.
A market where one supplier can serve demand at lower cost than multiple suppliers.
Example: One water-pipe network is usually cheaper than two competing networks.
A market where one supplier can serve demand at lower cost than multiple suppliers.
Example: One water-pipe network is usually cheaper than two competing networks.
A counting number such as 1, 2 or 3.
Example: There are 6 natural numbers from 1 to 6.
The unemployment rate remaining when the economy is at sustainable output.
Example: Frictional and structural unemployment may remain during full employment.
Unemployment remaining after cyclical unemployment has been eliminated.
Example: People between jobs contribute to natural unemployment.
Very short-range wireless technology used for contactless exchange of data.
Example: A customer taps a phone to pay.
A product people need and may keep buying when its price rises.
Example: Basic medicine is often treated as a necessity.
A product people need and may keep buying when its price rises.
Example: Basic medicine is often treated as a necessity.
Something essential for living, such as food, water or shelter.
Example: Clean drinking water is a need.
Something essential for living, such as food, water or shelter.
Example: Clean drinking water is a need.
Things people must have to live, such as food, water and shelter.
Example: Clean drinking water is a basic need.
Things people must have to live, such as food, water and shelter.
Example: Clean drinking water is a basic need.
A harmful effect on others not fully reflected in the market price.
Example: Smoke from a factory harms nearby households.
A harmful effect on others not fully reflected in the market price.
Example: Smoke from a factory harms nearby households.
A scheme where low earners receive a payment rather than pay income tax.
Example: Someone earning below a threshold receives a government top-up.
A raised number below zero, representing a reciprocal power.
Example: 10⁻² = 0.01.
A number less than zero.
Example: −5°C is a negative temperature.
When actual real GDP is below sustainable potential GDP.
Example: Idle factories and higher unemployment signal a negative gap.
Repeating one loop inside another, often to process rows and columns.
Example: An outer loop visits rows while the inner loop visits cells.
A loop placed inside another loop.
Example: Two nested loops print a grid of stars.
Total assets minus total liabilities of a business.
Example: If assets are £100,000 and liabilities £65,000, net assets are £35,000.
An asset's cost less its accumulated depreciation.
Example: A $4,000 machine with $1,500 depreciation has a net book value of $2,500.
Total cash inflows minus total cash outflows in a period.
Example: Inflows of $9,000 and outflows of $7,000 give net cash flow of $2,000.
Total cash inflows minus total cash outflows in a period.
Example: Inflows of $9,000 and outflows of $7,000 give net cash flow of $2,000.
Current assets minus current liabilities; also called working capital.
Example: £9,000 current assets less £4,000 current liabilities gives £5,000.
The present value of future net cash flows minus the initial investment.
Example: A project with $15,000 present-value inflows and $12,000 cost has NPV of $3,000.
Profit remaining after the relevant expenses have been deducted.
Example: A café has $500 gross profit and $200 expenses, leaving $300 net profit.
Profit remaining after the relevant expenses have been deducted.
Example: A café has $500 gross profit and $200 expenses, leaving $300 net profit.
Net profit expressed as a percentage of revenue.
Example: $100 net profit on $1,000 revenue means a 10% margin.
The estimated selling price of inventory minus costs needed to finish and sell it.
Example: An item selling for $90 with $10 selling costs has an NRV of $80.
Rules for polite and respectful behaviour when communicating online.
Example: A student avoids writing messages entirely in capital letters.
Hardware that allows a computer to connect to a network.
Example: An Ethernet adapter is a NIC.
Hardware that connects a computer to a network.
Example: A wired NIC connects a desktop to a network cable.
An agreed set of rules for devices to communicate.
Example: TCP and IP are network protocols.
The process of turning an idea into a product ready for sale.
Example: A firm tests a new smartwatch before launching it.
The second-choice option you give up when choosing something else.
Example: Choosing a concert means missing your favourite team's match.
A group of four bits.
Example: The binary value 1011 is one nibble.
A small, specialised part of a larger market.
Example: Clothing made for professional cyclists serves a niche market.
A small, specialised part of a larger market.
Example: Clothing made for professional cyclists serves a niche market.
Targeting a relatively small group with specific needs.
Example: A shop sells specialist climbing equipment to enthusiasts.
GDP measured using prices from the current year, without removing inflation.
Example: Nominal GDP rises partly because prices rise.
GDP measured using prices from the current year, without removing inflation.
Example: Nominal GDP rises partly because prices rise.
An asset the business plans to use for more than one accounting period.
Example: Machinery used for several years is a non-current asset.
An asset a business expects to use for more than one year.
Example: Machinery is usually a non-current asset.
Long-term assets used in a business.
Example: Equipment and buildings are non-current assets.
Long-term assets used in a business.
Example: Equipment and buildings are non-current assets.
Amounts a business owes that are generally payable after more than one year.
Example: A five-year bank loan is a non-current liability.
Amounts a business owes that are generally payable after more than one year.
Example: A five-year bank loan is a non-current liability.
A debt that is not due to be settled within the next year.
Example: A five-year loan is a non-current liability.
A debt generally due more than one year later.
Example: A five-year bank loan is a non-current liability.
Useful information about a business that is not expressed directly in money.
Example: Customer satisfaction and staff morale are non-financial information.
Encouraging employees through methods other than extra pay.
Example: A business offers recognition and meaningful responsibilities.
Business goals not measured mainly in money.
Example: A company aims to reduce waste or improve customer service.
Memory that keeps its contents when power is removed.
Example: Flash storage is non-volatile.
Memory that retains information when the power is turned off.
Example: ROM and SSDs are non-volatile.
A reward from a job other than direct pay.
Example: Health insurance or flexible hours are non-wage benefits.
A gate that gives the opposite output of OR.
Example: 0 NOR 0 gives 1.
A good for which demand generally rises when income rises.
Example: Households buy more restaurant meals as incomes increase.
A product people tend to buy more of when their income rises.
Example: A family buys more restaurant meals as its income grows.
A product people tend to buy more of when their income rises.
Example: A family buys more restaurant meals as its income grows.
The minimum profit needed to keep an entrepreneur's resources in their current use.
Example: A firm earning normal profit covers all economic costs, including opportunity costs.
Typical valid values a system should accept.
Example: Age 15 is normal data for a school admissions form.
Valid data that should be accepted by a system.
Example: Age 15 is normal data when the allowed range is 11–18.
To rewrite an answer so the number before the power of ten is at least 1 but less than 10.
Example: 32 × 10³ normalises to 3.2 × 10⁴.
A claim expressing a value judgement about what should happen.
Example: “The government should increase the minimum wage” is normative.
A line pointing to north, used as a reference for bearings.
Example: Draw a north arrow at the starting point.
A gate that reverses its single input.
Example: NOT 1 gives 0.
A formula giving the value of a sequence at position n.
Example: The nth term of 2, 4, 6, … is 2n.
A straight line that shows numbers in order and at equal intervals.
Example: −1 sits to the left of 0 on a number line.
How many people work for a business.
Example: A restaurant with 12 staff members has 12 employees.
The top number in a fraction; it tells how many parts are chosen.
Example: In 3/8, the numerator is 3.
A small group of number keys used for fast number entry.
Example: A cashier enters prices using a numeric keypad.
Information recorded as numbers that represent quantities.
Example: Heights in centimetres are numerical data.
Basing accounting records on evidence rather than personal opinion.
Example: An invoice supports the cost recorded for equipment.
Watching people carry out tasks to learn how an existing system works.
Example: An analyst watches how a cashier enters sales.
Watching people carry out tasks to learn how an existing system works.
Example: An analyst watches how a cashier enters sales.
An angle bigger than 90° but smaller than 180°.
Example: 120° is obtuse.
How easily a worker can change jobs.
Example: Retraining allows a cashier to become a technician.
How easily a worker can change jobs.
Example: Retraining allows a cashier to become a technician.
A parity rule that makes the total number of 1 bits odd.
Example: Four 1s need an extra 1 for odd parity.
Learning away from normal work tasks, often in a classroom or course.
Example: Employees attend a computer course at a training centre.
Learning away from normal work tasks, often in a classroom or course.
Example: Employees attend a computer course at a training centre.
Government aid aimed mainly at supporting economic development and welfare.
Example: A donor funds clean-water projects in a low-income country.
Moving business activities to another country.
Example: A firm transfers its customer-support operation abroad.
Moving business activities to another country.
Example: A firm transfers its customer-support operation abroad.
A market dominated by a small number of large firms whose decisions affect one another.
Example: A few major airlines watch each other's fares.
Learning while doing the job, usually with help from an experienced worker.
Example: A trainee chef learns by working alongside a senior chef.
Learning while doing the job, usually with help from an experienced worker.
Example: A trainee chef learns by working alongside a senior chef.
An array that stores a single list of values.
Example: scores holds the marks for one class.
Information sent without an immediate opportunity to respond.
Example: A manager puts a notice on a staff board.
A message sent without expecting a reply.
Example: A noticeboard announces new opening hours.
A service that checks availability and records reservations electronically.
Example: A cinema website lets customers select seats.
A website where people post and reply to discussions.
Example: Students ask questions in a course forum.
A business that sells goods or services to customers over the internet.
Example: An online bookstore delivers orders to homes.
Cash available at the beginning of a period.
Example: A shop starts January with $1,500.
Cash available at the beginning of a period.
Example: A shop starts January with $1,500.
The owner's capital at the beginning of the accounting period.
Example: Last January the owner had $8,000 invested in the business.
Inventory held at the beginning of an accounting period.
Example: A shop starts January with $600 of stock.
Costs of day-to-day business activities other than cost of sales.
Example: Rent and office salaries are operating expenses.
Profit from normal operations before interest and tax, depending on presentation.
Example: A firm's operating profit is $8,000 after operating expenses.
Profit from normal operations before interest and tax, depending on presentation.
Example: A firm's operating profit is $8,000 after operating expenses.
Operating profit as a percentage of revenue.
Example: A $10,000 operating profit on $100,000 sales gives 10%.
Operating profit as a percentage of revenue.
Example: A $10,000 operating profit on $100,000 sales gives 10%.
Software that manages hardware, files, memory and running programs.
Example: An operating system lets you open several applications.
Software that controls hardware and provides services for applications.
Example: Windows manages files and memory.
The ability to adjust output, timing or product features when needs change.
Example: A factory quickly switches from one model to another.
The team responsible for producing goods or delivering services.
Example: Operations staff schedule factory output.
Planning and controlling the activities that produce goods and services.
Example: A factory manager schedules machines and workers.
A long-term approach to organising production and delivery to meet business objectives.
Example: A manufacturer invests in faster machines to improve delivery.
A symbol or keyword used to carry out a calculation or comparison.
Example: + is an arithmetic operator.
The next-best choice given up when a decision is made.
Example: Spending $2,000 on advertising means the business cannot use it for training.
The next best alternative given up when a choice is made.
Example: Buying a laptop means giving up the bicycle you otherwise would have bought.
The next best alternative given up when a choice is made.
Example: Buying a laptop means giving up the bicycle you otherwise would have bought.
The next-best choice you give up when you make a decision.
Example: Buying a laptop means you cannot use the same money for a holiday.
The next-best choice you give up when you make a decision.
Example: Buying a laptop means you cannot use the same money for a holiday.
Software that converts images of printed text into editable characters.
Example: OCR converts a scanned letter into searchable text.
Technology that turns printed or scanned text into editable computer text.
Example: A scanned letter becomes editable text.
Technology that detects shaded or marked positions on a form.
Example: OMR reads answers on multiple-choice sheets.
Technology that detects marked boxes or shaded answers on paper.
Example: A multiple-choice answer sheet is checked automatically.
Storage read or written using a laser.
Example: A DVD is optical storage.
Storage that uses a laser to read data from a disc.
Example: DVDs are optical storage media.
A gate that outputs 1 when at least one input is 1.
Example: 1 OR 0 gives 1.
The agreed order for working out a calculation with different operations.
Example: Multiply before adding in 2 + 3 × 4, giving 14.
The number of times a shape matches itself during a full 360° turn.
Example: A square has order 4.
A share that usually gives voting rights and dividends that can vary.
Example: An ordinary shareholder may receive a larger dividend when profits rise.
Growth by expanding a business's own activities, without buying another business.
Example: A retailer opens two new branches.
Growth achieved by expanding a firm's own activities rather than buying another firm.
Example: A retailer opens more branches using retained profits.
The shared values, behaviours and usual ways of working in a business.
Example: A company encourages staff to share ideas openly.
How roles, authority and reporting relationships are arranged in a business.
Example: An organisation chart shows managers and their teams.
The way jobs, responsibilities and authority are arranged in a business.
Example: A chart shows who reports to each manager.
The way roles, responsibilities and authority are arranged in a business.
Example: An organisation chart shows who reports to whom.
Arranging people and resources so work can be completed.
Example: A manager assigns roles to a project team.
A possible result of a random experiment.
Example: Rolling a 4 is one possible outcome of a die roll.
Information produced by a program or system.
Example: A program displays an average mark.
Information produced by a program or system.
Example: A program displays an average mark.
Measuring GDP by adding the value added by producers.
Example: A baker adds value to flour when producing and selling bread.
Hardware that presents information from a computer.
Example: A monitor is an output device.
Hardware that presents information or carries out an action.
Example: A monitor displays text and pictures.
The difference between actual real GDP and the economy's potential output.
Example: Actual GDP below potential GDP creates a negative output gap.
A value produced by a logic circuit, usually 0 or 1.
Example: The alarm activates when output Q is 1.
Paying another business to perform an activity instead of doing it in-house.
Example: A retailer hires a specialist company to handle deliveries.
Paying another business to perform an activity instead of doing it in-house.
Example: A retailer hires a specialist company to handle deliveries.
Taking on more debt than a business can comfortably repay.
Example: A business's loan repayments become too high for its cash flow.
Depending too heavily on a narrow range of activities or products.
Example: An oil-dependent country suffers when oil prices fall.
When a total is added up higher than its correct amount.
Example: A list totalling $600 is incorrectly added as $650.
An arrangement allowing a bank account to go below zero up to an agreed limit.
Example: A shop uses an overdraft to pay a short-term bill.
An arrangement allowing a bank account to go below zero up to an agreed limit.
Example: A shop uses an overdraft to pay a short-term bill.
When a calculation produces a value too large for the available number of bits.
Example: In eight bits, 255 + 1 cannot fit as an unsigned value.
An indirect running cost that cannot easily be linked to one unit.
Example: Office rent is an overhead.
Growing sales so fast that a business runs short of the cash needed to finance growth.
Example: A supplier takes large orders but cannot pay for enough stock.
Inventory shown at a value higher than it should be.
Example: Recording $600 instead of $500 closing stock overstates profit by $100.
What belongs to the owner after the business's liabilities are deducted from its assets.
Example: If assets are $9,000 and liabilities $2,000, equity is $7,000.
Discomfort caused by exposure to ozone produced by some older office equipment.
Example: Poorly ventilated printer rooms can cause irritation.
The container or covering that protects and presents a product.
Example: A sturdy box protects a phone during delivery.
The container or covering that protects and presents a product.
Example: A sturdy box protects a phone during delivery.
Information at the start of a packet used for delivery and checking.
Example: A header may contain a destination address.
The actual data carried in a packet.
Example: Part of an image may be stored in a packet payload.
Sending data as separate packets that may follow different routes.
Example: Packets from a video call travel across the internet and are reassembled.
The amount shareholders have actually paid on their shares.
Example: If all shareholders pay their 80 cents call, it is paid-up capital.
When everyone tries to save more, national income may fall and total saving may not rise.
Example: Lower household spending reduces firms' revenues and workers' incomes.
Lines in the same plane that never meet and have the same gradient when not vertical.
Example: y = 2x and y = 2x + 3 are parallel.
Using old and new systems together for a time.
Example: A school records attendance in both systems for a month.
Sending several bits at the same time along separate channels.
Example: An older printer interface sent multiple bits in parallel.
A value or variable passed into a subroutine.
Example: A function receives radius as a parameter.
A situation where nobody can be made better off without making someone else worse off.
Example: Redistributing a scarce resource may help one person only at another's expense.
An extra bit added to help detect certain data errors.
Example: Even parity makes the total number of 1s even.
A check that counts 1 bits to detect some transmission errors.
Example: A receiver flags data with the wrong parity.
Employment involving fewer hours than a typical full-time job.
Example: A student works 15 hours a week at a café.
A ratio comparing one part of a group with another part.
Example: In a class with 8 girls and 6 boys, girls:boys is 4:3.
A comparison of one part with the total group.
Example: With 8 girls and 6 boys, girls:total is 8:14.
A business owned by two or more people who share ownership and usually profits.
Example: Two accountants start a firm together.
A business owned by two or more partners who share responsibilities and profits.
Example: Two designers start an agency together.
A business owned by two or more people who share its responsibilities.
Example: Two doctors jointly own a clinic.
A business owned by two or more people who share its responsibilities.
Example: Two doctors jointly own a clinic.
A business owned by two or more people who share responsibility and profits.
Example: Two dentists run a practice together.
A business owned by two or more people who share responsibility and profits.
Example: Two dentists run a practice together.
A document setting out the partners' rights, duties and how profits are shared.
Example: An agreement says profits will be divided 3:2.
Amounts awarded to partners under the profit-sharing agreement before dividing remaining profit.
Example: One partner receives a $3,000 salary allowance.
Money a partner lends separately to the partnership as a creditor.
Example: A partner lends the business $2,000, repayable later.
A secret set of characters used to help control access to an account.
Example: A long unique password protects an email account.
Information stored about a patient's health and treatment.
Example: A hospital stores test results in an electronic patient record.
The time a project takes to recover its initial cost from net cash inflows.
Example: A $10,000 investment returning $2,500 each year pays back in four years.
A form recording cash and cheques deposited into a bank account.
Example: A shop completes a paying-in slip for its daily takings.
Starting with a low price to attract customers quickly.
Example: A new streaming service offers a low introductory fee.
Launching a product at a low price to attract customers quickly.
Example: A streaming service offers a cheap introductory price.
Launching a product at a low price to attract customers quickly.
Example: A streaming service offers a cheap introductory price.
Authorised testing to find weaknesses in a computer system.
Example: A security tester checks whether a school's website has vulnerabilities.
For every hundred; the meaning of the percent symbol.
Example: 12% means 12 out of 100.
A part expressed out of every 100.
Example: 25% means 25 out of 100.
How much a value falls, expressed as a percentage of the original value.
Example: A fall from 80 to 60 is a 25% decrease.
How much a value rises, expressed as a percentage of the original value.
Example: A rise from 50 to 60 is a 20% increase.
A market with many price-taking firms selling identical products and free entry and exit.
Example: A small wheat grower cannot normally set the global wheat price.
A whole number with a whole-number square root.
Example: 81 is a perfect square.
Demand that drops to zero above one particular price.
Example: A supplier loses all customers if it charges more than the market price.
Demand that drops to zero above one particular price.
Example: A supplier loses all customers if it charges more than the market price.
Supply with an infinite response to a tiny price change at one price.
Example: A price-taking firm can sell its output at the prevailing market price.
Demand that does not change at all when price changes.
Example: Buyers purchase the same number of units even after a price rise.
Demand that does not change at all when price changes.
Example: Buyers purchase the same number of units even after a price rise.
A fixed quantity supplied regardless of price changes.
Example: The supply of seats at a sold-out concert is fixed for that event.
A review of an employee's results and development needs.
Example: A supervisor discusses strengths and training at a review meeting.
Pay linked to how well someone meets agreed performance measures.
Example: A salesperson receives a bonus for reaching a target.
Pay linked to how well someone meets agreed performance measures.
Example: A salesperson receives a bonus for reaching a target.
The total distance around the outside of a flat shape.
Example: A 3 cm by 5 cm rectangle has perimeter 16 cm.
Workers used flexibly to meet changing staffing needs.
Example: A store hires temporary staff during holiday peaks.
Meeting at an angle of 90°.
Example: Two perpendicular lines form a right angle.
A line crossing a segment at its midpoint at 90°.
Example: The perpendicular bisector of AB cuts AB into two equal halves.
Lines that meet at a right angle.
Example: The x-axis and y-axis are perpendicular.
A document listing the skills and qualities a job applicant needs.
Example: A technician's specification requires equipment experience.
A document listing the qualifications, skills and qualities a candidate should have.
Example: A vacancy asks for communication skills and two years' experience.
A document listing the qualifications, skills and qualities a candidate should have.
Example: A vacancy asks for communication skills and two years' experience.
Information that identifies or relates to an individual.
Example: A student's name and email address are personal data.
Influence based on expertise, trust or personal qualities rather than formal position.
Example: Colleagues follow an experienced engineer's advice.
Money an owner has set aside and invests in the business.
Example: A founder uses £3,000 from savings to buy equipment.
Promotion through direct conversations between a salesperson and customer.
Example: A car salesperson explains the features of a new vehicle.
Advertising that tries to make customers want to buy a product.
Example: An advert shows why a new drink seems exciting and enjoyable.
Examining political, economic, social, technological, environmental and legal influences.
Example: A retailer studies new laws and changing consumer habits.
A record of small payments made from a small cash fund.
Example: The book records $8 spent on postage.
Redirecting someone to a fake website without their knowledge.
Example: A poisoned DNS record sends a user to a false login page.
Redirecting users from a genuine website to a fake one.
Example: Someone types a bank address but is sent to an imitation site.
Introducing the new system part by part.
Example: A hospital introduces appointment booking before patient records.
A curve showing a possible short-run inverse relationship between inflation and unemployment.
Example: Faster demand growth may temporarily lower unemployment while raising inflation.
Tricking people into giving away information through fake messages or websites.
Example: An email pretending to be a bank asks for a password.
A fake message that tries to trick someone into revealing information or opening a harmful link.
Example: A fake bank email asks for a password.
Protection from accidents caused by equipment and surroundings.
Example: Cables are secured to prevent people tripping.
Basic human requirements such as food, water and rest.
Example: Employees need enough income to meet everyday living needs.
Standing near a workplace to encourage others to support industrial action.
Example: Union members gather outside the factory entrance.
A chart using pictures or symbols to represent amounts.
Example: One book symbol might represent 5 books.
A circle divided into sectors showing proportions of a total.
Example: A 90° sector represents one quarter of a pie chart.
Pay based on the number of items an employee produces.
Example: A worker earns 30p for each assembled item.
A tax designed to make decision-makers pay for external costs they create.
Example: A carbon tax raises the cost of polluting production.
Trying a new system with a small group before wider use.
Example: One school office tests a new booking system first.
An aircraft that can operate without a pilot on board.
Example: An unmanned aircraft follows programmed flight instructions.
The smallest coloured picture element in a digital image.
Example: A photo on a screen is made of many pixels.
The part of the marketing mix concerned with how customers obtain products.
Example: A clothing brand sells through shops and its website.
The value of a digit according to its position in a number.
Example: The 3 in 3,200 represents 3,000.
Presenting someone else's words or ideas as your own without proper acknowledgement.
Example: Copying an online article into homework without credit is plagiarism.
Information in its original readable form.
Example: The words Hello there are plaintext before encryption.
A flat two-dimensional surface extending in all directions.
Example: A sheet of paper models part of a plane.
A flat surface dividing a 3D solid into mirror-image halves.
Example: A sphere has infinitely many planes of symmetry.
An economy where the government makes most production decisions.
Example: The government sets production targets for factories.
An economy where the government makes most production decisions.
Example: The government sets production targets for factories.
Deciding in advance what a business wants to achieve and how.
Example: A manager prepares next month's production schedule.
An output device for precise large drawings or plans.
Example: An architect prints a building plan using a plotter.
A precise position with no length or width.
Example: Mark a point A on the page.
The place or system used to record and complete a sale.
Example: A checkout records a purchase and updates stock.
When a policy helps one government aim but makes another harder to achieve.
Example: Boosting demand may raise employment but also raise inflation.
When a policy helps one government aim but makes another harder to achieve.
Example: Boosting demand may raise employment but also raise inflation.
Applying chosen accounting methods the same way from year to year where appropriate.
Example: A firm uses the same method of valuing inventory each year.
The extent to which people believe an authority will follow its announced policies.
Example: A credible inflation target helps anchor wage negotiations.
The key interest rate set by a central bank to influence borrowing and saving.
Example: A lower policy rate can make loans cheaper.
The key interest rate set by a central bank to influence borrowing and saving.
Example: A lower policy rate can make loans cheaper.
The delay between identifying an economic problem and a policy affecting the economy.
Example: An interest-rate increase may take months to reduce spending.
When improving one economic objective may worsen another.
Example: Stimulating growth can increase inflation pressure.
The steps through which policy changes influence spending, output and inflation.
Example: Higher interest rates raise borrowing costs, reducing consumption and investment.
A closed flat shape made from straight line segments.
Example: A pentagon is a five-sided polygon.
The number of people living in a place.
Example: A city has a population of 500,000.
The number of people living in a place.
Example: A city has a population of 500,000.
The whole group a statistical study aims to describe.
Example: Every student in a school is the population of a school survey.
An increase in the number of people living in an area over time.
Example: More births than deaths can increase a country’s population.
An increase in the number of people living in an area over time.
Example: More births than deaths can increase a country’s population.
A framework for analysing competition, including rivals, buyers, suppliers, substitutes and new entrants.
Example: A café assesses whether nearby competitors are likely to cut prices.
A vector showing where a point is measured from the origin.
Example: The position vector of (2,5) is (2,5).
Influence gained from someone's official job title or role.
Example: A manager can approve an employee's leave.
A benefit received by others who were not directly involved.
Example: Vaccination can protect people beyond the vaccinated person.
A raised number greater than zero.
Example: 10² = 100 has a positive index.
When actual real GDP exceeds sustainable potential GDP temporarily.
Example: Demand exceeds normal capacity and inflation pressure increases.
A claim about what is or could be, which can be checked using evidence.
Example: “Higher interest rates reduce borrowing” is a positive statement.
An increase in what an economy could sustainably produce at full capacity.
Example: New technology expands potential output even if demand is weak.
Not having enough resources to meet basic needs or to live at an acceptable standard.
Example: A family cannot afford adequate food and housing.
Not having enough resources to meet basic needs or to live at an acceptable standard.
Example: A family cannot afford adequate food and housing.
A situation in which poverty makes it harder to escape poverty in the future.
Example: Low income limits education, leading to low-paid work.
An income threshold used to measure whether people are living in poverty.
Example: Households below a set amount are counted as poor.
An income threshold used to measure whether people are living in poverty.
Example: Households below a set amount are counted as poor.
A situation where earning more brings little extra income because benefits fall or taxes rise.
Example: Someone loses most of their benefits after taking extra work.
A short way to write repeated multiplication of the same number.
Example: 2 to the power 4 means 2 × 2 × 2 × 2.
Raising an existing power to another power.
Example: (2³)² = 2⁶.
Raising each factor in a product to the same power.
Example: (2x)³ = 8x³.
A number made by multiplying 10 by itself repeatedly, or using a negative index for smaller values.
Example: 10³ = 1,000.
A grid that groups stakeholders by their influence and interest.
Example: A regulator is placed in the high-power group.
A movement of the entire production possibility curve due to changed productive capacity.
Example: New machines may shift the PPC outwards.
Setting very low prices to drive rivals out, with the aim of later raising prices.
Example: A dominant supplier sells below cost to weaken smaller competitors.
Setting very low prices to drive rivals out, with the aim of later raising prices.
Example: A dominant supplier sells below cost to weaken smaller competitors.
A share that usually gives priority to a stated dividend before ordinary shareholders.
Example: A 5% preference share normally receives its fixed-rate dividend first.
A payment made now for a benefit relating to a future accounting period.
Example: Insurance paid in December for next January is prepaid.
Checking that a required value has been entered.
Example: An application cannot be submitted with a blank name.
A rule checking that a required field is not left blank.
Example: A form requires an email address.
The value today of money expected to be received or paid in the future.
Example: $110 received in one year is worth $100 today at a 10% rate.
Information prepared to be shown or explained to others.
Example: A student creates slides for a class talk.
The amount customers must pay to obtain a product or service.
Example: A café sets a £3 price for a sandwich.
A legal maximum price set for a product or service.
Example: A rent ceiling may keep some housing affordable but cause a shortage.
The process by which demand and supply set the market price.
Example: Demand and supply intersect at the equilibrium price.
Charging different prices to customers for the same product when differences do not reflect costs.
Example: A railway sells cheaper off-peak tickets to attract price-sensitive travellers.
Demand that changes by a greater percentage than the price change.
Example: A 5% price increase causes a 12% fall in quantity demanded.
Demand that changes by a larger percentage than the price change.
Example: A small increase in holiday prices causes a large fall in bookings.
Supply that changes by a larger percentage than the price change.
Example: A factory with spare capacity can quickly increase output.
How strongly quantity demanded responds to a percentage change in price.
Example: A 10% price rise causes a 20% drop in sales, so demand is price elastic.
How strongly quantity demanded responds to a change in price.
Example: If a 10% price rise leads to a 20% sales fall, demand is elastic.
How strongly quantity demanded responds to a change in price.
Example: If a 10% price rise leads to a 20% sales fall, demand is elastic.
A measure of how strongly the quantity demanded changes when price changes.
Example: A small price rise causes a big drop in cinema ticket sales.
A measure of how strongly the quantity demanded changes when price changes.
Example: A small price rise causes a big drop in cinema ticket sales.
How strongly quantity supplied responds to a change in price.
Example: A 10% price increase leads to 20% more units supplied.
How strongly quantity supplied responds to a change in price.
Example: A 10% price increase leads to 20% more units supplied.
A legal minimum price that sellers must charge.
Example: A minimum price for alcohol aims to reduce harmful consumption.
A measure of average prices relative to a chosen base period.
Example: An index rising from 100 to 108 indicates an 8% increase.
Demand that changes by a smaller percentage than the price change.
Example: A 10% price rise causes only a 3% fall in quantity demanded.
Demand that changes by a smaller percentage than the price change.
Example: A big increase in salt prices may barely affect purchases.
Supply that changes by a smaller percentage than the price change.
Example: Farmers cannot grow extra wheat immediately.
A firm with enough market power to influence the price it charges.
Example: A monopolist may be able to raise prices.
A firm with enough market power to influence the price it charges.
Example: A monopolist may be able to raise prices.
How changes in prices guide buyers and sellers and help allocate resources.
Example: Higher coffee prices encourage more coffee production.
How changes in prices guide buyers and sellers and help allocate resources.
Example: Higher coffee prices encourage more coffee production.
Information that a change in price gives to buyers and sellers.
Example: A rising price signals that a product is scarce relative to demand.
Launching at a high price and lowering it later.
Example: A new game console starts with a premium price.
Launching a new product at a high price and lowering it later.
Example: A technology firm charges more when a device first launches.
Launching a new product at a high price and lowering it later.
Example: A technology firm charges more when a device first launches.
Keeping the overall price level from changing too quickly.
Example: A central bank aims for low and predictable inflation.
Keeping the overall price level from changing too quickly.
Example: A central bank aims for low and predictable inflation.
A firm that has little or no control over market price.
Example: A small farmer may have to accept the market price.
A firm that has little or no control over market price.
Example: A small farmer may have to accept the market price.
Demand where quantity bought changes by a larger percentage than price.
Example: A 5% rise in price causes a 15% fall in sales.
Demand where quantity bought changes by a smaller percentage than price.
Example: A 10% rise in price causes only a 2% fall in sales.
The method a business uses to choose prices for its products.
Example: A new company starts with low prices to attract customers.
Income earned across borders from work and investments.
Example: A resident receives dividends from shares in a foreign company.
Income earned across borders from work and investments.
Example: A resident receives dividends from shares in a foreign company.
A field or combination of fields that uniquely identifies each record.
Example: StudentID can be the primary key.
New information collected first-hand for a particular purpose.
Example: A shop interviews its own customers.
New information collected directly for a specific research purpose.
Example: A café interviews customers about its menu.
New information collected directly for a specific research purpose.
Example: A café interviews customers about its menu.
Businesses that extract or harvest natural resources.
Example: Mining and farming are primary-sector activities.
Businesses extracting or collecting natural resources.
Example: Farming and fishing are primary-sector activities.
Businesses extracting or collecting natural resources.
Example: Farming and fishing are primary-sector activities.
Businesses that collect or extract raw materials from nature.
Example: Farming and fishing are in the primary sector.
Businesses that collect or extract raw materials from nature.
Example: Farming and fishing are in the primary sector.
Memory that the processor can access directly for current work.
Example: RAM holds data while an application is running.
The total of direct materials, direct labour and direct expenses.
Example: Materials $100 + labour $60 + direct expenses $10 = $170 prime cost.
A whole number greater than 1 with exactly two factors: 1 and itself.
Example: 7 is prime because only 1 and 7 divide it exactly.
A solid with the same cross-section along its length.
Example: A triangular prism has two matching triangular ends.
A situation where individually sensible choices can leave all participants worse off.
Example: Two firms both cut prices even though both would earn more without a price war.
A cost paid by the person or business taking an action.
Example: A driver's fuel purchase is a private cost.
A cost paid by the person or business taking an action.
Example: A driver's fuel purchase is a private cost.
A business owned and operated by private individuals or organisations.
Example: A family-owned shop is a private enterprise.
A good that is both rival in consumption and excludable.
Example: A sandwich is a private good because only its buyer can eat it.
A secret key kept by its owner in public-key cryptography.
Example: A user keeps the private key away from other people.
A company whose shares are not offered for sale to the general public.
Example: A family-owned company may be a private limited company.
A company whose shares are not offered for sale to the general public.
Example: A family-owned company may be a private limited company.
Businesses owned and controlled by private individuals or organisations.
Example: An independent grocery shop operates in the private sector.
Businesses and organisations owned and run by private individuals or companies.
Example: A privately owned supermarket is in the private sector.
Businesses and organisations owned and run by private individuals or companies.
Example: A privately owned supermarket is in the private sector.
Businesses owned and controlled by individuals or companies rather than government.
Example: A privately owned supermarket is in the private sector.
Businesses owned and controlled by individuals or companies rather than government.
Example: A privately owned supermarket is in the private sector.
Transferring ownership of a state-run business to private owners.
Example: A government sells its telephone company to private investors.
Moving a state-owned business or service into private ownership.
Example: A government sells its telephone company to private investors.
Moving a state-owned business or service into private ownership.
Example: A government sells its telephone company to private investors.
Selling a government-owned business to private owners.
Example: A state-owned airline is sold to investors.
Selling a government-owned business to private owners.
Example: A state-owned airline is sold to investors.
A measure of how likely an event is, from 0 (impossible) to 1 (certain).
Example: A fair coin has probability 1/2 of landing heads.
A named subroutine that performs a task without returning a value.
Example: A procedure displays a welcome message.
Introducing an improved way to make or deliver a product.
Example: A business automates its order-packing process.
Making products continuously through a series of linked production stages.
Example: An oil refinery operates a continuous production process.
Items businesses use to make other products.
Example: A bakery buys an industrial oven.
The difference between the price sellers receive and the lowest price they would accept.
Example: A farmer willing to sell at $4 receives $6 and gains $2 surplus.
A good or service offered to meet a customer's needs.
Example: A smartphone and a haircut are both products.
The answer to a multiplication.
Example: The product of 6 and 5 is 30.
Creating new products for markets the business already serves.
Example: A drinks brand launches a sugar-free version.
Creating new products for markets the business already serves.
Example: A drinks brand launches a sugar-free version.
Making a product meaningfully different from competitors' offerings.
Example: A phone maker offers a distinctive camera feature.
Developing a new or improved good or service.
Example: A technology company launches a redesigned battery.
A code used to activate or verify a software licence.
Example: A program asks for a key during setup.
The stages a product may pass through: introduction, growth, maturity and decline.
Example: A new app starts with low sales, then grows in popularity.
The stages a product may pass through from introduction to decline.
Example: A new game launches, grows in popularity and later loses sales.
The stages a product goes through from launch to falling sales.
Example: A new phone model grows in sales, matures and eventually declines.
Focusing primarily on the product and its technical features.
Example: An engineer-led firm develops an invention before testing demand.
Developing products mainly from the business's ideas or technical strengths.
Example: A firm creates new software before checking customer demand.
Developing products mainly from the business's ideas or technical strengths.
Example: A firm creates new software before checking customer demand.
Checking a product's performance and suitability before launch.
Example: A food business asks tasters to evaluate a new snack.
Making goods or providing services using resources.
Example: A furniture company turns wood into tables.
The maximum amount a business can make with its facilities.
Example: A factory can produce up to 1,000 bicycles a week.
The linked stages that transform resources into finished goods or services.
Example: Cotton grows on a farm, becomes fabric and then clothing.
The expenses involved in making a product.
Example: Higher energy bills can reduce supply.
The expenses involved in making a product.
Example: Higher energy bills can reduce supply.
A curve showing the maximum combinations of two goods an economy can produce with its resources.
Example: A country can make more cars only by producing fewer tractors.
A curve showing the maximum combinations of two goods an economy can produce with its resources.
Example: A country can make more cars only by producing fewer tractors.
A curve showing the maximum combinations of two outputs possible using existing resources and technology.
Example: A country can produce more food only by giving up some machinery output.
A rule restricting the quantity of a good that may be produced.
Example: A fishery limits the annual catch to protect fish stocks.
The maximum output that resources and technology can produce.
Example: New machinery raises the factory’s productive capacity.
The maximum output that resources and technology can produce.
Example: New machinery raises the factory’s productive capacity.
Producing as much as possible with the resources available.
Example: A point on the PPC shows resources fully used.
Producing as much as possible with the resources available.
Example: A point on the PPC shows resources fully used.
The goods and services an economy could produce using its resources effectively.
Example: New technology can increase an economy's productive potential.
The amount of output produced for each unit of input.
Example: A machine makes 40 units an hour instead of 25.
The amount of output produced for each unit of input.
Example: A machine makes 40 units an hour instead of 25.
The amount of output produced for each worker or unit of input over a period.
Example: If a worker makes 12 items instead of 10 per hour, productivity rises.
The amount of output produced for each worker or unit of input over a period.
Example: If a worker makes 12 items instead of 10 per hour, productivity rises.
The amount by which income is greater than expenses for a period.
Example: Income of $2,000 minus expenses of $1,600 gives $400 profit.
Money left after a business subtracts its costs from its revenue.
Example: A stall earns $200 and spends $150, making $50 profit.
Money left after a business subtracts its costs from its revenue.
Example: A stall earns $200 and spends $150, making $50 profit.
The money left after a business subtracts its costs from its revenue.
Example: A shop earns $1,000 and spends $800, leaving $200 profit.
Money left after subtracting costs from revenue.
Example: A $50 sale with $35 costs gives $15 profit.
The money left after a business subtracts its costs from its revenue.
Example: A shop earns $1,000 and spends $800, leaving $200 profit.
A change to reported profit after correcting an error or making an adjustment.
Example: Removing an overstated expense increases profit.
The profit a business earns before deducting corporation tax.
Example: A company reports £40,000 profit before tax.
A division whose revenues and costs are tracked to measure profit.
Example: A branch manager is responsible for branch profit.
The remaining profit after expenses are deducted from gross profit and any other income is added.
Example: Gross profit $900 − expenses $500 = $400 profit for the year.
The profit remaining after all expenses and tax for the accounting period.
Example: A company ends the year with $12,000 profit after tax.
Profit for the year divided by revenue, multiplied by 100.
Example: $800 profit on $8,000 sales gives a 10% profit margin.
Profit for the year divided by revenue, multiplied by 100.
Example: $800 profit on $8,000 sales gives a 10% profit margin.
Trying to achieve the highest possible profit.
Example: A firm compares pricing options to increase profit.
A business objective of earning the greatest possible profit.
Example: A company chooses the production level that gives its highest profit.
A business objective of earning the greatest possible profit.
Example: A company chooses the production level that gives its highest profit.
Trying to achieve the highest possible profit.
Example: A firm compares pricing options to increase profit.
The amount by which sale proceeds exceed an asset's net book value.
Example: An asset with a $700 book value sells for $850, making $150 profit.
Earning a satisfactory level of profit rather than the highest possible profit.
Example: An owner accepts lower profit to spend more time with family.
A system where employees receive a share of company profits.
Example: Staff get an extra payment after a profitable year.
A system where employees receive a share of company profits.
Example: Staff get an extra payment after a profitable year.
The proportion in which partners divide remaining profits or losses.
Example: A 3:2 ratio splits $500 into $300 and $200.
How well a business earns profit compared with its sales or resources.
Example: A higher profit margin can indicate improved profitability.
How much profit a business makes compared with its sales or investment.
Example: Two shops earn the same profit, but one uses less capital.
How much profit a business makes compared with its sales or investment.
Example: Two shops earn the same profit, but one uses less capital.
A register holding the address of the next instruction to fetch.
Example: After an instruction is fetched, the program counter is updated.
The main stages of planning, creating, testing and maintaining a program.
Example: A student analyses a problem before coding and testing a solution.
A tax where higher-income earners pay a larger percentage of their income.
Example: The tax rate rises as a person's earnings rise.
Activities used to inform customers about a product and persuade them to buy.
Example: A brand uses adverts and discounts to promote a new drink.
Activities used to inform customers about a product and persuade them to buy.
Example: A brand uses adverts and discounts to promote a new drink.
How strongly quantity demanded responds to a percentage change in promotional spending.
Example: Advertising spending rises 10% and sales rise 6%.
Temporarily lowering price to encourage purchases.
Example: A store offers a weekend discount.
Temporarily lowering prices to encourage purchases.
Example: A store offers 20% off during a weekend sale.
Temporarily lowering prices to encourage purchases.
Example: A store offers 20% off during a weekend sale.
A positive fraction with a numerator smaller than its denominator.
Example: 3/5 is a proper fraction.
Legal rights to own, use and control resources.
Example: Clear ownership of a lake can help people negotiate pollution controls.
A relationship between quantities or a share of a whole.
Example: If 2 out of 5 students cycle, the proportion is 2/5.
Quantities linked by a constant multiplier or an inverse rule.
Example: If y = 4x, y is proportional to x.
A tax that charges the same percentage at all income levels.
Example: Everyone pays 10% of their income in tax.
Government actions that limit imports to support domestic producers.
Example: A high tariff makes foreign products more expensive.
Government actions that limit imports to support domestic producers.
Example: A high tariff makes foreign products more expensive.
Government actions designed to protect domestic industries from foreign competition.
Example: A country adds tariffs to imported clothing.
A tool for measuring or drawing angles in degrees.
Example: Use a protractor to draw a 65° angle.
An estimate of the part of customers' debts that may never be collected.
Example: A business expects 3% of $10,000 debts may be lost, so provides $300.
How close a business is to the customers it wants to serve.
Example: A café opens near a busy train station.
How close a factory is to the materials it needs.
Example: A sawmill may locate near timber forests.
Using care when making estimates so assets and profit are not overstated and liabilities are not understated.
Example: A business allows for debts customers may not pay.
Instructions written in a structured, code-like form without the exact rules of a programming language.
Example: IF score >= 50 THEN OUTPUT "Pass".
Grouping customers by lifestyle, interests, beliefs or attitudes.
Example: A sports shop targets people who enjoy outdoor adventure.
Using prices that influence how customers perceive a product.
Example: A shop prices a bag at $19.99 instead of $20.
Using prices that influence how customers perceive a product.
Example: A shop prices a bag at $19.99 instead of $20.
A business owned by the state and usually run to provide an essential service.
Example: A state-owned railway operator may be a public corporation.
A business organisation owned by government and set up to provide goods or services.
Example: A government may create a corporation to operate public transport.
An organisation owned or controlled by the government to provide goods or services.
Example: A government-run water provider is a public enterprise.
Money the government spends on services and projects.
Example: Building a new hospital is public expenditure.
Money the government spends on services and projects.
Example: Building a new hospital is public expenditure.
When a company first offers its shares to the public on a stock market.
Example: A private company becomes publicly listed to raise finance.
A good that people cannot easily be excluded from using and whose use by one person does not reduce availability to others.
Example: Street lighting is a common example.
A good that people cannot easily be excluded from using and whose use by one person does not reduce availability to others.
Example: Street lighting is a common example.
A key that can be shared openly and used in public-key cryptography.
Example: A website shares a public key through its certificate.
A company that can offer its shares to the general public, subject to legal rules.
Example: A large company may list shares on a stock exchange.
A company that can offer its shares to the general public, subject to legal rules.
Example: A large company may list shares on a stock exchange.
When a government owns and controls an organisation or asset.
Example: The government runs a national water supplier.
Activities that build a good public image for a business.
Example: A company sponsors a community clean-up.
Activities that build a good public image for a business.
Example: A company sponsors a community clean-up.
Organisations owned or controlled by government.
Example: A government-operated hospital belongs to the public sector.
Organisations owned or controlled by the government.
Example: A state-funded school belongs to the public sector.
Organisations owned or controlled by government.
Example: A government-run school is part of the public sector.
Organisations owned or controlled by government.
Example: A government-run school is part of the public sector.
Services provided or funded by government for the public.
Example: Public education and street maintenance are public services.
Services provided or funded by government for the public.
Example: Public education and street maintenance are public services.
Services provided or funded by government for the public.
Example: Public education and street maintenance are public services.
Goods bought by a trading business for resale.
Example: A retailer buys 20 shirts to sell in the shop.
A book that records credit purchases of goods for resale.
Example: A $150 credit purchase goes in the purchases journal.
A summary account showing the total owed to credit suppliers.
Example: The business owes suppliers $4,500.
Goods bought for resale that are sent back to suppliers.
Example: A shop returns damaged shirts to the wholesaler.
Lower input prices gained when a large business buys in bulk.
Example: A supermarket negotiates a lower price per carton.
How much goods and services an amount of money can buy.
Example: If prices rise, $10 buys less than before.
How much goods and services an amount of money can buy.
Example: If prices rise, $10 buys less than before.
A method comparing incomes or output using prices of similar goods across countries.
Example: PPP-adjusted incomes reflect local living costs rather than only market exchange rates.
In a right-angled triangle, the square of the longest side equals the sum of the squares of the other sides.
Example: A triangle with short sides 3 and 4 has hypotenuse 5.
A two-dimensional code that can hold information such as a URL.
Example: A phone scans a QR code to open a menu.
A square pattern that stores data for a camera or scanner to read.
Example: Scanning a QR code opens a website.
The graph of a function containing a squared variable as its highest power.
Example: y = x² − 1 forms a parabola.
An algebraic expression whose highest power of the variable is 2.
Example: x² + 4x + 3 is quadratic.
A U-shaped or upside-down U-shaped graph of a quadratic function.
Example: y = x² has a U-shaped graph.
A sequence with constant second differences.
Example: 1, 4, 9, 16 has second differences of 2.
Information about opinions, reasons or experiences, usually expressed in words.
Example: Customers explain why they dislike a product design.
A non-numerical influence, such as image or employee morale.
Example: A firm considers how a move affects staff wellbeing.
Research that explores opinions, feelings and reasons.
Example: A focus group discusses why customers choose a brand.
How well a good or service meets customer expectations and requirements.
Example: A reliable phone that works as promised has good quality.
How well a good or service meets customer expectations and requirements.
Example: A reliable phone that works as promised has good quality.
Designing processes to prevent defects from occurring.
Example: A company checks each production stage against standards.
Preventing faults by checking and improving each stage of production.
Example: Workers follow procedures to prevent errors during assembly.
Preventing faults by checking and improving each stage of production.
Example: Workers follow procedures to prevent errors during assembly.
A planned review of a business's quality procedures and results.
Example: An auditor checks whether safety inspections are recorded.
The idea that each stage of production should pass good-quality work to the next.
Example: A packaging team checks items before dispatch.
A small group of employees who meet to suggest improvements.
Example: Production workers discuss ways to cut errors.
A small group of workers who meet to suggest improvements.
Example: Factory employees meet weekly to solve quality problems.
Small groups of employees who meet to suggest ways to improve quality and work processes.
Example: Factory staff meet weekly to reduce defects.
Inspecting products or outputs to identify faults.
Example: A factory checks finished phones for defects.
Checking finished products or output for defects.
Example: Inspectors test completed toys before shipment.
Checking finished products or output for defects.
Example: Inspectors test completed toys before shipment.
People's overall wellbeing, including health, safety and free time.
Example: Cleaner air can improve quality of life even without higher income.
People's overall wellbeing, including health, safety and free time.
Example: Cleaner air can improve quality of life even without higher income.
An agreed level or measure of acceptable quality.
Example: A factory sets a maximum defect rate of 1%.
An agreed level or measure of acceptable quality.
Example: A factory sets a maximum defect rate of 1%.
Information expressed as numbers or amounts.
Example: A survey finds that 65% of customers prefer online ordering.
A measurable numerical influence on a decision.
Example: Managers compare rent and transport costs between sites.
Research that produces numerical information.
Example: A survey finds that 60% prefer home delivery.
How much consumers want and can buy at one particular price.
Example: At $2, buyers want 60 bottles.
How much consumers want and can buy at one particular price.
Example: At $2, buyers want 60 bottles.
How much producers want and can sell at one particular price.
Example: At $4, producers offer 80 units.
How much producers want and can sell at one particular price.
Example: At $4, producers offer 80 units.
A theory connecting money supply and spending, often represented by MV = PY.
Example: With stable velocity and output, faster money growth tends to raise prices.
Activities based mainly on knowledge, research and information.
Example: A software research laboratory is in the quaternary sector.
Activities involving knowledge, information and research.
Example: Software development is often classed as quaternary activity.
A request to find or change data in a database.
Example: A query lists students in Year 10.
A Boston matrix product with low market share in a fast-growing market.
Example: A new brand competes in a rapidly growing market.
A set of questions used to collect information from respondents.
Example: A business asks customers to rate its service.
A set of written questions used to collect opinions or information.
Example: Students complete a form about a school app.
A set of questions used to collect information from respondents.
Example: A business asks customers to rate its service.
A legal limit on the quantity of a product that may be imported.
Example: Only 5,000 imported cars may enter per year.
A legal limit on the quantity of a product that may be imported.
Example: Only 5,000 imported cars may enter per year.
A limit on the quantity of a product that can be imported.
Example: A country allows only 10,000 imported cars each year.
A limit on the quantity of a product that can be imported.
Example: A country allows only 10,000 imported cars each year.
A sample formed by filling set numbers from chosen groups.
Example: An interviewer speaks to 30 men and 30 women.
A sample chosen to include set numbers of different types of people.
Example: A survey includes 30 teenagers and 30 adults.
Technology that uses radio signals to identify and track tagged items.
Example: A warehouse scans tagged boxes automatically.
Technology that reads information from a tag using radio waves.
Example: An RFID tag helps track stock in a warehouse.
The distance from the centre of a circle to its edge.
Example: A circle of diameter 10 cm has radius 5 cm.
Temporary, usually volatile memory holding programs and data in use.
Example: A computer loads a game into RAM before running it.
Fast temporary memory holding programs and data while they are in use.
Example: A browser uses RAM while its tabs are open.
A sample where everyone in the target population has an equal chance of selection.
Example: A computer chooses 50 customers at random.
A sample chosen so every person in the population has an equal chance of selection.
Example: A school picks students' names using a random-number generator.
The set of output values a function actually produces.
Example: For f(x)=x² with x in {1,2,3}, the range is {1,4,9}.
Checking that a value falls between allowed limits.
Example: An exam percentage must be between 0 and 100.
A validation rule ensuring a number is within set limits.
Example: A test score must be between 0 and 100.
Malware that locks or encrypts data and demands payment.
Example: A ransomware attack prevents staff from opening files.
Malware that locks or encrypts data and demands payment.
Example: Ransomware makes school files inaccessible.
A comparison of two quantities measured in different units.
Example: $12 per hour is a rate of pay.
How often a business sells and replaces its average inventory during a period.
Example: Cost of sales $12,000 and average stock $3,000 give 4 times.
A comparison of quantities using the same unit or compatible units.
Example: A 2:3 ratio of red to blue means 2 red for every 3 blue.
Using financial ratios to understand and compare business performance.
Example: A manager compares profit margins over three years.
Using financial ratios to understand and compare business performance.
Example: A manager compares profit margins over three years.
Explaining what calculated ratios reveal about performance and financial position.
Example: A falling current ratio may warn of tighter cash resources.
Forecasts based on available information and an understanding of likely policy effects.
Example: Firms adjust prices after anticipating an announced tax change.
A number that can be written as a fraction of two integers, with a non-zero denominator.
Example: 0.75 is rational because it equals 3/4.
Remove a surd from a fraction's denominator.
Example: 1/√2 can be written as √2/2.
How prices limit demand when goods are scarce.
Example: A higher concert ticket price means fewer people can or will buy a ticket.
When a high price limits how much people can afford to buy.
Example: A rise in ticket prices reduces the number of people buying them.
When a high price limits how much people can afford to buy.
Example: A rise in ticket prices reduces the number of people buying them.
Items used to make finished products.
Example: Flour is a raw material for a bakery.
Opening a file to get information without changing its contents.
Example: A program opens scores.txt for reading.
A disc whose stored information is intended to be read, not rewritten.
Example: Software can be supplied on a CD-ROM.
Memory that stores instructions that are not normally changed during everyday use.
Example: Firmware may be stored in ROM.
Memory that keeps essential startup instructions even when the power is off.
Example: Firmware can be stored in ROM.
A trade-weighted measure of a currency's value adjusted for relative prices.
Example: A rise in the REER may make domestic exports less competitive.
The nominal exchange rate adjusted for relative price levels between countries.
Example: Domestic prices rising faster than foreign prices can worsen price competitiveness.
GDP adjusted for changes in prices, showing changes in production more clearly.
Example: If output grows 2% after adjusting for inflation, real GDP rises.
GDP adjusted for changes in prices, showing changes in production more clearly.
Example: If output grows 2% after adjusting for inflation, real GDP rises.
Income adjusted for changes in prices to show purchasing power.
Example: A 2% pay rise with 4% inflation reduces real income.
Income adjusted for changes in prices to show purchasing power.
Example: A 2% pay rise with 4% inflation reduces real income.
Income adjusted to take account of changes in prices.
Example: If wages rise more slowly than prices, real income falls.
A number that may include a fractional part.
Example: 3.75 is a real number.
A wage adjusted for changes in the price level to show purchasing power.
Example: Pay rises 3% while prices rise 5%, so the real wage falls.
A system that must respond within a required time limit.
Example: An airbag controller must act very quickly.
Recognising revenue when it is earned, rather than simply when cash arrives.
Example: A credit sale is recorded when goods are sold.
Change the subject while keeping both sides equal.
Example: From A = lw, make w = A/l.
A result that fits the size and context of a problem.
Example: A school bus carrying 40 people is more reasonable than 40,000.
Written evidence that a payment has been received.
Example: A cashier gives a receipt for a $25 purchase.
A summary of all cash and bank receipts and payments for a club during a period.
Example: It includes both equipment purchases and membership fees.
A period when economic activity falls significantly.
Example: Factories cut production and jobs during a recession.
A period when economic activity falls significantly.
Example: Factories cut production and jobs during a recession.
A number that gives 1 when multiplied by the original number.
Example: The reciprocal of 4 is 1/4.
A graph of a function such as y = 1/x with two branches.
Example: For y = 1/x, x cannot be zero.
Showing someone that their effort or achievement is valued.
Example: A manager publicly thanks staff for excellent service.
The bank balance after timing differences and unrecorded items are explained.
Example: Both adjusted records agree at $1,250.
One complete set of related data about an item or person.
Example: One row holds a student's details.
A blank optical disc that can usually be written to once.
Example: A CD-R can be used to make a permanent copy.
Finding and attracting people to apply for a job.
Example: A company advertises for a sales assistant.
Finding and attracting people to apply for a job.
Example: A company advertises for a new receptionist.
Finding and attracting people to apply for a job.
Example: A company advertises for a new receptionist.
Competing in an established market where many firms seek the same customers.
Example: Two airlines fight for passengers on the same route.
Policies that reduce differences in incomes by transferring resources between people.
Example: Higher-income earners pay taxes that fund support for low-income households.
Policies that reduce differences in incomes by transferring resources between people.
Example: Higher-income earners pay taxes that fund support for low-income households.
A depreciation method charging a fixed percentage of the asset's remaining value each year.
Example: At 20%, a $1,000 asset loses $200 in year one and $160 in year two.
When an employee's job is no longer needed.
Example: A factory closes a production line and removes some roles.
When someone's job is no longer needed, rather than the employee personally being at fault.
Example: A factory reduces staff after closing a production line.
When someone's job is no longer needed, rather than the employee personally being at fault.
Example: A factory reduces staff after closing a production line.
A transformation creating a mirror image across a line.
Example: Reflect (2,3) in the y-axis to get (−2,3).
An angle bigger than 180° but smaller than 360°.
Example: 240° is reflex.
A very small, fast storage location inside the processor.
Example: The accumulator holds a value being used in a calculation.
A tax that takes a larger percentage of income from poorer people than richer people.
Example: A flat sales tax uses more of a low-income family's budget.
A rule used by government to control an activity.
Example: Factories must meet emissions standards.
A rule used by government to control an activity.
Example: Factories must meet emissions standards.
When a regulator begins acting in the interests of the industry it supervises.
Example: A regulator sets weak safety rules after pressure from large firms.
A database that stores related information in linked tables.
Example: Orders and Customers tables can be connected by CustomerID.
Having much less income than is normal in your society.
Example: A family earns far below the country's typical household income.
Having much less income than is normal in your society.
Example: A family earns far below the country's typical household income.
Information being useful for a decision a person needs to make.
Example: Recent sales figures help an owner decide what to restock.
A choice between using timely useful information and waiting for more certain evidence.
Example: An early estimate may help decisions but be less certain than a final figure.
Information being dependable and reasonably free from important errors or bias.
Example: A verified invoice makes an expense figure more reliable.
How consistently research would give similar results if repeated.
Example: A reliable survey produces similar findings in repeat tests.
How consistently research would give similar results if repeated.
Example: A reliable survey produces similar findings in repeat tests.
Moving business operations from one place to another.
Example: A factory moves to a larger industrial site.
Moving business operations from one place to another.
Example: A factory moves to a larger industrial site.
Money sent by a person working away from home to people in another place or country.
Example: A worker abroad sends part of their wages to family.
Payment for using land or property.
Example: A shop pays rent for its premises.
Payment for using land or property.
Example: A shop pays rent for its premises.
The inventory level at which a new order should be placed.
Example: A factory orders more screws when stock falls to 500.
The number of units ordered each time inventory is replenished.
Example: A warehouse orders 1,000 boxes per delivery.
Sending profits earned in another country back to the company's home country.
Example: A multinational transfers earnings from a foreign branch to its headquarters.
A loop that repeats at least once and stops when a condition becomes true.
Example: REPEAT asking for a password UNTIL it is valid.
Multiplying the same factor several times.
Example: 5 × 5 × 5 is repeated multiplication.
Pain or damage caused by repeating the same movement too often.
Example: Long periods of typing without breaks can cause RSI.
Foreign-currency assets and related reserves held by a central bank.
Example: A central bank sells foreign reserves to support its currency.
Profits or amounts retained in a company rather than paid out immediately.
Example: A company keeps $8,000 profits as retained earnings.
Bringing business activities back to the home country.
Example: A company returns production to a domestic factory.
The expected amount an asset can be sold for at the end of its useful life.
Example: A van may have a residual value of $1,000.
How an economy decides where labour, land and capital are used.
Example: More workers move into healthcare when demand increases.
How an economy decides where labour, land and capital are used.
Example: More workers move into healthcare when demand increases.
Using natural resources faster than they can be replaced.
Example: Heavy fishing can reduce fish stocks.
How effectively a business uses its labour, equipment, materials and time.
Example: A workshop schedules machines to reduce idle time.
Things used to make goods and services.
Example: Workers, machines and land are resources.
Things used to make goods and services.
Example: Workers, machines and land are resources.
Things used to make goods and services.
Example: Workers, machines and land are resources.
The duty to complete an assigned task or role.
Example: A supervisor is responsible for daily safety checks.
The duty to complete an assigned task or role.
Example: A supervisor is responsible for daily safety checks.
A value that is not allowed because it would make a denominator zero.
Example: For 1/(x − 2), x cannot equal 2.
The single vector equivalent to adding two or more vectors.
Example: Right 2 then right 3 gives a resultant 5 right.
A business that sells goods directly to final consumers.
Example: A supermarket is a retailer.
A business that sells goods directly to final consumers.
Example: A supermarket is a retailer.
Profits kept in the company after dividends rather than distributed.
Example: The company keeps part of this year's profit to fund expansion.
Profit kept in the business instead of being paid to owners as dividends.
Example: A company reinvests $15,000 of its annual profit.
Profit kept in the business rather than distributed to owners.
Example: A company reinvests $6,000 of its annual profit.
Profit kept in the business rather than paid out to owners.
Example: A shop uses last year's profit to open another branch.
Profit kept in the business rather than paid out to owners.
Example: A shop uses last year's profit to open another branch.
Profit compared with capital employed, usually shown as a percentage.
Example: $4,000 profit on $20,000 capital employed gives 20% ROCE.
Operating profit as a percentage of capital employed.
Example: A $20,000 operating profit on $200,000 capital employed gives 10% ROCE.
Profit from operations expressed as a percentage of capital employed.
Example: A firm earns $20,000 operating profit on $100,000 capital: ROCE is 20%.
Profit from operations expressed as a percentage of capital employed.
Example: A firm earns $20,000 operating profit on $100,000 capital: ROCE is 20%.
The financial gain from an investment compared with its cost.
Example: A project earns $5,000 on a $25,000 investment, a 20% return.
A book that records goods returned by customers after credit sales.
Example: A returned $30 item is entered in this journal.
A book that records goods returned to suppliers after credit purchases.
Example: The return of $50 of stock goes in this journal.
How output changes when all inputs rise by the same proportion in the long run.
Example: Doubling every input and tripling output shows increasing returns to scale.
A deliberate increase in an official exchange rate in a fixed-rate system.
Example: The authorities set a higher official currency value.
A deliberate increase in an official exchange rate in a fixed-rate system.
Example: The authorities set a higher official currency value.
A method of finding depreciation by comparing an asset's value at the start and end of a period, allowing for purchases.
Example: Small tools may be valued at the end of each year.
Money received or earned from selling goods and services before costs are deducted.
Example: A shop sells 10 shirts for $20 each, earning $200 revenue.
Money received or earned from selling goods and services before costs are deducted.
Example: A shop sells 10 shirts for $20 each, earning $200 revenue.
Money spent on everyday running costs of a business.
Example: Paying monthly electricity is revenue expenditure.
Spending on daily operating expenses.
Example: Paying electricity bills is revenue expenditure.
Money spent on day-to-day running costs.
Example: Paying electricity bills is revenue expenditure.
Money received through normal trading or regular business income.
Example: Money received for services is a revenue receipt.
An error where the correct accounts are used but the debit and credit sides are swapped.
Example: A cash sale is wrongly recorded as Dr Sales and Cr Cash instead of Dr Cash and Cr Sales.
Finding an original value when the final value and percentage change are known.
Example: If a price after 20% off is $80, the original was $100.
Change the direction of an inequality sign when multiplying or dividing by a negative.
Example: From −2x > 6, dividing by −2 gives x < −3.
The pay workers receive for their effort.
Example: A worker receives a weekly wage.
An optical disc that can be erased and written to again.
Example: A CD-RW can hold temporary files.
A device that reads a nearby radio-frequency tag.
Example: A library scans tagged books without typing their codes.
Offering new shares to existing shareholders, usually in proportion to their holdings.
Example: A listed company asks current investors to buy additional shares.
Lower average risk when a large business sells many different products or serves different markets.
Example: Weak sales in one product line are offset by another.
A programmable machine that can sense or act in its environment.
Example: A factory robot welds vehicle parts.
A programmable machine that can perform physical tasks automatically.
Example: A robotic arm assembles parts in a factory.
A mechanism that creates movement or physical action in a robot.
Example: A motor turns a robot's wheels.
A device that helps a robot detect its surroundings or state.
Example: A robot uses a distance sensor to avoid a wall.
A mechanical arm with joints that can be programmed to move.
Example: A robotic arm places items onto a conveyor belt.
The design, construction and use of robots.
Example: Engineers study robotics to build automated machines.
The design and use of robots to carry out tasks.
Example: Robots weld panels in a car factory.
A value of x that makes a function equal zero.
Example: The roots of x² − 4 = 0 are −2 and 2.
Turning a shape around a fixed point by a given angle.
Example: A 90° clockwise turn about the origin is a rotation.
A shape's property of fitting onto itself after a turn less than 360°.
Example: A rectangle matches itself after a half-turn.
Replacing a number with a nearby, simpler value.
Example: Round 6.78 to one decimal place to get 6.8.
A device that sends packets between different networks.
Example: A home router connects local devices to the internet.
A network device that directs data between different networks.
Example: A home router sends data to the internet.
Spending to keep an asset in its existing working condition.
Example: Replacing worn machine belts is a revenue expense.
A compression method that records repeated values as a value and a count.
Example: AAAAA can be stored as five As.
An error that happens while a program is running.
Example: Dividing by zero may cause a runtime error.
People's need for security, stability and protection from harm.
Example: Safe working conditions help employees feel secure.
A fixed payment for work, usually stated per month or year.
Example: An office worker earns a monthly salary.
A fixed amount of pay, usually stated per month or year.
Example: An office worker earns a salary of $24,000 per year.
Raising money by selling property or equipment owned by the business.
Example: A firm sells an unused van to increase cash.
Goods or services provided to customers in return for payment.
Example: A shop sells a bicycle for $200.
An estimate of how many goods or services a business expects to sell.
Example: A manufacturer predicts 5,000 units next quarter.
A book that records credit sales of goods for resale.
Example: A $300 credit sale is entered in the sales journal.
A summary account showing the total owed by credit customers.
Example: Customers together owe $7,200.
The amount customers pay for one unit of a product.
Example: A shop charges £25 for one backpack.
A short-term offer intended to increase sales.
Example: A shop offers 'buy one, get one free'.
A short-term offer intended to increase sales.
Example: A shop offers 'buy one, get one free'.
Goods returned by customers after they were sold.
Example: A customer brings back a faulty bicycle.
The money a firm receives from selling its products.
Example: Selling 200 books at $5 each earns $1,000 in sales revenue.
The money a firm receives from selling its products.
Example: Selling 200 books at $5 each earns $1,000 in sales revenue.
The money a firm receives from selling its products.
Example: Selling 200 books at $5 each earns $1,000 in sales revenue.
Aiming to make total sales revenue as high as possible, subject to constraints.
Example: A firm lowers price to expand sales up to the revenue-maximising output.
A tax on the sale of goods or services that usually increases their price.
Example: A shop collects sales tax on a purchase.
A tax on the sale of goods or services that usually increases their price.
Example: A shop collects sales tax on a purchase.
A smaller group selected to represent a wider population in research.
Example: A researcher interviews 100 customers from a city.
A smaller group chosen from a population.
Example: Surveying 50 students is taking a sample.
The number of sound measurements recorded each second.
Example: A sound recording at 44,100 Hz takes 44,100 samples per second.
The number of bits used to represent each sound sample.
Example: A 16-bit sample can store more levels than an 8-bit sample.
Selecting part of a population to represent the whole.
Example: A school surveys 100 of its 1,000 students.
Taking measurements of an analogue signal at regular intervals.
Example: A microphone recording is sampled thousands of times each second.
Choosing a smaller group of people to represent a larger population.
Example: A business asks 100 customers rather than all 10,000 customers.
Technology that uses satellite signals to guide a user from one location to another.
Example: A driver follows directions from a sat-nav.
Aiming for an acceptable outcome rather than the absolute maximum.
Example: An owner accepts a steady income to have more free time.
Choosing an outcome that is good enough instead of maximising one objective.
Example: A manager accepts satisfactory profit to protect work-life balance.
A stage when most potential customers already own or use a product.
Example: Smartphone sales slow once nearly everyone has one.
Keeping part of income to use later instead of spending it now.
Example: A household sets aside $30 every month.
Keeping part of income to use later instead of spending it now.
Example: A household sets aside $30 every month.
Multiplying a vector by a number to change its size or direction.
Example: 2(3,1) = (6,2).
A drawing where lengths are a fixed fraction or multiple of real lengths.
Example: At 1:100, 2 cm represents 2 m.
A number by which every corresponding length is multiplied.
Example: A scale factor of 3 triples each length.
An input device that turns a paper document or picture into digital data.
Example: A scanner creates a digital copy of a worksheet.
When resources are limited but wants are unlimited.
Example: A factory has only enough workers to make one of two products.
There are not enough resources to satisfy everyone's wants.
Example: There is only enough land to build either a hospital or a park.
There are not enough resources to satisfy everyone's wants.
Example: There is only enough land to build either a hospital or a park.
There are not enough resources to provide everything everyone wants.
Example: A school has money for either new computers or new desks, but not both.
There are not enough resources to provide everything everyone wants.
Example: A school has money for either new computers or new desks, but not both.
A graph of paired numerical values used to look for a relationship.
Example: Plotting height against shoe size makes a scatter diagram.
Exploring different possible futures and preparing suitable responses.
Example: Managers plan what to do if interest rates rise sharply.
Software that stores and manages school information.
Example: Teachers record attendance in a school system.
Taylor's approach of analysing tasks to find efficient working methods and rewards.
Example: A factory times tasks and uses output-related pay.
Another name for writing numbers using powers of ten.
Example: 6.2 × 10⁵ represents 620,000.
Bright reflections on a display that make it harder to see.
Example: Moving a monitor away from a window reduces glare.
Software that reads on-screen text aloud or provides it to a braille display.
Example: A visually impaired learner uses a screen reader.
A service that helps users find information on the web.
Example: A learner searches for a topic using a search engine.
Customer demand that changes predictably at different times of year.
Example: An ice-cream shop sells more in summer.
Unemployment caused by jobs being available only at certain times of year.
Example: Some tourist workers lose jobs during the off-season.
Unemployment caused by jobs being available only at certain times of year.
Example: Some tourist workers lose jobs during the off-season.
Transfers of money between countries without goods or services being exchanged.
Example: Money sent to relatives abroad is a secondary income transfer.
Transfers of money between countries without goods or services being exchanged.
Example: Money sent to relatives abroad is a secondary income transfer.
Information already collected by someone else.
Example: A company uses government population statistics.
Information already collected by somebody else.
Example: A company reads government statistics about local incomes.
Information already collected by somebody else.
Example: A company reads government statistics about local incomes.
Businesses that turn materials into finished or partly finished goods.
Example: A car factory is in the secondary sector.
Businesses turning raw materials into products.
Example: A car factory is in the secondary sector.
Businesses that turn raw materials into finished or partly finished goods.
Example: A furniture factory is in the secondary sector.
Businesses that turn raw materials into finished or partly finished goods.
Example: A furniture factory is in the secondary sector.
Storage used to keep data and programs for later use.
Example: An SSD saves files when the power is off.
A broad category of economic activity such as agriculture, industry or services.
Example: Banking operates in the tertiary sector.
A region bounded by two radii and the arc between them.
Example: A quarter-circle is a 90° sector.
An older name for technology that encrypts information sent between devices; modern secure connections use TLS.
Example: Modern HTTPS connections use TLS rather than old SSL.
A physical device or digital code used to prove identity.
Example: A login system sends a one-time code to a phone.
Choosing the most suitable applicant from those who applied.
Example: The manager interviews candidates and makes an offer.
Choosing which instructions run based on a condition.
Example: IF age >= 16 THEN display a message.
Choosing the most suitable applicant from those who applied.
Example: A manager interviews candidates and chooses one.
Choosing the most suitable applicant from those who applied.
Example: A manager interviews candidates and chooses one.
Achieving personal potential through learning, challenge and growth.
Example: A worker develops new skills and takes on creative projects.
Understanding your own emotions, strengths and weaknesses.
Example: A manager knows impatience affects their decisions.
Costs incurred to sell and distribute products.
Example: Sales commission and delivery advertising are selling expenses.
Products partly processed but needing more work before final sale.
Example: Steel sheets are used to make car body panels.
Personal information that requires particular care because misuse could cause harm.
Example: Medical information needs extra protection.
Testing how changing an assumption affects a decision or result.
Example: A firm calculates NPV again using lower expected sales.
A device that measures a condition such as temperature or light.
Example: A sensor detects heat in a room.
A device that measures a physical condition such as light, heat or pressure.
Example: A temperature sensor measures the heat in a greenhouse.
Running instructions in order, one after another.
Example: Input a number, multiply it by two, then display it.
An ordered list of numbers following a rule.
Example: 3, 6, 9, 12 is a sequence.
Finding data by reading stored information in sequence.
Example: A tape drive winds through earlier data to reach a file.
Sending data one bit after another along a channel.
Example: USB connections use serial communication.
A business that mainly sells services instead of goods.
Example: A repair workshop charges customers for labour.
Activities provided for other people rather than physical products.
Example: A haircut and a bus journey are services.
Activities provided for other people rather than physical products.
Example: A haircut and a bus journey are services.
Activities done for customers rather than physical products.
Example: Haircuts and repairs are services.
Activities done for customers rather than physical products.
Example: Haircuts and repairs are services.
A collection of objects or numbers treated as a group.
Example: The vowels form the set {a, e, i, o, u}.
Money raised by a company through issuing shares.
Example: A company issues 1,000 shares at $1 each, raising $1,000.
Money raised by issuing shares to investors.
Example: A company sells new shares to fund expansion.
Money raised when a company sells shares.
Example: A company issues shares to fund expansion.
Money raised when a company sells shares.
Example: A company issues shares to fund expansion.
A person or organisation that owns shares in a company.
Example: Buying 100 shares makes a person a shareholder.
A person or organisation that owns shares in a company.
Example: An investor owns 100 shares in a retailer.
A person or organisation that owns shares in a company.
Example: A shareholder may receive part of a company's profits.
The view that a business should give priority to owners' interests.
Example: Management focuses strongly on shareholder returns.
How pleased company owners are with returns and business performance.
Example: Shareholders are satisfied when dividends grow sustainably.
People or organisations that own shares in a company.
Example: Shareholders may vote at a company's annual general meeting.
The owners' interest in a company after liabilities are deducted from assets.
Example: If assets are $50,000 and liabilities $30,000, equity is $20,000.
The owners' interest in a company after liabilities are deducted from assets.
Example: If assets are $50,000 and liabilities $30,000, equity is $20,000.
Units of ownership in a company.
Example: Buying 100 shares gives a person a small ownership stake.
A period when at least one factor of production is fixed.
Example: A café cannot instantly expand its building when orders rise.
Output firms will supply as the price level changes before all input prices fully adjust.
Example: Higher output prices may raise production while some wages are fixed.
A model showing a possible short-term trade-off between inflation and unemployment.
Example: A demand stimulus may reduce unemployment but raise inflation.
Funding usually repaid or used within one year.
Example: An overdraft helps cover a temporary cash shortage.
Selecting applicants who best match the job requirements for the next recruitment stage.
Example: Five candidates are invited to interview from 60 applications.
Secretly watching someone type or view private information.
Example: A thief watches a person enter a card PIN.
The output and price condition where a firm is indifferent between operating and closing temporarily.
Example: In the short run, a firm shuts down if price cannot cover average variable cost.
A bit that helps indicate whether a signed binary value is negative.
Example: An 8-bit two's-complement value beginning with 1 is negative.
How a price change communicates information about scarcity and consumer demand.
Example: A rise in the price of cocoa tells producers that cocoa is relatively scarce.
Large or important enough to matter.
Example: A significant price rise could reduce customer demand.
The digits that show a number's precision, counting from its first non-zero digit.
Example: 4,762 to two significant figures is 4,800.
Shapes with matching angles and sides in a constant ratio.
Example: Two squares with side lengths 2 and 5 are similar.
Interest calculated only on the original amount of money.
Example: 5% simple interest on $200 adds $10 each year.
Communication that goes in only one direction.
Example: A television broadcast to a receiver is simplex.
Write a fraction in an equivalent form with fewer factors.
Example: 8/12 simplifies to 2/3.
Divide each part of a ratio by the same common factor.
Example: 6:9 simplifies to 2:3.
Rewrite a root using the largest square factor possible.
Example: √12 = 2√3.
Two or more equations solved together to find values satisfying all of them.
Example: x + y = 5 and x − y = 1 give x = 3 and y = 2.
A trigonometric ratio: opposite side divided by hypotenuse in a right triangle.
Example: If opposite = 3 and hypotenuse = 5, sine = 3/5.
To draw an approximate graph showing its important features.
Example: A sketch of y = x² should show its U shape.
A partner who invests in a business but does not normally manage its daily operations.
Example: A silent investor contributes money to a local firm.
A business with a relatively small size measured by staff, sales or capital.
Example: A family-owned corner shop is a small firm.
A plastic card containing a chip that stores or processes information.
Example: A student uses a smart card to enter a library.
A home with connected devices that can be monitored or controlled automatically.
Example: Smart lighting switches on at sunset.
A target that is specific, measurable, achievable, relevant and time-bound.
Example: Increase online sales by 15% by December.
Targets that are specific, measurable, achievable, relevant and time-bound.
Example: A café aims to increase monthly sales by 10% within six months.
Phishing carried out through text messages.
Example: A fake delivery SMS asks a user to open a link.
A review of a business's social and environmental impacts.
Example: A company measures how its activities affect local residents.
The total benefit to society, including private and external benefits.
Example: Education benefits the student and other people.
The total benefit to society, including private and external benefits.
Example: Education benefits the student and other people.
The total cost to society, including private costs and external costs.
Example: A factory's social cost includes its expenses and pollution damage.
The total cost to society, including private costs and external costs.
Example: A factory's social cost includes its expenses and pollution damage.
The total cost of an activity to society, including private and external costs.
Example: A factory's social costs include its expenses and local pollution.
Manipulating people into revealing information or taking unsafe actions.
Example: An attacker pretends to be IT support to request a password.
A business that trades to achieve social or environmental aims alongside financial sustainability.
Example: A café reinvests earnings into training disadvantaged young people.
A business that mainly aims to achieve a social or environmental goal while trading.
Example: A café uses its earnings to train unemployed people.
A business that mainly aims to achieve a social or environmental goal while trading.
Example: A café uses its earnings to train unemployed people.
Communication and contact between people.
Example: Video calls can help distant relatives stay in touch.
Using social platforms to promote a business and connect with customers.
Example: A bakery posts photos of new cakes to attract buyers.
Using social platforms to promote a business and connect with customers.
Example: A bakery posts photos of new cakes to attract buyers.
The need to belong, form friendships and feel accepted.
Example: Team activities can help workers feel part of a group.
Using online platforms to share content and connect with other people.
Example: Friends share updates through a social network.
Goals that benefit people or the environment as well as the business.
Example: A café aims to employ people with disabilities.
A business considering its effects on people and the environment, not only profit.
Example: A manufacturer improves workers' safety and cuts pollution.
A category of people based on features such as occupation and social or economic position.
Example: An advertiser uses occupation groups to plan promotions.
An approach that treats employees as valuable assets and invests in their development.
Example: A company uses coaching and participation to retain staff.
Programs and instructions that tell a computer what to do.
Example: A word processor is software.
Using or sharing software without the required permission or licence.
Example: Someone copies paid software and distributes it illegally.
A business owned and operated by one person.
Example: A self-employed hairdresser is a sole trader.
A business owned by one person who usually has unlimited liability.
Example: One person owns and runs a local repair shop.
A business owned and controlled by one person.
Example: A self-employed plumber runs a sole-trader business.
A business owned and controlled by one person.
Example: A self-employed plumber runs a sole-trader business.
A business owned and run by one person.
Example: A self-employed plumber is often a sole trader.
A business owned and run by one person.
Example: A self-employed plumber is often a sole trader.
A storage device that uses flash memory rather than rotating disks.
Example: An SSD makes a laptop start quickly.
A fast storage device with no spinning platters.
Example: A laptop starts quickly when its system is stored on an SSD.
Storage that uses electronic memory with no moving read/write parts.
Example: An SSD stores files using flash memory.
Storage that uses electronic memory chips without moving parts.
Example: An SSD stores files using flash memory.
The area on a graph containing all points that satisfy given inequalities.
Example: Shade the area above y = 2 to show y > 2.
Find the value that makes an equation true.
Example: For x + 4 = 9, x = 5.
How far information can be trusted because it is accurate and well supported.
Example: A student checks who published a health claim.
Ways a business can obtain money to start, operate or grow.
Example: A firm uses retained profits, loans or new shares.
Unwanted electronic messages, often sent to many people.
Example: An inbox receives advertisements the user did not ask for.
The number of employees directly supervised by one manager.
Example: A supervisor responsible for eight workers has a span of eight.
The number of employees directly supervised by one manager.
Example: A manager with six direct reports has a span of control of six.
The number of employees directly supervised by one manager.
Example: A manager with six direct reports has a span of control of six.
Unused production ability that could produce more output.
Example: A plant can make 100 extra units each day.
Resources or equipment that are not yet fully used.
Example: An empty production line allows a factory to increase output.
Resources or equipment that are not yet fully used.
Example: An empty production line allows a factory to increase output.
Focusing on a particular activity or product.
Example: A worker specialises in repairing engines.
Focusing on a particular activity or product.
Example: A worker specialises in repairing engines.
Concentrating on one type of work or product.
Example: A dentist specialises in treating teeth.
Concentrating on one type of work or product.
Example: A dentist specialises in treating teeth.
An indirect tax charged as a fixed amount for each unit sold.
Example: A tax of $2 on each packet increases the cost of every packet by $2.
Distance travelled per unit of time.
Example: Travelling 120 km in 2 hours gives 60 km/h.
A graph showing speed against time.
Example: A rising line means the speed is increasing.
Providing money or support in return for publicity or other benefits.
Example: A company pays to put its logo on a football shirt.
Providing money or support in return for publicity or other benefits.
Example: A company pays to put its logo on a football shirt.
Software that secretly gathers information about a user.
Example: Spyware records what websites someone visits.
A number made by multiplying a whole number by itself.
Example: 36 is a square number because 6 × 6 = 36.
A number which, when multiplied by itself, gives the starting number.
Example: The positive square root of 49 is 7.
A relationship where a quantity is proportional to the square of another.
Example: The area of a square is proportional to the square of its side length.
Teaching employees the skills and knowledge needed for work.
Example: A cashier learns how to operate the till safely.
Support for employees' wellbeing and working conditions.
Example: A company provides safe rest areas and counselling.
A person or group affected by, or able to affect, a business.
Example: Workers and local residents are stakeholders.
Anyone affected by, or able to affect, a business.
Example: Employees, customers and suppliers are stakeholders.
Anyone affected by, or able to affect, a business.
Example: Employees, customers and suppliers are stakeholders.
The view that businesses should consider all important affected groups.
Example: Managers balance employees' welfare with customer needs.
When groups want different outcomes from a business decision.
Example: Workers want higher pay while owners want lower costs.
When different groups want different things from a business.
Example: Workers want higher wages while owners want lower costs.
The ability of a stakeholder to affect business decisions.
Example: A large supplier may negotiate stricter payment terms.
Analysing how much power and interest different stakeholders have.
Example: Managers consult high-power customers before a major change.
People or groups affected by a business or able to influence it.
Example: Employees, customers, owners and local residents are stakeholders.
Writing a number as a value at least 1 but less than 10 multiplied by a power of ten.
Example: 54,000 = 5.4 × 10⁴.
Money's role as a common unit for future debts and repayments.
Example: A loan contract states repayment of $500 next month.
The material comfort and overall quality of people's lives.
Example: Income, housing, health and education affect living standards.
The material comfort and overall quality of people's lives.
Example: Income, housing, health and education affect living standards.
Using consistent methods, sizes or requirements.
Example: A factory follows the same quality checks on every batch.
An instruction to a bank to make a regular fixed payment.
Example: The bank pays $200 rent every month automatically.
A Boston matrix product with high market share in a fast-growing market.
Example: A popular new app is a star in a rapidly expanding category.
A new business that has recently begun trading.
Example: Two friends launch a start-up selling reusable bottles.
Money needed to launch a new business.
Example: A new bakery needs cash for ovens and its first rent payment.
When the government owns and operates an enterprise.
Example: A publicly owned rail company runs passenger services.
When government supplies goods or services directly.
Example: The state operates public schools.
When government supplies goods or services directly.
Example: The state operates public schools.
A summary sent to a customer showing transactions and the amount still owed.
Example: A monthly statement lists invoices, payments and the balance.
A list of assets and liabilities used to estimate a business's capital when records are incomplete.
Example: Assets $5,000 − liabilities $1,500 give capital of $3,500.
A report explaining how a company's share capital and reserves changed over a period.
Example: It shows profit retained and dividends paid.
A report showing a business's assets, liabilities and capital on a particular date.
Example: The statement shows what the shop owns and owes on 31 December.
A report showing assets, liabilities and equity at a particular date.
Example: A company lists what it owns and owes on 31 December.
A statement showing a business's assets, liabilities and equity at a specific date.
Example: A business lists what it owns and owes on 31 December.
A statement showing a business's assets, liabilities and equity at a specific date.
Example: A business lists what it owns and owes on 31 December.
A report showing revenue, expenses and profit over a period.
Example: A retailer reports sales and expenses for the year.
A market where shares in listed companies can be bought and sold.
Example: Investors trade public-company shares on a stock exchange.
The amount of data a storage device can hold.
Example: A 1 TB drive holds more data than a 256 GB drive.
Something that can keep purchasing power for future use.
Example: People save money to spend next month.
Something that can keep purchasing power for future use.
Example: People save money to spend next month.
A depreciation method charging the same amount each year.
Example: A $6,000 asset with no residual value over three years costs $2,000 per year.
Businesses agreeing to cooperate while remaining separate organisations.
Example: Two airlines share routes through a partnership.
Studying the business and its environment before making long-term decisions.
Example: Managers review competitors and customer trends.
Putting a chosen long-term strategy into action.
Example: A company recruits a team to launch its overseas expansion.
An industry considered especially important to a country's economy or security.
Example: A government may retain control of national electricity networks.
An important long-term goal that guides business decisions.
Example: Expand into three foreign markets within five years.
A threat that could prevent a business achieving its long-term goals.
Example: Heavy borrowing could limit future expansion.
A sample split into relevant groups, with members chosen from each.
Example: A firm samples teenagers and adults in proportion to their numbers.
When workers collectively stop working to support a demand.
Example: Bus drivers stop work during a pay dispute.
A sequence of characters treated as text.
Example: "Hello" is a string.
A currency that has a relatively high value compared with another.
Example: A stronger pound makes imported products cheaper in pounds.
A shift in employment and production between economic sectors as an economy develops.
Example: Workers move from farming into manufacturing and services.
Joblessness caused by a mismatch between workers' skills or locations and available jobs.
Example: Automation removes roles that require old skills.
Unemployment caused by a mismatch between workers' skills or locations and available jobs.
Example: A mine closes and workers need different skills.
Unemployment caused by a mismatch between workers' skills or locations and available jobs.
Example: A mine closes and workers need different skills.
A diagram showing how a system is divided into modules.
Example: A tree diagram shows the parts of a payroll program.
A language used to create, retrieve and change data in relational databases.
Example: SELECT Name FROM Students lists names.
Giving part of a contract or task to another organisation.
Example: A builder hires an electrician for one project.
A named group of instructions that can be run from elsewhere in a program.
Example: A printReceipt subroutine displays a receipt.
Membership fees paid to join or belong to a club.
Example: Members each pay $50 a year.
Fees received now for membership relating to a future period.
Example: A member pays next year's fee early.
Membership fees owed by members for a period that has already passed.
Example: A member still owes $20 for the current year.
A set whose every element also belongs to another set.
Example: {2, 4} is a subset of {2, 4, 6}.
Money provided by a government to reduce costs or encourage an activity.
Example: A subsidy helps farmers produce food more cheaply.
Money provided by a government to reduce costs or encourage an activity.
Example: A subsidy helps farmers produce food more cheaply.
Money given by government to reduce a business's costs or encourage activity.
Example: A government helps farmers pay production costs.
Products that can be used instead of one another.
Example: Tea can be a substitute for coffee.
Replacing a variable with a given value.
Example: If x = 4, then 3x = 12.
When a price change makes one product more or less attractive compared with alternatives.
Example: If tea becomes cheaper than coffee, some customers switch to tea.
A smaller part of a larger system that handles one task.
Example: A school system has attendance and timetabling subsystems.
Finding how much remains or the difference between two amounts.
Example: 9 − 4 = 5.
Profit above the minimum needed to keep resources in their present use.
Example: A patented medicine may earn supernormal profit while competition is limited.
Employees who oversee the daily work of other staff.
Example: A shift supervisor checks team performance.
The amount producers are willing and able to sell at different prices.
Example: Firms offer more units when prices rise, other things equal.
The quantity producers are willing and able to sell at different prices.
Example: Farmers may supply more tomatoes when prices rise.
The quantity producers are willing and able to sell at different prices.
Example: Farmers may supply more tomatoes when prices rise.
The network of businesses and activities involved in making and delivering a product.
Example: A farmer, processor, distributor and shop form a supply chain.
The linked businesses and steps involved in making and delivering a product.
Example: Cotton farms, textile factories and shops form a clothing supply chain.
A graph showing the relationship between price and quantity supplied.
Example: An ordinary supply curve slopes upward.
A graph showing the relationship between price and quantity supplied.
Example: An ordinary supply curve slopes upward.
When firms can and want to sell less at each price.
Example: A flood reduces the supply of vegetables.
When firms can and want to sell more at each price.
Example: Good weather increases the supply of crops.
The number of people willing and able to work at different wage rates.
Example: Higher wages attract more applicants for a job.
The number of people willing and able to work at different wage rates.
Example: Higher wages attract more applicants for a job.
Coordinating suppliers, production and distribution so they work together efficiently.
Example: Sales data automatically informs suppliers when to deliver.
Actions intended to improve an economy's capacity and productive efficiency.
Example: Government funds technical training for workers.
An action aimed at increasing the economy's ability to produce goods and services.
Example: Training workers helps firms produce more.
An action aimed at increasing the economy's ability to produce goods and services.
Example: Training workers helps firms produce more.
A measure intended to improve incentives, efficiency or productive capacity.
Example: Skills training can raise worker productivity over time.
A root left in exact form because it cannot be simplified to a rational number.
Example: √2 is a surd.
The total area of all outer faces or surfaces of a 3D solid.
Example: A cube of side 2 cm has surface area 24 cm².
When a non-profit organisation's income is greater than its expenses.
Example: A club earns $1,200 and spends $1,000, giving a $200 surplus.
A business objective of staying open and avoiding closure.
Example: A new café focuses on covering its bills during its first year.
A business objective of staying open and avoiding closure.
Example: A new café focuses on covering its bills during its first year.
A focus on keeping the business operating through difficulty.
Example: A shop reduces costs to avoid closure.
A temporary account used to hold the difference when the trial balance does not agree.
Example: A $90 difference is placed in suspense until the mistake is found.
Using resources in ways that meet present needs without harming future generations.
Example: A manufacturer reduces water use and reuses materials.
Using resources in ways that meet present needs without harming future generations.
Example: A manufacturer reduces water use and reuses materials.
Meeting today's needs while protecting resources for future generations.
Example: A company uses renewable energy and reduces waste.
Meeting today's needs while protecting resources for future generations.
Example: A company uses renewable energy and reduces waste.
Economic growth that can continue without seriously harming future wellbeing or resources.
Example: A country expands renewable power while protecting natural resources.
A device that forwards data to the correct device within a local network.
Example: A classroom switch connects desktop computers.
A network device that forwards data to the correct connected device when possible.
Example: A switch sends a message only to the intended port.
Reviewing strengths, weaknesses, opportunities and threats.
Example: A firm lists strong branding as a strength and rising rivals as a threat.
Encryption where the same secret key is used to encrypt and decrypt.
Example: Two devices share one secret key for a secure connection.
An error caused by breaking a programming language's grammar rules.
Example: A missing closing bracket can cause a syntax error.
Software that helps the computer hardware and other software work.
Example: An operating system is system software.
Software that helps the computer run and manages its hardware.
Example: An operating system manages memory and devices.
A clear description of what a proposed system needs to do and use.
Example: The specification lists required hardware and software.
Studying the existing system and identifying what the new one must do.
Example: An analyst asks staff how they record orders.
A person who investigates a system and recommends improvements.
Example: An analyst interviews teachers before designing new software.
The stages used to plan, develop, introduce and review an information system.
Example: A school follows stages when replacing its attendance system.
A simple account drawn like the letter T with debit and credit sides.
Example: A cash T-account shows money received on the left.
A set of related records arranged into rows and columns.
Example: A student table stores names and grades.
A shorter-term target that helps deliver a strategy.
Example: Recruit ten sales staff before the product launch.
When one business gains control of another.
Example: A large retailer acquires a smaller chain.
When one business gains control of another business.
Example: A larger shop chain buys a smaller competitor.
An organisation with many management levels.
Example: A large bureaucracy may have several levels between workers and the director.
An organisation with many management levels.
Example: A large bureaucracy may have several levels between workers and the director.
A straight line touching a curve at a chosen point with the same gradient there.
Example: Draw a tangent to estimate the curve's gradient at x = 2.
A trigonometric ratio: opposite side divided by adjacent side.
Example: If opposite = 3 and adjacent = 4, tan = 3/4.
The particular group of people a product or message is meant for.
Example: A revision site is aimed at students preparing for exams.
The people a marketing message aims to reach.
Example: A toy advert may target parents of young children.
The group of customers a business intends to serve.
Example: A children's clothing shop targets parents of young children.
The group of customers a business intends to serve.
Example: A children's clothing shop targets parents of young children.
Promotion aimed at people likely to be interested in a product.
Example: A sports brand shows running-shoe adverts to runners.
A tax placed on imported goods.
Example: A 10% tariff makes imported shoes more expensive.
A tax charged on imported goods.
Example: An import tariff raises the price of foreign cars.
A tax charged on imported goods.
Example: An import tariff raises the price of foreign cars.
A tax on imported products.
Example: A $5 tariff makes an imported shirt more expensive.
A tax on imported products.
Example: A $5 tariff makes an imported shirt more expensive.
Government bodies responsible for collecting and enforcing taxes.
Example: A business files returns with the tax authority.
How the burden of a tax is shared between buyers and sellers.
Example: If demand is inelastic, consumers may bear most of a cigarette tax.
Money collected by government from taxes.
Example: A $3 tax on 1,000 units raises $3,000 before collection costs.
Money collected by government from taxes.
Example: A $3 tax on 1,000 units raises $3,000 before collection costs.
The taxes collected by government from people and businesses.
Example: Businesses may pay tax on profits or sales.
The idea that money is a major motivator for employees.
Example: A factory offers pay for every item completed.
Rewarding employees partly for the performance of their group.
Example: A production team shares a bonus for meeting quality targets.
Employees working together to complete shared tasks.
Example: A sales team develops a campaign together.
Employees working together to complete shared tasks.
Example: A sales team develops a campaign together.
Instructions for people who maintain or develop a system.
Example: A programmer reads the system's database design.
Lower average costs gained by using efficient machinery or production methods at scale.
Example: A large factory spreads the cost of specialised machines over more output.
Producing a given output using the fewest inputs physically possible.
Example: A factory reduces wasted materials while making the same number of chairs.
Job losses caused when new machines or software replace particular tasks.
Example: Automated checkout systems reduce demand for some cashier jobs.
The knowledge and equipment used to make production more effective.
Example: A new machine lets a factory produce more per hour.
The knowledge and equipment used to make production more effective.
Example: A new machine lets a factory produce more per hour.
The knowledge and equipment used to make production more effective.
Example: A new machine lets a factory produce more per hour.
Passing technical knowledge, skills or equipment from one organisation or country to another.
Example: A multinational trains local workers to use new machinery.
A job agreement that lasts for a set period or until a particular task finishes.
Example: A retailer hires seasonal staff for December.
A unit of data storage equal to one trillion bytes in decimal notation.
Example: An external hard drive may store 2 TB.
A single part of an expression separated by addition or subtraction.
Example: 3x and 4 are terms in 3x + 4.
A rule for finding a sequence term from the previous term.
Example: Add 4 each time: 2, 6, 10, 14.
The price of a country's exports compared with the price of its imports.
Example: If export prices rise faster than import prices, the terms of trade improve.
The price of a country's exports compared with the price of its imports.
Example: If export prices rise faster than import prices, the terms of trade improve.
Businesses that provide services.
Example: A hairdresser provides a tertiary-sector service.
Businesses providing services.
Example: Restaurants and banks are in the tertiary sector.
Businesses that provide services to customers and other businesses.
Example: Banks and hotels are in the tertiary sector.
Businesses that provide services to customers and other businesses.
Example: Banks and hotels are in the tertiary sector.
One set of test inputs with an expected result.
Example: A login test checks what happens with the wrong password.
Values used to check whether a program handles inputs correctly.
Example: A student enters normal, boundary and invalid values.
Selling a new product in a limited area before a full launch.
Example: A drink is trialled in one city first.
Selling a new product in a limited area before a full launch.
Example: A drink is trialled in one city first.
A table of test inputs, expected outcomes and actual outcomes.
Example: A test plan lists valid and invalid passwords.
A list of tests, input data and expected results for a system.
Example: A tester records how the system should handle an invalid date.
Checking a program with data to see whether it behaves as expected.
Example: A student tests a calculator with several inputs.
A file that stores readable characters.
Example: A list of usernames can be stored in a text file.
McGregor's view that workers generally dislike work and need close supervision.
Example: A Theory X manager closely monitors every task.
McGregor's view that workers can be self-directed and seek responsibility.
Example: A Theory Y manager allows employees to plan their work.
A bearing written using three digits from 000° to 359°.
Example: South-west has bearing 225°.
A value at which a system should take action.
Example: A cooling fan starts when the temperature exceeds 30°C.
When a policymaker has an incentive to break an earlier promise after people have acted.
Example: A central bank promises low inflation but later creates surprise inflation.
The amount of time between two events.
Example: From 09:15 to 10:00 is a 45-minute interval.
How much time producers have to respond to changing conditions.
Example: A farmer needs months to grow a new crop.
How much time producers have to respond to changing conditions.
Example: A farmer needs months to grow a new crop.
Pay based on how many hours or days an employee works.
Example: A worker earns £12 per hour.
The idea that money available now is normally worth more than the same amount later.
Example: $100 today can earn interest before next year.
An area that uses the same standard clock time.
Example: A call may be at 9 a.m. in one country and noon in another.
A table showing when events or journeys are scheduled.
Example: A bus timetable lists departure times.
Planning a problem by splitting it into smaller subproblems.
Example: A booking system is divided into login, search and payment.
The sum of fixed and variable costs.
Example: Fixed costs of $1,000 plus variable costs of $1,500 give total costs of $2,500.
All fixed and variable costs added together.
Example: Fixed costs of $300 plus variable costs of $200 give total costs of $500.
All fixed and variable costs added together.
Example: Fixed costs of $300 plus variable costs of $200 give total costs of $500.
All fixed and variable costs added together.
Example: $500 fixed costs plus $300 variable costs gives $800 total cost.
All fixed and variable costs added together.
Example: $500 fixed costs plus $300 variable costs gives $800 total cost.
Growth in output not explained only by using more labour and capital.
Example: Better management produces more with the same workers and machines.
A business-wide approach in which everyone continuously works to improve quality.
Example: Employees suggest ways to prevent recurring faults.
A business-wide approach where everyone works to improve quality continuously.
Example: All employees suggest ways to reduce customer complaints.
A business-wide approach where everyone works to improve quality continuously.
Example: All employees suggest ways to reduce customer complaints.
The money earned from selling goods or services before costs.
Example: Selling 200 units for $15 each gives revenue of $3,000.
The money a firm receives from sales before costs are deducted.
Example: Selling 20 items at $5 each creates $100 of revenue.
The money a firm receives from sales before costs are deducted.
Example: Selling 20 items at $5 each creates $100 of revenue.
The money earned from selling goods or services before costs.
Example: Selling 200 units for $15 each gives revenue of $3,000.
Using how total sales revenue responds to price changes to judge demand elasticity.
Example: If a price cut raises total revenue, demand is price elastic.
The overall satisfaction gained from consuming a quantity of a good.
Example: Eating three apples provides the combined satisfaction from all three.
Adding values together to calculate a total.
Example: A loop adds all students' marks.
A display that also detects touches as input.
Example: A self-service kiosk lets customers select options by tapping.
A touch-sensitive surface used to move a pointer.
Example: A laptop user slides a finger on a touchpad.
A display that also detects touches as input.
Example: A visitor chooses options on a touchscreen kiosk.
A table that records how variable values change as an algorithm runs.
Example: A trace table shows the total after each loop.
A pointing device with a ball that is rotated to move the cursor.
Example: A user rolls the ball without moving the whole device.
A right to emit a specified amount of pollution that businesses can trade.
Example: A low-emission firm sells unused permits to another producer.
Buying and selling goods and services between people, firms or countries.
Example: A country buys wheat from abroad.
Buying and selling goods and services between people, firms or countries.
Example: A country buys wheat from abroad.
An agreement between countries setting rules or lowering barriers to trade.
Example: Two countries agree to reduce tariffs on goods.
The value of exported goods minus the value of imported goods.
Example: Exports of $90m and imports of $100m give a goods trade deficit of $10m.
The value of exported goods minus the value of imported goods.
Example: Exports of $90m and imports of $100m give a goods trade deficit of $10m.
The value of exported goods minus the value of imported goods.
Example: Exports of $90m and imports of $100m give a goods trade deficit of $10m.
A rule or cost that makes importing or exporting harder.
Example: An import tax makes foreign products more expensive.
Restrictions that make buying and selling across national borders more difficult.
Example: A tariff raises the cost of imported goods.
Groups of countries that agree to make trade between members easier.
Example: Members may reduce tariffs on goods traded within the bloc.
When integration causes a country to import from a lower-cost member instead of making goods domestically.
Example: A customs union allows cheaper goods to replace expensive local production.
Buying goods now and paying suppliers at a later agreed date.
Example: A supplier gives a shop 30 days to pay.
When suppliers let a business buy now and pay later.
Example: A retailer pays its supplier 30 days after delivery.
When suppliers let a business buy now and pay later.
Example: A retailer pays its supplier 30 days after delivery.
A reduction in the listed price given by a seller, often to trade customers.
Example: A $200 item with 10% trade discount is invoiced at $180.
When integration shifts imports from a lower-cost outsider to a higher-cost member.
Example: Tariff rules make a member's goods cheaper than a more efficient outsider's.
Reducing tariffs, quotas and other restrictions on international trade.
Example: A country lowers import tariffs to encourage competition.
Money a business owes suppliers for goods bought on credit.
Example: A bakery still owes its flour supplier $800.
Suppliers the business owes money to for credit purchases.
Example: The shop owes a wholesaler $500.
The average time a business takes to pay its suppliers.
Example: A company normally pays trade suppliers after 35 days.
Average time the business takes to pay suppliers for credit purchases.
Example: $2,000 payables on $24,000 annual credit purchases gives about 30 days.
Government decisions about imports, exports and international trade rules.
Example: A government lowers tariffs to encourage trade.
Government measures that restrict competition from imported products.
Example: A tariff makes imported shoes more expensive.
Money customers owe a business for goods bought on credit.
Example: A retailer has sold $3,000 of goods to a customer who has not yet paid.
Customers who owe the business money for credit sales.
Example: A customer has not yet paid a $300 invoice.
Average time customers take to pay for credit sales.
Example: $1,000 receivables and $12,000 annual credit sales give about 30 days.
The average time customers take to pay what they owe.
Example: A company collects credit sales after about 40 days.
A business that provides goods or services to another business.
Example: A wholesaler supplies goods to a retailer.
An organisation that represents workers and protects their interests.
Example: A teachers' union bargains over pay and working hours.
An organisation that represents workers and protects their interests.
Example: A teachers' union bargains over pay and working hours.
An organisation representing employees' interests at work.
Example: A union negotiates pay and safety conditions.
Giving up some of one benefit to gain another.
Example: Studying longer may mean less free time.
Giving up some of one benefit to gain another.
Example: Studying longer may mean less free time.
An average of a currency's value against currencies of important trading partners.
Example: A country weights the euro and dollar by their shares in its trade.
The part of the income statement used to calculate gross profit.
Example: It deducts cost of sales from net sales.
A business that buys goods and resells them to customers.
Example: A supermarket is a trading business.
Using technology to monitor and improve the movement of vehicles.
Example: Sensors adjust traffic-light timings during rush hour.
Teaching people skills needed for work.
Example: A course helps workers operate new machines.
Teaching people skills needed for work.
Example: A course helps workers operate new machines.
Teaching people skills needed for work.
Example: A course helps workers operate new machines.
The expenses of developing employee skills and knowledge.
Example: A firm pays course fees and covers workers' time away from work.
Examples used to help a machine-learning system learn.
Example: A model learns to recognise cats from labelled photographs.
The idea that certain personal qualities help people become effective leaders.
Example: Confidence and determination may help someone lead.
An action recorded in a payment or data system.
Example: Sending digital currency to someone is a transaction.
The minimum payment needed to keep a worker or resource in its present occupation.
Example: A teacher could earn $30,000 elsewhere and needs at least that to stay.
A government payment to a person without receiving a good or service in return.
Example: Unemployment benefits are transfer payments.
A change in a shape's position, direction or size following a mathematical rule.
Example: A reflection is a transformation.
Changing inputs such as materials and labour into useful outputs.
Example: A furniture maker turns timber into tables.
Leadership that inspires people to support a shared vision and significant change.
Example: A leader encourages staff to adopt a new business model.
Moving every point the same distance in the same direction without turning it.
Example: Moving right 3 and up 2 is a translation.
Software that converts source code into another form that can be executed.
Example: A compiler translates a source program.
A change to data while it is being sent.
Example: Electrical interference may flip a transmitted bit.
The expense of moving materials, workers or products.
Example: A distant warehouse increases delivery expenses.
The expense of moving materials, workers or products.
Example: A distant warehouse increases delivery expenses.
A line that crosses two or more other lines.
Example: A diagonal line crossing two horizontal lines is a transversal.
A graph that shows how a journey changes over time.
Example: A flat line on a distance-from-home graph shows a stop.
The person responsible for handling a club's money and accounting records.
Example: The treasurer records membership subscriptions.
A branching drawing showing possible outcomes of successive events.
Example: A two-toss coin tree has four outcome paths.
Comparing figures over time to spot patterns and changes.
Example: A three-year drop in gross margin is a trend.
Studying changes in figures over several periods.
Example: A manager compares revenue growth across five years.
A list of ledger balances used to check whether total debits equal total credits.
Example: A trial balance shows $10,000 on each side.
Judging performance using people, planet and profit.
Example: A company tracks wages, emissions and financial results.
Malicious software disguised as a useful program.
Example: A fake game installer secretly installs malware.
A harmful program that pretends to be safe or useful.
Example: A fake game installer secretly steals data.
A table showing all possible input combinations and the resulting output.
Example: A two-input gate has four rows in its truth table.
A point where a curve changes from increasing to decreasing or vice versa.
Example: The minimum of y = x² is its turning point at (0,0).
The total sales revenue a business earns in a period before expenses.
Example: Selling 500 items at $20 gives turnover of $10,000.
A way of representing positive and negative whole numbers in binary.
Example: In 8-bit two's complement, 11111111 means −1.
An array arranged in rows and columns.
Example: seats stores a classroom seating plan.
Logging in using two different kinds of proof of identity.
Example: A user enters a password and confirms using an app.
A login method that requires two different types of proof of identity.
Example: A student enters a password and a code from an app.
Information exchanged with an opportunity for feedback.
Example: A team meeting includes questions and discussion.
A message exchange where people can respond and ask questions.
Example: A manager discusses a plan with workers.
Checking that a value has the required data type.
Example: A quantity field must contain a number.
A validation rule checking that entered data has the right type.
Example: A quantity field only accepts numbers.
Money recorded in the cash book but not yet shown on the bank statement.
Example: Cash paid in late on Friday appears on Monday's statement.
When a total is added up lower than its correct amount.
Example: A list totalling $600 is incorrectly added as $560.
Having a job but working fewer hours than wanted or using fewer skills than available.
Example: A qualified engineer working just two hours a week is underemployed.
How clearly accounting information is presented to people who use it.
Example: An easy-to-read table helps owners interpret results.
Operating well below available capacity.
Example: A hotel fills only 30% of its rooms.
Inventory shown at a value lower than it should be.
Example: Recording $400 instead of $500 closing stock understates profit by $100.
When people who are available and actively seeking work cannot find a job.
Example: A worker applies for jobs but remains unemployed.
When people who are available and actively seeking work cannot find a job.
Example: A worker applies for jobs but remains unemployed.
When people who want and are able to work cannot find a job.
Example: A worker applies for jobs but cannot find work.
When people who want and are able to work cannot find a job.
Example: A worker applies for jobs but cannot find work.
When some available workers or other resources are not being used.
Example: An economy operates inside its PPC because factories are idle.
The percentage of the labour force that is unemployed.
Example: If 5 of 100 people in the labour force are jobless, unemployment is 5%.
The percentage of the labour force that is unemployed.
Example: If 5 of 100 people in the labour force are jobless, unemployment is 5%.
Ending someone's employment without a legally fair reason or procedure.
Example: A worker is dismissed without required consultation or justification.
A character-encoding standard that supports characters from many languages.
Example: Unicode can represent English letters and Arabic characters.
The address of a resource on the web.
Example: https://www.igcse360.com/ is a URL.
A business that is not legally separate from its owner or owners.
Example: A sole trader and the business are treated as one legal person.
A business that is not legally separate from its owner or owners.
Example: A sole trader and the business are treated as one legal person.
Every item in either of two sets, without repeating an item.
Example: The union of {1, 2} and {2, 3} is {1, 2, 3}.
The workers who belong to a trade union.
Example: A union's bargaining power may rise as more workers join.
A feature that makes a product stand out from competitors.
Example: A backpack that charges phones has a unique selling point.
A clear benefit that makes a product stand out from alternatives.
Example: A delivery service promises same-day arrival.
A common way to state and compare prices.
Example: A meal costs $8 and a shirt costs $20.
A common way to state and compare prices.
Example: A meal costs $8 and a shirt costs $20.
The cost of one unit of a product, such as per kilogram or litre.
Example: $6 for 2 kg equals $3 per kg.
A rate expressed per one unit.
Example: $15 for 3 kg is $5 per kg.
When quantity demanded changes by the same percentage as price.
Example: A 5% price rise causes a 5% fall in quantity demanded.
When quantity supplied changes by the same percentage as price.
Example: A 6% increase in price causes a 6% increase in quantity supplied.
When a 1% change in price causes a 1% opposite change in quantity demanded.
Example: With PED of −1, total spending stays unchanged after a small price change.
A regular payment given to eligible people without a work or income test.
Example: Each adult receives the same monthly payment regardless of employment.
The set containing every item being considered in a question.
Example: If the numbers are 1–10, the universal set may contain all ten.
A value represented by a letter that you need to find.
Example: In 2x = 10, x is the unknown.
When business owners can be personally responsible for business debts.
Example: A sole trader may have to use personal savings to pay debts.
The owner may have to use personal possessions to pay business debts.
Example: A sole trader could lose personal savings if the business owes money.
The owner may have to use personal possessions to pay business debts.
Example: A sole trader could lose personal savings if the business owes money.
A cheque recorded by the business but not yet paid out by the bank.
Example: A cheque written on Monday clears the bank on Friday.
The limiting value at the top of the possible range after rounding.
Example: A length of 8 cm to the nearest cm is less than 8.5 cm.
Information sent from employees to higher levels of management.
Example: Workers suggest improvements to their manager.
An increasing share of people living in towns and cities.
Example: More people move from rural areas into a growing city.
A web address identifying where an online resource can be found.
Example: https://www.igcse360.com/ is a URL.
Small portable storage that plugs into a USB port.
Example: A student saves a presentation on a USB flash drive.
How long an asset is expected to be used by the business.
Example: A computer may have a useful life of four years.
Guides that help ordinary users operate the system.
Example: A help guide explains how to reset a password.
The tasks and features users need from a system.
Example: Teachers need to record attendance quickly.
A program that maintains, protects or manages a computer.
Example: Backup software is a utility program.
Checking whether input follows sensible rules before accepting it.
Example: A form rejects an age of −5.
Automatic checks that data follows set rules.
Example: A form refuses a date outside the permitted range.
How well research measures what it is meant to measure.
Example: A question about buying habits asks about actual purchases, not preferences alone.
The increase in value created by a producer, equal to output value minus intermediate inputs.
Example: If a bakery sells bread for $100 using $60 of flour, value added is $40.
A named place to store a value that may change while a program runs.
Example: score starts at 0 and increases as points are earned.
A letter or symbol standing for a value that may change.
Example: In y = 2x, x is a variable.
A cost that changes as output changes.
Example: More output requires more raw materials.
A business cost that changes as output changes.
Example: A bakery buys more flour when it makes more bread.
A business cost that changes as output changes.
Example: A bakery buys more flour when it makes more bread.
A cost that changes as output changes.
Example: More output requires more raw materials.
Costs that rise or fall with output.
Example: A bakery uses more flour when it makes more bread.
Costs that rise or fall with output.
Example: A bakery uses more flour when it makes more bread.
Investigating why actual results differ from budgeted results.
Example: A manager finds that energy prices caused higher expenses.
A quantity with both size and direction.
Example: Move 3 right and 2 up: this is a vector.
The average number of times a unit of money is used to buy output during a period.
Example: Higher spending with unchanged money supply implies higher velocity.
A drawing with overlapping circles to show relationships between sets.
Example: The overlap shows members shared by two clubs.
Investment provided to promising businesses in return for an ownership stake.
Example: A start-up sells shares to an investment fund.
Investment provided to promising businesses in return for an ownership stake.
Example: A start-up sells shares to an investment fund.
Checking that data was copied or entered accurately.
Example: A student compares typed data with the original form.
Checking that data was copied or entered accurately.
Example: A user compares the typed name with the original form.
The point where two sides or rays of an angle meet.
Example: The vertex is the corner of a triangle.
Messages moving up or down the levels of a business.
Example: A worker reports an issue to a manager.
Joining with a supplier or distributor at a different stage of production.
Example: A coffee chain buys a coffee-bean supplier.
Combining businesses at different stages of the same supply chain.
Example: A clothing retailer buys a fabric manufacturer.
When a business joins with a supplier or distributor at a different production stage.
Example: A coffee shop chain buys a coffee-bean supplier.
Equal angles opposite each other where two straight lines cross.
Example: If one angle is 70°, its vertically opposite angle is 70°.
Holding meetings through live online video and audio.
Example: Managers in different countries meet using a video call.
A live meeting using video and sound over a network.
Example: Students join a remote lesson by video call.
Marketing content that spreads quickly as people share it with others.
Example: A funny product video is shared thousands of times.
Marketing content that spreads quickly as people share it with others.
Example: A funny product video is shared thousands of times.
Space on secondary storage used when RAM is insufficient.
Example: The operating system temporarily moves less-used data to disk.
A computer-generated environment that users can explore as if inside it.
Example: A VR headset lets students practise in a simulated laboratory.
Malicious code that attaches itself to other files or programs and spreads when run.
Example: Opening an infected program can spread a virus.
Phishing carried out through voice calls.
Example: A caller pretends to be bank staff and requests login details.
International trade in physical goods.
Example: Selling cars abroad is visible trade.
Memory that loses its stored contents when power is removed.
Example: Most RAM is volatile.
Memory that loses its contents when power is turned off.
Example: RAM is volatile memory.
The amount of three-dimensional space occupied by an object.
Example: A 2 × 3 × 4 cm cuboid has volume 24 cm³.
The cube of the length scale factor.
Example: If lengths double, volumes become 8 times as large.
A cubed unit used to measure space inside a solid.
Example: A box can have volume 12 cm³.
An agreement in which an exporting country limits sales to another country.
Example: A car-exporting country agrees to limit annual shipments.
A computer design in which program instructions and data are stored in memory.
Example: A CPU fetches instructions and data from main memory.
Payment for work, often based on hours worked or items produced.
Example: A worker earns $12 per hour.
A difference in pay between jobs or workers.
Example: A surgeon earns more than a shop assistant because of skill scarcity.
Pay received by a worker for a unit of work or time.
Example: A worker earns $12 per hour.
Pay received by a worker for a unit of work or time.
Example: A worker earns $12 per hour.
When higher wages and higher prices repeatedly push one another upwards.
Example: Workers seek higher pay after price rises, and firms then raise prices to cover costs.
Something people would like but do not need to survive.
Example: A second games console is a want.
Something people would like but do not need to survive.
Example: A second games console is a want.
Things people would like to have but can live without.
Example: A new games console is a want.
Things people would like to have but can live without.
Example: A new games console is a want.
Cutting unnecessary use of materials, time, energy and money.
Example: A factory redesigns packaging to use less cardboard.
A currency that has a relatively low value compared with another.
Example: A weaker pound can make exports cheaper to overseas buyers.
The value of assets someone owns minus their debts.
Example: A household’s home and savings contribute to its wealth.
The value of assets someone owns minus their debts.
Example: A household’s home and savings contribute to its wealth.
Using data and models to predict future weather conditions.
Example: A meteorologist predicts rainfall for tomorrow.
An application used to access and display websites.
Example: A browser loads a revision page.
A program used to open and interact with websites.
Example: A student opens a lesson in Firefox or Safari.
An online meeting that may include screen sharing, chat and video.
Example: A teacher shares slides during a live online lesson.
A computer or service that responds to requests for web pages.
Example: A web server sends a page when a user opens its URL.
Government money paid to support eligible people in need.
Example: Unemployment benefits help a jobseeker pay bills.
A loop that repeats while its condition is true.
Example: WHILE attempts < 3 repeats the login attempt.
A business that buys in bulk and resells smaller amounts to retailers.
Example: A wholesaler supplies products to small shops.
A business that buys in bulk and resells smaller amounts to retailers.
Example: A wholesaler supplies products to small shops.
Wireless networking technology used to connect devices to a local network.
Example: A tablet connects to school Wi-Fi.
A network that connects devices over large distances.
Example: A company links offices in different countries using a WAN.
A network covering a large geographical area.
Example: A company connects offices in different cities using a WAN.
A website that lets authorised users collaboratively create and edit pages.
Example: A class builds a shared information wiki.
A network that uses cables to connect devices.
Example: An office uses Ethernet cables for desktop computers.
A device that lets wireless devices join a network.
Example: A school access point provides Wi-Fi coverage.
A local network that connects devices without cables.
Example: A school WLAN connects laptops via Wi-Fi.
A network that connects devices using radio signals instead of cables.
Example: A phone joins a wireless classroom network.
Goods partly made but not yet finished at the accounting date.
Example: Half-assembled desks are work in progress.
Partly completed goods that are still being produced.
Example: A half-assembled bicycle is work in progress.
When employees follow every workplace rule strictly to reduce output.
Example: Workers refuse to do tasks outside their contracts.
Estimating the number and types of employees a business will need.
Example: A hotel plans seasonal staffing before the holiday period.
Estimating the number and types of employees a business will need.
Example: A hotel plans seasonal staffing before the holiday period.
Current assets minus current liabilities.
Example: $9,000 current assets − $4,000 current liabilities = $5,000.
Current assets minus current liabilities, used to support day-to-day operations.
Example: A business has $50,000 in current assets and $30,000 in current liabilities, so working capital is $20,000.
Current assets minus current liabilities; money available for daily operations.
Example: A firm has $10,000 in current assets and $7,000 in current liabilities, leaving $3,000.
Current assets minus current liabilities; money available for daily operations.
Example: A firm has $10,000 in current assets and $7,000 in current liabilities, leaving $3,000.
An international organisation providing finance and expertise for development projects.
Example: The World Bank helps fund transport infrastructure.
Web pages and resources accessed over the internet through web browsers.
Example: A news site is part of the World Wide Web.
A collection of linked web pages and resources accessed using the internet.
Example: A student opens a revision website in a browser.
Malware that can spread across systems without attaching to another file.
Example: A worm spreads through a vulnerable network.
Opening a file to save new data, sometimes replacing existing contents.
Example: A program opens report.txt for writing.
Removing a debt or asset from the accounts because it is no longer recoverable.
Example: A $60 customer debt is written off.
Sending information in words, on paper or digitally.
Example: A company sends employees a written contract.
Production costs being higher than necessary because of weak competitive pressure.
Example: A protected monopoly may tolerate avoidable waste.
A gate that outputs 1 when its two inputs are different.
Example: 1 XOR 0 gives 1.
The value where a graph meets the vertical axis.
Example: For y = 3x − 2, the y-intercept is −2.
An entry made before final accounts to include the correct income and expenses.
Example: Outstanding rent is added before profit is calculated.
An aim of preventing errors rather than accepting a normal rate of defects.
Example: A supplier tries to deliver every item correctly first time.
An aim of preventing errors rather than accepting a normal rate of defects.
Example: A supplier tries to deliver every item correctly first time.
A power of zero, which equals 1 for a non-zero base.
Example: 5⁰ = 1.
Building each budget from zero and justifying planned spending.
Example: A team explains every cost rather than copying last year's budget.
A contract with no guaranteed minimum number of work hours.
Example: A casual worker is offered shifts when needed.
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