GDP - Measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time, Economy - The state of a country or region in terms of the production and consumption of goods and services and the supply of money., Representative Organisations - A representative structure is an organisation or group of people who have been chosen to represent a wider group or community, and who can make decisions., Regulatory Body - A Regulatory Body is appointed by the Government to establish national standards for qualifications and to ensure consistent compliance with them., Not for Profit organisation - An NFPO does not earn profit for its owners, as any revenue generated by its activities must be put back into the organization, Sole Trader - A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses., Limited Company - A private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested., Public Limited Company - A company registered under the Companies Act (1980), with statutory minimum capital requirements and shares offered to the public subject to conditions of limited liability., Public Sector - The part of an economy that is controlled by the state., Private Sector - The part of the national economy that is not under direct state control.,

Business Term Definitions 2

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