Quaternary - Sector of industry where an information-based service is given , Limited liability - Shareholders only lose money invested into the business , Private limited company - Shareholders are invited to join the business , Public limited company - Shareholders buy shares on the stock exchange, Franchisee - Person who buys the right to sell another business' products/services , Sectors of industry - Primary, secondary, tertiary and quaternary , Sectors of economy - Private, public and third , Horizontal integration - 2 businesses in the same sector of industry merge together , Backward vertical integration - Business takes over their supplier , Forward vertical integration - Business takes over their customer , Conglomerate - Business takes over or merges with another company in a completely different industry , Flat structure - Structure with few management levels  , Tall structure - Structure with many management levels , Delayering - Removing levels of management , Downsizing - Closing less profitable branches or getting rid of unprofitable areas of the business , Fiscal policy  - Government determining the level of tax to be paid on products , Monetary policy - Altering interest rates on borrowing , Economic factors - Anything which affects how much customers have to spend e.g. unemployment levels , Environmental factors - Refers to weather conditions, natural disasters and the business being ethical , Strategic decision - Long-term decision concerned with the overall aims/objectives of an organisation ,

Unit 1 - Key Terms

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