the EU has a standardised way of measuring size based on the number of employees and turnover or balance sheet value.

stages that a product passes through until it reaches the final consumer.

a business that is owned and run by its members (employees and customers). Profits are shared between members rather than being distributed to shareholders.

All UK companies must be registered. They must also submit details about themselves such as the identity of the directors, the number of shares and the latest ‘Report and Accounts’ every year. This is where these details are on open access to the public.

the decline in the size of the secondary sector of the economy.

the inputs that are used in the production of goods or services. They are land, labour, capital and enterprise.

a business with a well-known brand name (the franchiser) lets a person (the franchisee) or a group of people set up their own business using that brand.

Revenue minus Cost of sales.

Reports the level of profit or loss that a business has made in a given period of time (usually one year).

Gross Profit minus Expenses.

businesses owned and run by private individuals - usually for profit.

Operating profit minus Finance Costs.

Profit and dividends minus tax.

businesses and organisations owned and run by local or central government, whose objective is to provide a service rather than make a profit.

what a business achieves by ensuring that the price of the finished good or service is in excess of the costs of input.