business legal identities

sole trader: 1 owner
partnership: 2 peopple or more
private limited companys: often a family run business with the protection of limited liability
public limited companys: large organisation whose shares are on the stock exchange
Franchises: small business trading with agreement of a large firm
Co-operatives: collectivly owned by workers/ customers

what is an entrepreneur and the qualities to be a good one ...

someone who makes a business idea happen either through their own effort or by organising others to do their work.


qualities of a good entrepreneur..
understanding of the market
determination
passion
persuasive abilities
able to build relsionships with the network and customers
ability to cope with risks.

stages of the business cycle

1. Contraction - When the economy starts slowing down.
2. Trough - When the economy hits bottom, usually in a recession.
3. Expansion - When the economy starts growing again.
4. Peak - When the economy is in a state of "irrational exuberance."

what is the business cycle and what is meant by GDP ?

The recurring and fluctuating levels of economic activity that an economy experiences over a long period of time. The five stages of the business cycle are growth (expansion), peak, recession (contraction), trough and recovery. At one time, business cycles were thought to be extremely regular, with predictable durations, but today they are widely believed to be irregular, varying in frequency, magnitude and duration.      
The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the economy.

what are uncrontrolable variables?

Things that change
Uncontrollable factors are often called as "Environmental Factors"
it includes:
Political factors,
Economical Factors,
Social Factors,
Technological Factors,
Competitive forces factors
Regulatory forces factor

cashflow, and what is the difference between cash inflows and outflows?

Cash flow is the movement of money into or out of a business, project, or financial product

cash inflow means the cash comesin to the company i.e,cash 
which has to come towards the company that amount is called 
cash inflow it includes revenue
the cash out flow means the amount or cash that which has 
to pay by the company i.e,the actual amount of cash which 
has to be go out from teh company that amount is called 
cash outflow it includes expenditure.

how is adveradge cost calculated

total production cost divided by number of items manufactured