Raw Materials

These are bought by a firm in a unprocessed state, with the sole intention of making something with a purpose out of them.

Recession

Is the part of the trade cycle characterised by failing levels of demand, very little investment, low business confidence and rising levels of unemployment.

Recruitment

The procedure a business will go through to replace an employee or take on new staff. They prepare an advert, then advertise the job, then read applications, select candidates, interview then select the best candidate for the job.

Redundancy

An employee who loses their job because the firm is closing down or being re-organised. The employee may be eligible for a payment which is calculated on the basis of how long they have worked for the company

Reference

An account by someone of independent standing, on the suitability, capability and character of a job applicant.

Register of Companies

This organisation maintains a record of the existence of all registered companies within the UK.

Remuneration

The entire package of material rewards received by an employee.

Re-Order Level

The quantity of stock considered the minimum before the need to be order from the supplier.

Repeat Purchase

This occurs when a first-time buyer purchases the same brand again.  If this continues to happen it can be referred to as brand loyalty.

Report

A written investigation into a particular business issue or matter

Research and Development (R&D)

Research means scientific research into new products, materials and production methods. Development means the actual method of how to go about producing the product

Respondent

An individual who responds to a market research exercise and is therefore part of the sample.

Retailer

A business which sells products to the consumer e.g.supermarket. It is the final link in the chain of distribution

Retained profits

Profits which are kept by the firm to invest in future projects, market research etc. This is a cheap way to invest money because there are no interest rates to pay

Revenue

Is the total value of sales made within a trading period (Normally a year)