Take Over

Obtaining full management control of another firm as a result of purchasing over 50 % of its share capital

Target Market

The precise profile of the customers a firm wishes to sell to.

Taxation

The way the Government raises money to pay for expenditure such as defence, social services, education etc. Some taxes include income tax (on people's earnings), corporation tax (on firms' profits).

Tertiary Industry

Providing a service to any aspect of industry or consumers e.g. financial advice to businesses, doctor for consumers.

Test Market

The launch of a new or improved product within a tightly defined area, in order to measure actual sales potential.

Time Rate

Is payment for the length of time spent working, rather than the quantity of output achieved.

Time Series Analysis

Is the processing of data into sequences of figures over time.

Trade Credit

Providing business customers with time to arrange for the payment of goods they have already received.

Trade Cycle

The way in which the economy moves from boom to slump in a regular fashion over a period

Trade Discount

The percentage off, that tradesmen receive over the general public.

Trade Union

An organised group of employees who discuss with the management, pay and conditions, on behalf of their members.

Trade Union Congress (T.U.C.)

This organisation represents most trade unions in discussions with employers groups (C.B.I), Government and sorts out disputes between unions.

Trainee

An employee who is being trained to undertake a particular role.

Training

This involves the training of either new and/or existing employees to improve existing skills or learn new ones

Transfer Payment

Is where the government income from one part of society is paid to another part.  The best known are pensions and social security payments such as unemployment benefit.

Trend

The underlying pattern of growth or decline within a series of data.

Turnover

The total sales a business makes during a period of time, usually a year.