Business A292

Process of a preoduct starting as raw materials, manfatured in secondary prdoction and then serviced in some way in teriary sector.

First stage of production involving the extraction of raw materials and natural resources.

Second stage of production, where the raw materials are manufactured into finished production.

Third stage of Production, where a service is provided for customers, or a product is sold.

The way different sectors depend on each other.

Where a business concetractes on one particular activity.

A business increases value of a product- for example making a car from metal.

Reduction of importance of the secondary sector in a country.

What a business is trying to achieve. Examples include profit, growth, survival and providing a service.

A breif statement of the main objectives a business or organisation has.

Means that a business will make enough profit to enale it to meet needs, not make as much profit as posible.

Payment to shareholder from profits of PLC or Ltd.

Business activity owned by private induvisiuals, including sole traders, partnerships, Ltd and PLCs.

Business activity controlled by gevernment, such as NHS, fire service.

Groups with an interest in a business.

Trading qrganisations where a number of idividuals work together and trade as though they are a single larger business.

Own person owns the business with unlimited liability.

A form of unincorporated business which is owned by more than one person. It usually has unlimited liability.

Owners of the business are liable for its debt.

If the business fails or goes bust then personal possessions are at risk.

A business owned by shareholders that are invited to buy a share. Normally identified by Ltd or limited in its name.

Have Limited Liability.

A business owned by shareholders. Shares can be bought and sold without restriction. Normally identified as PLC.

Have Limited Liability, Shares are sold to anyone on the Stock exchange.

Owners of a business do not risk personal possessions and only lose money invested in the business if it fails or goes bust.

A person who sees a business opportunity and who accepts the risks involved in running a business.

Two or more businesses join/merge together to make one larger business.

One business buys control over another business, by buying enough shares in the business.

Merger or takeover with two businesses involved in the same industry / at the same stage of production.

Merger or takeover with two businesses involved in the same industry / at the same stage of production.

Merger or takeover with two businesses involved in the same industry / at the same stage of production.

Merger or take-over with two businesses in the same industry at a different stge of production.

Process of spreading risks by reducing dependence on one paricular product or service. Beginning a business in other sector or idustry.

A person who has invested in a business but who does not take a active part in the running of the business.

A legal agreement drawn up by partners to state responsibilites of partners- ie. Liability and share of profits.

A new form of ownership which trades as a partnership but with limited liability.

Process of becoming a limited company with Limited liability.

Money usually raised though the sale of shares to investors.

Marketing agreement that allows another business to trade with the same name and brand- use the same products.

Payment made to franchisor for running a franchise.

Worldwide interdependence of business activity.

A company with facilities in several differnet countries.

Process of choosing between applicants for a job.

Department in a business that deals with recruitment, selection, pay, training and other employment matters.

How an organisation decides how many staff to employ.

This lists the main duties or tasks of a worker, and the wage/pay.

Lists the qualities, qualifications and knowledge/ experience that the person should have in order to do the particular job/ the job they are appling for.

When the person who is employed already works within the business so just gets another job in another section.

It is good as the know the business and business objectives already.

However the business may need new ideas, and this would not bring new ideas to the business.

When the person employed is from outside of the business.

New ideas

but they don't know the business and need iduction training.

A theory that can used to explain what motivated workers.

Encrouagement given to workers to work hard and to work well.

Mearsures how much a worker can produce.

Pay BEFORE any deductions.

Pay AFTER deductions.

Methods of motivating workers that do not involve the payment of money as a reward.

Special training to introduce new workeers to a workplace and other workers.

Training that occurs at the place of work and while the trainer is working.

Can pik up bad habits, cheaper.

Training that occurs when worker is not working, often sent somewhere else or specialist come to workplace.

Proffessional advice, but the individual business may do it differently.

When a line manager assesses the work of somebody they are responsible for, they may discuss target from the last time and for the future.

Any way of paying workers that reward them for how much they produce or how well/ hard they work.

A scheme by which the quality of staff training and development in a business can be recognised by an outside organisation.

A special court of law that deals with disputes between workers and employers.

When employment is ended because the firm no longer needs the work that was done by an employee.

Organisations that represents the interests of workers.

An organisation that tries to influence the government (govt) to pass laws in its favours and businesses to make positive decisions.

Actions taken by workers to put pressure on employers to give in to their demands.

Transmission of a message from a sender to a receiver.

A diagram that shows how workers are organised in a business and who is in charge of who.

Link in the levels of authority from those at the top to those at the bottom.

This is a person who is directly responsible for other workers in the organisation.

Workers that a line manager is responsible for.

Number of subordinates who report directly to a manager.

Communications that use offical channels of communication within an organisation, such as a meeting.

Communications that are outside the official channels of communtication within a business, such as to chat in the pub.

Process of giving a manager authority to a subrodiate to make decisions for which that manager is responsible.

A merger of businesses of a 'similar2product that are sold to the same target market, such as a chocolate and crisp manufacturer.