Business studies key words for unit 2

  • Created by: Kaiah
  • Created on: 09-11-15 11:40
The first stage of production involving the extraction of the raw materials and natural resources
Primary sector
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The second stage of production, where the raw materials are manufactured into finished products
Secondary sector
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The third stage of production, where a service is provided for consumers
Tertiary sector
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What the business is trying to achieve, so examples are profit and growth. These will vary from business to business and change over time.
Business objectives
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The part of the business owned by private individuals, which is the greater part of business activity and involves sole traders, partnerships and plcs.
Private sector
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The part of the business controlled by local and central government including health, pollice and the post office.
Public sector
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An individual or a group of peoplewho have an interest in a business, including workers and owners.
Stakeholder
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Or sole proprietor, one person owns the business
Sole trader
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Owners of the business are liable for it's debts and so may have so sell personal possessions, such as a car if they go into debt.
Unlimited liability
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A form of unincorporated business organisation, which is owned by more than one person
Partnership
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A legal agreement drawn up between the partners of the business stating the responsibilities of partners, so for example, how the profits and loses will be shared.
Deed of partnership
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A business owned by shareholders, hich is normally identified by ltd.
Private limited company
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A business owned by shareholders, where shares can be bought and sold without restriction. It is also called a plc.
Public limited company
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A marketing arrangement that allows another business to trade in the same style as the existing business.
Franchise
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The person or offers to other businesses, their trading methods, products and business logos.
Franchisor
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The person buying the franchise/
Franchisee
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A company with facilities in several differnt countries.
Multinational company
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A business that is owned by the government.
Public corporation
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This is the main tasks/responsibilies of a worker.
Job description
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When a job vacancy is filled by employing someone who is already an employee of the business.
Internal recruitment
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When a job vacancy is filled by employing someone who is outside the buiness.
External recruitment
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A specialist agency that carries out the tasks involved in recruitment and selection of workers on behalf of an organisation.
Recruitment agency
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A theory that can be used to explain what motivates workers.
Maslow's hierarchy of needs
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The worker is paid a set amount of money for each hour worked.
Time rate
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To persuade the worker to work extra hours per week. It may be paid at time and a quarter or time and a half.
Overtime pay
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The firm agrees to pay the worker an amount of money per year, which is divided by 12 and paid out monthly. The worker is not usually paid fo extra hours of work, but may recieve bonuses.
Salary
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Used where the work of individual workers can be measured, so the worker is paid a sum of money for each item they complete. The more items the worker produces, the more pay they receive.
Piece rate
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This is paid to workers who sell goods or services. The amount is calculated as a percentage of the value of the goods or services the worker sells.
Commission
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An extra sum of money paid to an individual or group, when they reach a target level of production
Bonus
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The worker may be paid a share of any profits that the business makes. It can be used to reward senior managers or where the individual contribution of workers cannot be measured.
Profit sharing
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The firm gives the worker non-money rewards, so for example a company car, or some flowers.
Fringe benefit
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Somebody with shares in a business.
Shareholder
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A Recruitment This is a how the sourcing of new employees is undertaken. Typically the ownership of the recruitment process resides within the Human Resources function.
Recruitment process
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This is a description of the qualifications, skills, experience, which a candidate must possess to perform the job duties.
Person specification
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Other cards in this set

Card 2

Front

The second stage of production, where the raw materials are manufactured into finished products

Back

Secondary sector

Card 3

Front

The third stage of production, where a service is provided for consumers

Back

Preview of the front of card 3

Card 4

Front

What the business is trying to achieve, so examples are profit and growth. These will vary from business to business and change over time.

Back

Preview of the front of card 4

Card 5

Front

The part of the business owned by private individuals, which is the greater part of business activity and involves sole traders, partnerships and plcs.

Back

Preview of the front of card 5
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