Business Studies Unit 6

Created by: EneaAllushi
Created on: 17-11-21 12:36

Define the term Quality Standards in business?

The term quality standards means documents that provide requirements, specifications, guidelines, or characteristics that can be used consistently to ensure that materials, products, processes and services are fit for their purpose.

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Describe 3 Internal Stakeholders.

One Internal stakeholder is an employee. Employees have significant financial and time investments in the business. Another internal stakeholder is the Owner. The Owner is the employee of the bondholders who own the company issued debt. The final internal

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Describe 3 External Stakeholders.

One external stakeholder is customers. Customers are impacted by the quality of service/products and their value. Another external stakeholder is Regulators. Regulators care about or are affected by the businesses performance. The final external stakehold

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What is an Autocratic Management Style?

An Autocratic management style is where all decisions are made by the manager or leader with no input from employees or others.

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What is a Laissez-Faire Management Style?

The Laissez-Faire management style provides freedom and autonomy for employees to do things as they see fit.

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What is meant by the term Human Resources?

The term human resources means the set of people who make up a workforce of an organisation, business, sector, industry or economy. There are 4 factors of production:
- Land
- Labour
- Capital
- Enterprise

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Other cards in this set

Card 2

Front

Describe 3 Internal Stakeholders.

Back

Card 3

Front

Describe 3 External Stakeholders.

Back

Card 4

Front

What is an Autocratic Management Style?

Back

Card 5

Front

What is a Laissez-Faire Management Style?

Back

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Business Studies Unit 6