Business F291
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- Created by: Victoria Prior
- Created on: 19-05-13 12:42
Whats Opportunity cost?
The cost of the next best alternative foregone.
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What are the 4 factors of production?
Land, Labour, Enterprise and Capital.
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Why might businesses need finance?
Starting up, growing, cash-flow problems.
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Whats an advantage of an internal source of finance?
Retained Profit - does not have an asociated cost, Sale of assets - Can dispose of unused assets.
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Whats overtrading?
When a firm expands without adequate and appropriate funding.
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Why might a firm choose to fill a vacancy within their business internally?
Quicker and cheaper, avoids the needs of training.
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What does HR do?
Recruitment, training etc.
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Whats a benefit of off-the-job training?
Increaese the level and range of skills available to the business, improvements in productivity and quality.
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Whats an employment tribunal?
An informal courtroom where legal disputes between employers and employees are settled.
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Give two legal responsibilities a business has to abide by for employees.
Minimum levels of rest breaks and the right t reciev the national minimum wage.
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What will a job description include?
Duties, responsibilities and the person whom the employee is meant to report to.
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Two methods of secondary research.
The internet and government produced data.
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Two sampling methods.
Quota sampling and stratified sampling or random sampling.
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An example of a business in the primary sector.
Farming, mining or fishing.
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An example of a business in the secondary sector.
Car manufacturers.
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An example of a business in the tertiary sector.
Retailing, accountancy, solicitors, supermarket.
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What does turnover measure?
Value of sales revenue over a period of time.
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An example of a diseconomy of scale.
Poor quality control, increased absenteeism and poor communication.
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What happens to the unit cost when a business benefits fom economies of scale?
Unit cost decreases.
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How many people can be in a partnership?
2-20
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What is unlimited liability?
owners are liable for any debts Incurred by the business, may have to sell their own assets and possessions to pay them off.
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Whats a creditor?
Those owed money by a business.
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What are the two types of cooperative?
Customer run and employee run.
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What does SMART stand for?
Specific, Measureable, Agreed, Relevant or Realistic and Time-bound.
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What sort of businesses are in the public sector?
NHS, schools, police etc.
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What factors determine demand?
Price, Incomes, Actions of competitors, Firms own marketing activities and seasonal factors.
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What factors determine supply?
Price, Cost of inputs, Changes in taxes and subsidies and Changes in technology.
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What is excess supply?
When a price is set above the equilibrium price more will be supplied at that price and demand will fall which results in ecxess supply.
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What is excess demand?
Where prices are set at a low level and consumers are prepared to buy more than suppliers are willing to supply.
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Give an example of a luxury good.
Holiday, sports cars, jewellery and posh hotels.
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Whats an oligopolistic market?
A market dominated by a few large firms.
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Whats non-price competition?
Rivalry based on factors other than price e.g. advertising, sales promotions etc.
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Whats a method to improve competitiveness?
Training, management or modernisation and investment.
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Whats does EPOS stand for?
Electronic point of sale.
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What does EDI stand for?
Electronic data interchange.
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What are business ethics?
The interface between decision making and morals.
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Whats an example of social and cultural change?
Changes in demography (ageing population), Peoples lifestyles (income).
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What is corporate social responsibility (CSR)?
Where a business wants to maximise the positive impact on society and minimise the negative impacts.
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Other cards in this set
Card 2
Front
What are the 4 factors of production?
Back
Land, Labour, Enterprise and Capital.
Card 3
Front
Why might businesses need finance?
Back
Card 4
Front
Whats an advantage of an internal source of finance?
Back
Card 5
Front
Whats overtrading?
Back
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