Business Studies key terms-24th feb

HideShow resource information
Process production
taking a large amount of a raw material and turning it into a finished product (oil)
1 of 16
Division of labour
Production onto a number of simple repetitive processes.
2 of 16
Mechanisation
macgines controlled by computers are introduced into the production process.
3 of 16
Productivity
a way of measuring when a business produces goods
4 of 16
Lean production
production system that ensures waste is kept to a minimum
5 of 16
Quality assurance
a system of ensuring quality standards are met
6 of 16
Quality control
a system of checking the quality of finished goods
7 of 16
Total quality management
process where all workers are responsible for quality throughout the process of production
8 of 16
Asset
an item of value owned by the business
9 of 16
Time period
length of time the finance is required
10 of 16
Globalisation
the process by which business activity in different countries are becoming more connected to each other
11 of 16
Outsourcing
a business pays another business to do part of its work
12 of 16
Multi-national corporations
companies that operate in different countries
13 of 16
Inward investment
when foreign businesses set up factories and offices in the UK
14 of 16
Protectionism
method used to protect businesses from the problems that international trade might cause
15 of 16
Multiplier effect
when someone spends money and then it helps lots of people (gov. making leisure centre)
16 of 16

Other cards in this set

Card 2

Front

Production onto a number of simple repetitive processes.

Back

Division of labour

Card 3

Front

macgines controlled by computers are introduced into the production process.

Back

Preview of the back of card 3

Card 4

Front

a way of measuring when a business produces goods

Back

Preview of the back of card 4

Card 5

Front

production system that ensures waste is kept to a minimum

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all key terms resources »