Business Studies key terms-24th feb 0.0 / 5 ? Business Studieskey termsGCSENone Created by: charles kohnCreated on: 24-02-14 18:56 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
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