Business Studies Unit 2 Definitions

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Supplier
An individual, business or other organisation which provides goods or services to a customer or consumer
1 of 8
Sub-contracting
Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country
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Stocks (inventories)
Raw materials, work-in-progress and finished goods held for resale
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Stock Control
The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes
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Spare Capacity
When a business is able to produce more with existing resources (also known as excess capacity)
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Span of Control
The number of employees who are directly supervised by a manager
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Selection
The process of deciding which applicant for a job a business should accept
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Sales promotion
Tactical, point of sale material or other incentives designed to stimulate purchases
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Other cards in this set

Card 2

Front

Delegation by one firm of a portion of its production process, under contract, to another firm, including in another country

Back

Sub-contracting

Card 3

Front

Raw materials, work-in-progress and finished goods held for resale

Back

Preview of the back of card 3

Card 4

Front

The processes and controls used by a business to ensure that it has sufficient (but not too much) stock for its purposes

Back

Preview of the back of card 4

Card 5

Front

When a business is able to produce more with existing resources (also known as excess capacity)

Back

Preview of the back of card 5
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