IGCSE BUSINESS FLASHCARDS

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NEED
A GOOD OR ESSENTIAL FOR LIVING
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WANT
A GOOD OR SERVICE WHICH PEOPLE WOULD LIKE TO HAVE, BUT WHICH IS NOT ESSENTIAL FOR LIVING
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THE ECONOMIC PROBLEM
THERE EXIST UNLIMITED WANTS, BUT LIMITED RESOURCES. THIS CREATES SCARCITY
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FACTORS OF PRODUCTION
RESOURCES NEEDED TO PRODUCE GOODS OR SERVICES. THERE ARE 4 FACTORS OF PRODUCTION, THEY ARE IN LIMITED SUPPLY
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SCARCITY
LACK OF SUFFICIENT RESOURCES TO FUFIL THE TOTAL WANTS OF THE POPULATION
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OPPORTUNIY COST
THE NEX BEST ALTERNATIVE GIVEN UP BY CHOOSING ANOTHER ITEM
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SPECIALISATION
WHEN PEOPLE IN A BUSINESS FOCUS ON WHAT THEY ARE BEST AT
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DIVISION OF LABOUR
WHEN THE PRODUCTION PROCESS IS SPLIT UP INTO DIFFERENT TASKS AND EACH WORKER PERFORMS ONE OF THESE TASKS. IT IS A FORM OF SPECIALISATION..
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BUSINESSES...
COMBINE FACTORS OF PRODUCTION TO MAKE PRODUCTS WHICH SATISFY PEOPLES WANTS
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ADDED VALUE
THE DIFFERENCE BETWEEN THE COST OF A PRODUCT AND THE COST OF BROUGHT IN MATERIALS AND COMPONENTS.
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PRIMARY SECTOR
EXTRACTS AND USES THE NATURAL RESOURCES OF THE EARTH TO PRODUCE RAW MATERIALS USED BY OTHER BUSINESSES
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SECONDARY SECTOR
MANUFACTURES GOODS USING THE RAW MATERIALS PROVIDED BY THE PRIMARY SECTOR
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TERTIARY SECTOR
PROVIDES SERVICES TO CONSUMES AND TOHER SECTORS OF INDUSTRY
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DE-INDUSTRIALISATION OCCURS WHEN...
THERE IS A DECLINE IN THE IMPORTANCE OF THE SECONDARY MANUFACTURING SECOT OF INDUSTRY IN A COUNTRY
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MIXED ECONOMY
HAS BOTH A PRIVATE SECTOR AND A PUBLIC SECTOR
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CAPITAL
THE MONEY INVESTED INTO A BUSINESS BY THE OWNERS
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ENTREPENEUR
A PERSON WHO ORGANISES, OPERATES AND TAKES THE RISK IN A NEW BUSINESS VENTURE
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BUSINESS PLAN
A DOCUMENT CONTAINING THE BUSINESS OBJECTIVES AND IMPORTANT DETAILS ABOUT THE OPERATIONS, FINANCE AND OWNERS OF THE NEW BUSINESS
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CAPITAL EMPLOYED
IS THE TOTAL VALUE OF CAPITAL USED IN THE BUSINESS
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INTERNAL GROWTH
-
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EXTERNAL GROWTH
-
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MERGER
-
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TAKEOVER / ACQISITION
-
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HORIZONTAL INTERGRATION
-
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VERITCAL INTEGRATION
-
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COMGLOMERATE INTERGRATION/ DIVERSIFICATION
-
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why do some businesses fail?
1. poor management 2.failure to plan for change 3. over expansion
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SOLE TRADER
IS A BUSINESS OWNED BY ONE PERSON
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advantages of being a sole trader
few legal requirements, freedom to choose holidays
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UNINCORPORATED BUSINESS
A BUSINESS THAT DOES NOT HAVE SEPARATE LEGAL IDENTITY (SOLE TRADERS AND PARTNERSHIPS)
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SHAREHOLDERS
THE OWNERS OF A LIMITED COMPANY
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FRANCHISE
A MARKETING ARRANGEMENT ALLOWING ANOTHER BUSINESS TO TRADE IN THE SAME STYLE AS AN EXISTING BUSINESS
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BUSINESS OBJECTIVES
THE AIMS OR TARGETS THAT A BUSINESS WORKS TOWARDS
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PROFIT
TOTAL INCOME OF A BUSINESS
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STAKE HOLDER
ANY PERSON OR GROUP WITH A DIRCT INTEREST IN THE PERFORMANCE AND ACTIVITIES OF A BUSINESS
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MOTIVATION
IS WHY EMPLOYEES WANT TO WORK HARD AND WORK EFFECTIVELY FOR THE BUSINESS
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what are the 5 motivators in Maslows pyramid of needs?
5. Physiological needs 4. safety/ security needs 3. social needs 2. esteems needs 1. self-actualisation
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WAGE
PAYMENT FOR WORK, USUALLY PAID WEEKLY
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SALARY
MONTHLY
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COMMSION
SALES MADE
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BONUS
ADDITIONAL AMOUNT OF PAY AS A REWARD FOR GOOD WORK
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SHARE OWNERSHIP
SHARES IN THE COMPANY ARE GIVEN TO EMPLOYEES SO THAT THEY BECOME PART OWNERS IN THE COMPANY
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APPRAISAL
METHOD OF ASSESSING THE EFFECTIVENESS OF AN EMPLOYEE
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FRINGE BENEFITS
NON-FINANCIAL REWARDS GIVEN TO EMPLOYEES
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JOB SATISFACTION
ENJOYMENT DERIVED FROM FEELING THAT YOU HAVE DONE A GOOD JOB
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JOB ROTATION
WORKERS SWAP AROUND JOBS DOING SPECIFIC TASKS FOR A CERTAIN AMOUNT OF TIME
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JOB ENLARGEMENT
EXTRA TASKS OF SIMILAR LEVEL OF WORK ARE ADDED TO A WORKER'S JOB DESCRIPTION
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JOB ENRICHMENT
ADDING TASKS THAT REQUIRE MORE SKILL AND/OR RESPONSIBILITY
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ORGANIZATIONAL STRUCTURE
LEVELS OF MANAGEMENT AND DIVISION OF RESPONSIBILITIES WITHIN AN ORGANISATION
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CHAIN OF COMMAND
-
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SPAN OF CONTROL
NUMBER OF SUBORDINATES WORKING DIRECTLY UNDER A MANAGER
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LINE MANAGERS
HAVE DIRECT RESPONSIBILITY OVER PEOPLE DIRECTLY BELOW THEM IN THE H.O.O
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STAFF MANAGERS
SPECIALISTS WHO PROVIDE SUPPORT, INFORMATION AND ASSISTANCE TO LINE MANAGERS
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DELEGATION
GIVING A SUBORDINATE THE AUTHORITY TO PERFORM PARTICULAR TASKS
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LEADERSHIP STYLES
DIFFERENT WAYS IN DEALING WITH PEOPLE IN A POSITION OF AUTHORITY
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AUTOCRATIC LEADERSHIP
MANAGER IS IN CHARGE
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DEMOCRATIC LEADERSHIP
GETS EMPLOYEES INVOLVED
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LAISSEZ-FAIRE LEADERSHIP
MAKES THE BROAD OBJECTIVES OF THE BUSINESS KNOWN TO THE EMPLOYEES, AND THEN ARE LEFT TO MAKE THEIR OWN DECISIONS
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TRADE UNION
GROUP OF WORKERS THAT COME TOGETHER TO TO ENSURE THEIR INTERESTS ARE PROTECTED
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CLOSED SHOP
ALL EMPLOYEES MUST BE A MEMBER OF THE SAME TRADE UNION
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RECRUITMENT
THE PROCESS FROM IDENTIFYING THAT THE BUSINESS NEEDS TO EMPLOY SOMEONE UP TO THE POINT AT WHICH APPLICATIONS HAVE ARRIVED AT THE BUSINESS
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JOB ANALYSIS
IDENTIFIES AND RECORDS THE RESPONSIBILITIES AND TASKS RELATING TO A JOB
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JOB DESCRIPTION
OUTLINES THE RESPONSIBILITIES AND DUTIES TO BE CARRIED OUT BY SOMEONE EMPLOYED TO DO A SPECIFIC JOB
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JOB SPECIFICATION
DOCUMENT WHICH OUTLINES THE REQUIREMENTS, EXPERTISE, PHYSICAL CHARACTERISTICS, ETC FOR A JOB
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INTERNAL RECRUITMENT
WHEN A VACANCY IS FILLED BY SOMEONE WHO IS AN EXISTING MEMBER OF THE BUSINESS
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EXTERNAL RECRUITMENT
VACANCY FILLED,NOT MEMBER OF BUSINESS
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INDUCTION TRAINING
GIVEN TO NEW EMPLOYEE, EXPLAINING THE FIRMS ACTIVITIES, CUSTOMS AND PROCEDURES
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ON-THE-JOB-TRAINING
WATCHING MORE EXPERIENCED WORKER DO THE JOB
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OFF THE JOB TRAINING
TRAINED AWAY FROM THE WORK PLACE
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REDUNDANCY
WHEN AN EMPLOYEE IS NO LONGER NEEDED AND SO LOOSES THEIR JOB. NOT TO DO WITH UNSATISFACTORY WORK.
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Other cards in this set

Card 2

Front

A GOOD OR SERVICE WHICH PEOPLE WOULD LIKE TO HAVE, BUT WHICH IS NOT ESSENTIAL FOR LIVING

Back

WANT

Card 3

Front

THERE EXIST UNLIMITED WANTS, BUT LIMITED RESOURCES. THIS CREATES SCARCITY

Back

Preview of the back of card 3

Card 4

Front

RESOURCES NEEDED TO PRODUCE GOODS OR SERVICES. THERE ARE 4 FACTORS OF PRODUCTION, THEY ARE IN LIMITED SUPPLY

Back

Preview of the back of card 4

Card 5

Front

LACK OF SUFFICIENT RESOURCES TO FUFIL THE TOTAL WANTS OF THE POPULATION

Back

Preview of the back of card 5
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