Money invested by the owners at the start of the business.
Capital
1 of 17
The removal of layers of management to flatten the organisation structure.
Delayering
2 of 17
The person who has the idea and takes the risk in combining factors of production to provide a good or service.
Entrepreneur
3 of 17
An organisation where there are few levels of authority.
Flat Structure
4 of 17
The mental and physical effort of the employees of the organisation.
Labour
5 of 17
The relationship between superiors and subordinates within the organisation.
Line Relationship
6 of 17
Analysis of the external environment in which the organisation operates (Political, Economic, Social, Technological, Environmental, Competitive)
PESTEC analysis
7 of 17
Where the organisation is grouped or organised around the different products or services that it provides.
Product or Service Grouping
8 of 17
The number of subordinates a person has working directly for them in the organisation.
Span of Control
9 of 17
Decisions about how the resources of the organisation are to be organised and used to achieve their goals or aims.
Tactical Decision
10 of 17
Diagrams that show the place of employees within the organisation in terms of their department, their level of authority, and their immediate superiors and subordinates.
Organisation Chart
11 of 17
The transfer of resoponsibilities from a manager to a subordinate.
Delegation
12 of 17
Where the owners/shareholders of the organisation are only liable for the amount they invested in the business.
Limited liability
13 of 17
Land, Labour, capital, and enterprise which are required for the production of goods or services to take place.
Factors of Production
14 of 17
Industry which is based around the exploitation of natural resources including, farming, fishing, mineral extraction, etc.
Primary Sector
15 of 17
Relating to the structure of a business where it resembles a pyramid with those at the top (fewer) having more authority and in charge of those at the bottom (more).
Hierarchical Structure
16 of 17
One person businesses where the owner takes all the profits and makes all the decisions.
Sole Trader
17 of 17
Other cards in this set
Card 2
Front
The removal of layers of management to flatten the organisation structure.
Back
Delayering
Card 3
Front
The person who has the idea and takes the risk in combining factors of production to provide a good or service.
Back
Card 4
Front
An organisation where there are few levels of authority.
Back
Card 5
Front
The mental and physical effort of the employees of the organisation.
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