Business 2021
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Business 2021 - Leaderboard
Business 2021 - Details
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156 questions
| 🇬🇧 | 🇬🇧 |
| A good or service essential for living | Need (limited) |
| The economic problem is to match limited resources to unlimited wants and needs | The economic problem |
| Land, capital, labor, entrepreneurs | Factors of production |
| Workers | Labor |
| The next best alternative given up by choosing another item | Opportunity cost |
| Production process is split up into different tasks and each worker performs one of these tasks. | Division of labor |
| No government involvement | Market economy |
| Production decisions are made by the government | Command economy |
| Mix of the market economy and command economy | Mixed economy |
| Public sector was sold to private sector | Privatization |
| Private sector was sold to the government | Nationalization |
| A person who organizes, operates, and take the financial risk for a new business venture | Entrepreneur |
| Using profits from inside the existing business to growth | Internal growth |
| A business takes over or merges with another business | External growth |
| Clash of cultures, communication problems, harder to manage | Problems of business growth |
| Less risky, owner objectives | Why do some businesses stay small? |
| The owner of the business can be held fully responsible for any debts the business has | Unlimited liability |
| One that doesn't have a separate legal identity from it's owner | Unincorporated business |
| A company is a separate legal unit from its owners | Incorporated business |
| One or more shareholders, shares can't be sold to public and have limited liability | Private limited company (ltd) |
| Two or more shareholders, shares can be sold to public and have limited liability | Public limited company (plc) |
| A business based upon the brand names, promotional logos and trading methods of an existing successful business | Franchise (definition) |
| Survival, profit, return to shareholders, growth, increase market share and provide service to society | Business objectives |
| Workers, owner, managers | Internal stakeholders |
| Banks, government, competitors | External stakeholders |
| Humans have two sets of needs, "hygiene factors" and "motivators" | Herzberg's Two-Factor Theory |
| Basic animal needs. If it's met they'll not motivate workers to work, but if not met they'll demotivate workers. | Hygiene factor |
| Redesigning jobs so they are more challenging | Job enrichment |
| The number of employees leaving a business per year | Labor turnover |
| -Wages can be calculated per hour -Very easy to calculate -Good and bad workers get paid the same | Time-based wages |
| -Pay linked to effectiveness -Used when output is hard to measure | Performance related pay |
| -Adding more tasks at a similar skill & responsibility -Reduce boredom -Not get paid more thus feel demotivating | Job enlargement |
| -Adding tasks which require more skill or responsibility -Additional training may be required -Improve job satisfaction | Job enrichment |
| The levels of management and division of responsibilities in an organization | Organizational structure |
| A visual representation of the organizational structure, showing who reports to whom | Organizational chart |
| A manager directly in charge of a worker | Line Manager |
| A worker who reports to their line manager | Subordinate |
| The number of subordinate | Span of Control |
| The path authority passed from senior management to workers | Chain of command |
| Stripping out layers of management | De-layering |
| -Planning -Control -Command -Coordinating -Organizing | What do managers do? |
| Managers get workers to involved in decision making though managers still make the final decision | Democratic |
| Unoccupied position | Vacancy |
| Outlines the requirements, qualification, expertise, physical characteristics,... needed for the job | Person specification |
| Looks to fill a vacancy with their current employees | Internal recruitment |
| Find someone outside the business to fill the vacancy | External Recruitment |
| Choosing a number of applicants to interview | Shortlisting |
| Training given to a new employee, outlining the firm's activities and culture. Only last between one day and one week | Induction training |
| New employee watches an experienced worker do the job correctly | On the job training |
| Trained away from the workplace, usually by specialist business | Off the job training |
| Promotion, product, price, place | Marketing mix |