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Flashcards

Business Unit 1 Flash Cards

nadinepisa Business Management English 36 cards

Cards in this deck (36)

  1. 1Consumer GoodsGoods sold to the general public.
    -Durable goods: cars + washing machines
    - Non-durable goods: foods, etc. Goods that can only be used once
  2. 2Capital GoodsGoods that are used by an industry to aid in the production of other goods
    -Eg. machines + commercial vehicles
  3. 3Factors of ProductionResources needed by businesses to produce goods + services
  4. 4LandNatural resources that can be found on the planet
  5. 5LabourPhysical + mental human effort used in the production process
  6. 6EntrepreneursPeople who manage/organize/plan the other 3 factors of production
  7. 7Business Functions/ Functional AreasUsed to refer to the different sections of a business.
    -Marketing, Finance, Human Resource Management, & Operations Management
  8. 8MarketingCommercial process involved in creating+ designing, promoting & selling & distributing a product or service
  9. 9FinanceManagement of money & credit & banking & investments
  10. 10Human Resources ManagementProcess of determining human resource needs & then recruiting, selecting, developing motivating, evaluating, compensating & scheduling employees to achieve organizational objectives
  11. 11Operations ManagementManagement processes used to design, supply, produce & deliver goods + services to customers
  12. 12Primary SectorThe business involved in the cultivation or extraction of natural resources
    - Eg. Farming, mining, quarrying, fishing oil exploration + forestry
  13. 13Secondary SectorWhere business activity is concerned with the construction & manufacturing of physical products
    -Automation & mechanization in modern societies has seen this sector decline in terms of employment
  14. 14Tertiary SectorWhere business activity is concerned with the provision of services to customers.
    - In modern societies, it is the largest sector in terms of employment & output
  15. 15BusinessesOrganizations that are involved in the production of good and/or the provision of services
  16. 16Division of LabourSpecialization of workers in the provision of goods and/or services by breaking a job down into the particular role/components that are repeated by some workers
  17. 17IndustrializationProcess experienced by a country that moves away from primary production towards manufacturing as its principal sector for national output & employment
  18. 18Opportunity CostCost measured in terms of the next best alternative that is foregone when a choice is being made.
  19. 19Private SectorPart of the economy under the control of private individuals & businesses rather than the government
  20. 20Public SectorPart of the economy under the control of the government
  21. 21Structural ChangeShift in the relative share of national output + employment that is attributed to each business sector (primary, secondary, etc.)
  22. 22Value AddedDifference between a product's price & the total cost of the inputs that went into making it
  23. 23Public-Private EnterprisesW
  24. 24Sole TraderSelf-employed person that runs the business on their own + has sole responsibility for its success or failure(unlimited liability)
  25. 25PartnershipsForm of private sector business owned by 2-20 people(partners). They share the responsibilities + burdens of running + owning the business
  26. 26Limited LiabilityRestriction on the amount of money that can be lost from the owners of a business if it goes into bankruptcy. Owners will lose no more than the amount of capital they put into the business
  27. 27Private Limited Company (Ltd.)Organization owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public
  28. 28Public Limited Company (PLC)Incorporated business organization that allows the general public to buy + sell shares in the company via stock exchange
  29. 29Non-governmental Organization (NGO)Any private sector organization that doesn't aim to make a profit, but they operate for the benefit of others in society
  30. 30Non-Profit Organizatons (NPOs)Organization that has aims other than making/distributing profit which is usually governed by a voluntary organization
  31. 31Silent/Sleeping PartnerAn investor of a partnership who isn't directly involved in the daily running of the business
  32. 32Unlimited LiabilityOwner is personally + fully responsible for all loses + debts of the business
  33. 33Mission StatementDeclaration of an organization's overall purpose. It forms the foundation for setting the objectives of a business
  34. 34Vision StatementAn organization's long-term aspirations
    -I.e. Where it ultimately wants to be
  35. 35S.M.A.R.T. Business ObjectivesMeans that well set objectives have to be:
    S pecific
    M easurable
    A chievable
    R ealistic
    T imed.....
  36. 36Strategic ObjectivesLong-term objectives businesses use to achieve their overall aim

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Description
Business Management Flashcards on Business Unit 1 Flash Cards, created by nadinepisa on 20/06/2014.
Created by
nadinepisa · Jun 2014
Updated
Feb 19, 2016
Views
32
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