3.2

Question 1

autocratic

Answer 1

a leadership style where decisions are made by a single individual with little or no input from subordinates

Question 2

paternalistic

Answer 2

a leadership style acts as a father figure, making decisions for the benefit of employees while expecting loyalty and obedience in return

Question 3

democratic

Answer 3

a leadership style that encourages participation, collaboration, and decision making by team members, promoting equality and shared responsibility

Question 4

laissez fair

Answer 4

a leadership style characterised by minimal intervention and hands off approach, where individuals or teams are given freedom to make their own decisions and manage their own tasks

Question 5

opportunity cost

Answer 5

the value of the next best alternative that must be forgone when a decision is made to allocate resources to a particular option

Question 6

stakeholder

Answer 6

individuals or groups who have an interest, involvement, or are affected by the activities and outcomes of a business, including employees, customers, shareholders and the community