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A level Biology > As Business > Flashcards

As Business Flashcards

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AP® Biology flashcards Biology 101 flashcards
1
Q

Opportunity cost

A

Benefit of second best option given up

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2
Q

Mixed economy

A

Economic resources owned by Public+private

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3
Q

Free market economy

A

Economic resources owned by private with little state intervention

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4
Q

Command economy

A

Economic resources owned by state

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5
Q

Sole trader

A

1 person puts permanent finance in business+has full control

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6
Q

Cooperatives

A

All members contribute to workload/responasibilities+have 1 vote in meetings+profits are equally shared

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7
Q

Share

A

Certificate that confirms part ownership of company+confirms dividends/shareholder rights to shareholder

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8
Q

Franchise

A

Business that uses name/logo/trading system of successful business

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9
Q

Holding companies

A

Business organisation that owns/controls a number of different businesses, but does not unite them into 1

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10
Q

Public corporations

A

Owned by state+managed with sociale objectives

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11
Q

Corporate aims

A

Long term goals that give sense of direction+allow success to be measured

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12
Q

Corporate objectives

A

Ways to acieve aim

market share/CSR/Profit maximisation/growth

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13
Q

Mission statement

A

Statement of businesses core purpose, phrased in a way to motivate employees+stimulate interest of outside groups

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14
Q

Vision statement

A

Statement on what the business wants to achieve in the long run

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15
Q

MBO

A

Method of coordinating staff by dividing overall aim into specific targets for each department

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16
Q

Stakeholder

A

Person affected/has interest

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17
Q

CSR

A

Considers society interests beyond legal requirement

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18
Q

Manager

A

Sets objectives
Organises resources
Motivates staff

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19
Q

Mintzberg (management roles)

A
  • Interpersonal roles (dealing/motivating staff (leader))
  • Informational roles (acts as a source/transmitter of information (spokesperson))
  • decisional roles (take decisions/allocates resources (negotiator))
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20
Q

Theory X

A

Managers believe that staff are workers dont like work

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21
Q

Informal leader

A

No formal authority but has some power over workers

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22
Q

Motivation

A

stimulates workers towards achieving a goal

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23
Q

McClelland

A

achievement motivation
affiliation motivation
authority motivation

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24
Q

Vroom

A

Valence-depth of want
expectancy-degree to which people expect that putting in the work will lead to a given level of performance
instrumentality-confidence that they will get what they want

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25
Q

Mayo-Hawthorne effect

A

Changing working conditions will have little effect in motivation
teamwork/participation/control over work/decisions=higher motivation

26
Q

Empowerment

A

Workers are given more control/freedom over their own work

27
Q

HRM

A

workforce planning
Employee moral/welfare
Recruitment/selection

28
Q

Induction training

A

Introductory program to familiarise new employees

29
Q

Employee appraisal

A

Process of assesing the effectivenes of workers by pre set objectives

30
Q

Employee moral/welfare

A

satisfaction

31
Q

Market orientated

Product orientated

A

Outward looking approach that bases product decisions on demand
Inward looking approach based on what business has been doing for a long time

32
Q

Asset led marketing

A

Approach based on firms strengths instead of what customer wants

33
Q

Societal marketing

A

Approach based on demand+effects on society

34
Q

Primary research

A 
Obtaining first hand resources specifically for businesses need
Qualitative:
-focus groups-asked about attitude towards product
-surveys
Quantitative:
-observatioons/recordings
-test marketing
-surveys
35
Q

Probability sampling

Non probability sampling

A
  • simple random (every member has equal chances)
  • stratified (target population is divided + random in each stratum)
  • quota (target population is already divided into different stratum. Every nth person)
  • convinience
  • judgemental
  • snowball
36
Q

Product

A

End result of production process sold to satisfy customer needs

37
Q

Full cost pricing

Contribution cost pricing

A

f. c.+v.c

v. c

38
Q

Above the line

A

Paying for communication with customers

Advertisement

39
Q

Below the line

A 
Not directly paying, but based on short term incentives to purchase
Sales promotion
Personal selling
Trade fairs
Sponshorships
40
Q

Operations manager

A

Efficiency
Innovation
Quality

41
Q

Production

A

Converting inputs to outputs

42
Q

Productivity

A

Ratio of outputs:inputs

less but more skilled workers/less but more advanced tech

43
Q

Efficiency

A

Prodcuing output at the highest ratio of output:input

44
Q

Effectiveness

A

Meeting obejectives by using resources productively to meet customer needs

45
Q

CAD

CAM

A
  • using computer programs to create 2D/3D representations of graphical objects
  • Use of computer software to control machinery
46
Q

operations flexibility

A

ability to vary range of products/level of production following changes in customer demand

47
Q

Innovation

A

new/improved ways of doing things

48
Q

offshoring

A

relocation of a business process done in 1 country to the same/another company in another country

49
Q

buffer

A

minimum inventory that should be held to ensure that prodcution still takes place if theres a delay

50
Q

Capital expenditure

A

purchase of assets expected to last for more than 1 year

buildings

51
Q

Revenue expenditure

A

Spending on all costs/assets other than fixed assets

wages/materials

52
Q

Short term external sources of finance

A

Overdraft

Debt factoring

53
Q

Medium term

A

Leasing

Hire purchase

54
Q

Long term

A 
Loan
bonds/debentures
shares
grants
venture capital
55
Q

Debentures

A

Bonds issued by companies to raise debt finance with a fixed rate of interest

56
Q

Margin of safety

A

Amount by which output exceeds BE

output-BE

57
Q

Income statement

A

Records profit/loss/revenue/cost

58
Q

Balance sheet

A

Accounting statement that records value of assets/liabilities/shareholders equity at 1 point in time

59
Q

asset

A

item of monetary value owned by business

60
Q

liability

A

financial obligation that business has to pay in future

60
Q

liability

A

financial obligation that business has to pay in future

A level Biology (5 decks)

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