Business Flashcards
1
Q
Factors of production
A
Land
Labour
Capital
Enterprise
2
Q
Opportunity cost
A
Cost of makimg a decision
3
Q
Purpose for setting objectives
A
Decision making
Raising finance
4
Q
Globalisation
A
Business locating overseas
5
Q
Expanding a business
A
Franchising
Outsourcing
E-commerce
Open new stores
6
Q
External growth
A
Merger- 2 or more businesses merge
Takeover- 1 takes over another
7
Q
Sustainable production
A
Renewable energy
No pollution
Reduce waste
8
Q
Legalisation
A
Law
9
Q
Lean production
A
Just in time
Kaizen- continuous improvement
10
Q
Procurement
A
Selecting suppliers
11
Q
Logistics
A
Producing products
12
Q
Centralisation
A
Managers take decisions
13
Q
Decentralisation
A
Employees make decisions
14
Q
Motivate employees
A
Salary
Wages
Commission
Profit sharing
15
Q
Non financial motivation of employees
A
Training
Decentralisation
