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