Business and economics revision Flashcards
Entrepeneur
Are individuals who have an idea for goods/services that they transform in a profit making business
Skills of an Entrepeneur
Intelligent, Creative, Risk-taking, Positive, Determination
Business ethics
the moral principles, policies, and values that govern the way companies and individuals engage in business activity.
Traditional Business
Face to face process of buying and selling goods in a physical store
Social enterprise
Applies Commerical strategies to maximize Improvement’s in financial, social and environmental well being
Charity
An organization set up to provide help and raise money for those in needs
Ways in which business can improve productivity
1.Investment in technology
2.Invest in equipment and facilities
Hierarchical structure
Mostly for a large business, are mostly clear and identifiable responsibilities and roles
Flatter Structure
Tend to be in smaller businesses, and are there due to improve communication
Network structure
it is for business that values flexibility
Matrix Structure
Often used when business are undertaking a project.
External factors
Elements that influence a buying decision
Elastic
When the demand for a product has a large drop-off because the price of the product increase —–> want
Inelastic
when an increase in price has little of impact on the demand of the product
Internal factors
Elements that influence a buying decisions and performed from inside
