Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Mfa > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What does the term ‘environment’ refer to in a business context?

A

Anything outside an organisation (industry/market) that affects what it does or how it acts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is an ‘environmental scan’?

A

An analysis that includes identifying factors in the environment that create threats or opportunities, recognising the most significant factors, and deciding how the organisation should respond to them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are ‘threats’ in the context of environmental analysis?

A

Factors in the environment that might prevent the organisation from achieving its business objectives and create an adverse risk for the entity’s future prospects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is necessary for understanding the environment according to the text?

A

It should be an on-going activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are ‘opportunities’ in environmental analysis?

A

Developments that provide opportunities for the organisation to achieve its objectives more successfully.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the two methods for analysing environmental factors?

A
  • Porter’s 5 forces model (Industry Analysis)
  • PESTEL analysis (Country/Region/Macro environment Analysis)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

List the five factors in Porter’s 5 forces model.

A
  • Threats from potential entrants
  • Threats from substitute products or services
  • The bargaining power of suppliers
  • The bargaining power of customers
  • Competitive rivalry within the industry or market
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What categories are used in PESTEL analysis?

A
  • Political
  • Economic
  • Social, cultural and demographic
  • Technological
  • Environmental/Ecological
  • Legal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Fill in the blank: PESTEL analysis groups environmental factors into _______.

A

[four or six categories]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the scope of political and legal influence on business?

A

Political decisions and legal changes can significantly impact business activities in different countries.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does nationalisation of industry mean?

A

Nationalisation refers to the state owning wholly or partly an industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is privatisation?

A

Privatisation is the transfer of ownership of state-owned businesses to commercial companies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How can transport and infrastructure affect businesses?

A

Businesses rely on the transport system to move goods and employees, which is affected by the quality of the infrastructure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What role does government policy play in transport and infrastructure?

A

Government policy on transport and building roads or rail networks can significantly affect business operations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How can taxation influence business activities?

A

Businesses may be affected by changes in taxation, such as increased taxes on fuel consumption or waste disposal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the purpose of government subsidies?

A

Governments may offer subsidies to encourage certain activities, such as skills training.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What factors determine the political setup in a country?

A

The political setup depends on pre-existing laws, regulations, political ideology, and opposition agendas.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How does environmental policy impact businesses?

A

Environmental policy can include regulations to reduce pollution levels in air, water, or land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What was the significance of the 2007 corn shipment incident?

A

The shipment contained genetically-modified corn, which was legal in the US but illegal in the European Union.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Who is responsible for the education system in most countries?

A

The government is typically responsible for the education system.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How does education policy affect the workforce?

A

Education policy impacts the quality and skills of individuals, which are crucial for the workforce of business entities.

22
Q

Fill in the blank: The political ideology of the ruling political party can influence _______.

A

[business activities and regulations]

23
Q

True or False: Political opposition has no effect on economic agendas.

A

False

24
Q

What was the impact of the Nationalization Act of 1970 in Pakistan?

A

It led to the nationalization of various industries.

25
Q

What is the primary focus of communism?

A

Attainment of equality and social justice

Communism emphasizes the elimination of class distinctions and the redistribution of resources.

26
Q

True or False: In communism, religion is completely suppressed.

A

True

Communism often views religion as an obstacle to social progress.

27
Q

Fill in the blank: Large corporations can _______ in a capitalist system.

A

flourish

Capitalism allows for private ownership and competition, which can lead to the growth of large corporations.

28
Q

What is the role of the state in a socialist system?

A

Regulate and protect the interests of the people

In socialism, the state is seen as responsible for ensuring that everyone has access to basic needs.

29
Q

What does the term ‘status quo’ refer to in political ideology?

A

The existing state of affairs

It often implies maintaining current social, political, and economic conditions.

30
Q

List the two ends of the political spectrum mentioned.

A
  • Authoritarian
  • Democratic

These represent contrasting approaches to governance and individual freedoms.

31
Q

What is the main characteristic of fascism?

A

Authoritarian nationalism

Fascism emphasizes strong, centralized control, often led by a dictator.

32
Q

True or False: Private property is completely prohibited in socialism.

A

False

While socialism promotes collective ownership, some forms allow for personal property.

33
Q

What is the difference between left-wing and right-wing ideologies in terms of tradition?

A

Left-wing tends to be more open to change while right-wing is more reverent towards tradition

This reflects differing attitudes towards social and political reforms.

34
Q

Fill in the blank: The _______ is a political ideology that seeks to minimize state intervention in the economy.

A

Laissez Faire

This approach advocates for free markets and minimal government regulation.

35
Q

What is a key feature of a democratic regime?

A

Protection of individual liberties

Democracies prioritize the rights and freedoms of individuals.

36
Q

List three characteristics of socialism.

A
  • Economic equality
  • Social collectivism
  • Cooperation

These principles aim to create a more equitable society.

37
Q

What does ‘authoritarian’ refer to in terms of governance?

A

Concentration of power in a leader or elite

Authoritarian regimes often limit individual freedoms in favor of state control.

38
Q

True or False: The extreme left is characterized by radical changes to the political system.

A

True

Extreme left ideologies often advocate for revolutionary changes.

39
Q

What is the primary economic system associated with capitalism?

A

Private ownership

Capitalism is defined by the ownership of production by individuals or corporations.

40
Q

Fill in the blank: _______ is a form of socialism that seeks gradual reform rather than revolution.

A

Fabian Socialism

This approach emphasizes gradual changes through democratic means.

41
Q

What does ‘collectivism’ mean in a political context?

A

The practice of prioritizing group goals over individual goals

Collectivism often involves shared ownership or control of resources.

42
Q

Explain the term ‘oligarchy’.

A

Rule by a small group of people

Oligarchies concentrate power in the hands of a few, often leading to inequality.

43
Q

What is a common criticism of capitalism?

A

It can lead to economic inequalities

Critics argue that capitalism often benefits the wealthy at the expense of the poor.

44
Q

What is the impact of political ideologies on government spending

A

Government spending depends on a political ideology. Socialism focuses on public welfare (health, education), while Dictatorial Capitalism emphasizes defense and international alliances.

45
Q

What types of taxation can political ideologies propose?

A

Political ideologies can propose direct taxes (on income) or indirect taxes (on goods/services).

46
Q

How does taxation affect businesses?

A

Taxation impacts businesses by increasing overhead costs and reducing profit margins.

47
Q

What are the effects of taxation on public resources?

A

Taxes fund public expenditures like roads, schools, hospitals, and parks, enhancing the competitive position of businesses.

48
Q

How do labor laws impact businesses?

A

Labor laws, influenced by political ideologies, regulate minimum wages, insurance, and safety. International labor standards can restrict imports from countries with poor labor conditions.

49
Q

What is the role of international relations and policies in business?

A

Policies supporting foreign investments boost business, but protectionism restricting imports may harm competitiveness.

50
Q

What is the connection between agriculture policies and political ideology?

A

Agricultural policies are tailored to political ideologies, focusing on managing economies suitable for agriculture sectors

Mfa (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions