class keywords sheet thing Flashcards
aim
intention to reach a goal
air pollution
presence or production of harmful chemicals in the air
asset
something the business owns ; has value
business plan
detailed statement on how the business intends to operate, either at start-up or during a period of time
centralisation
maintaining control by keeping authority at the senior levels of the organisation
chain of command
line through the hierarchy showing who is responsible for whom from top to bottom of an organisation
consumer law
laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly
contracts of employment
a legal document that sets out the terms and conditions of the job for the employer and the employee
customer
individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose
decentralisation
where authority is spread widely through the organisation
delayering
reorganisation of organisation’s employees so that there are fewer levels of management
delegation
allocating a task to someone who would not normally be responsible for it
demand
quantity of a particular product that will be bought at particular price over a specific time
directors
people elected by shareholders to run the business on their behalf
diseconomies of scale
when a business grows too large leading to a possible increase in unit cost
disposal of waste
the removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites
e-commerce
business transactions carried out electronically on the internet
economies of scale
cost advantage of producing on a large scale - as output increases, unit cost decreases
employees
individuals who work full time or part time for a business
employment law
rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with it’s workers
enterprise
ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate
entrepreneur
a person who has the vision to use initiative to make business ideas happen, managing the resources and risks
equality act (2010)
protects people from discrimination in the workplace and in wider society - sets out the different ways in which it is unlawful to treat someone
ethical objectives
a business’ goals that relate to fair business practice or moral guidelines and make it a positive contribution to the business’ reputation
ethics
the moral principles that guide how a business operates
