definitions Flashcards
Entrepreneur
A person who sets up a business with the hope of making a profit, taking on financial risks to do so
Investor
People or organisations that provide the capital needed to establish and operate a business
wage
money earned by an employee based on an hourly basis
salary
fixed payment to an employee regardless of hours worked
boycotting
consumers refusing to buy goods or services from a business to show their dissatisfaction with the business e.g because it has exploited workers
lobbying
Trying to persuade decision-makers to support laws or rules that give an advantage to your industry or organisation
Interest groups
also known as a pressure group is a group of people who meet and campaign for a common goal e.g trade unions
Co-operative relationship
where stakeholders work together towards a common goal
Competitive relationship
stakeholders work together towards a common goal
Dependent relationship
The stakeholders are relying on each other for their own individual success. e.g entrepreneur and the government
Dynamic relationship
The relationship between the stakeholders is constantly changing
Contract
A legally binding agreement between two or more parties, which is enforceable by law
Invitation to treat
An invitation for the buyer to make an offer that the seller may accept or reject. e.g price tags at a car dealership
Mediation
When an independent third party helps two or more parts in a dispute reach a solution acceptable to both sides
Pay claim
A demand made by employees to their employer for an increase in pay
Inflation
The increase in the cost of goods and services from one year to the next
Overtime
When employees work more hours than their standard working week
Binding Arbitration
in some cases, both parties may agree to in advance to accept the decision made by the arbitration
Misconduct
Unacceptable behaviour of an employee in the workplace e.g president lateness or gross misconduct e.g stealing from the business
Discrimination
when one person is treated less favourably than another in a comparable situation
Employment Embezzlement insurance
The business owner receives financial compensation if it is found that an employee has stolen from the business or has damaged property
Autocratic
A management style where the manager makes all business decisions without staff input uses the threat of punishment to motivate employees
Democratic
Participative leadership,
Encourages employees to participate in the business’s decision making. the manager has the ultimate authority but values staff input
Laissez-faire
Management outlines the business goals and trusts the employees to decide on the best way to achieve these goals
subordinate
a person in a lowe rank in the business
empowerment
occurs when managers allow employees to make certain decisions on behalf of the business without needing to consult with management
Communication
The exchange of information between two or more people
Chain of command
the path of authority along which instructions are passed
Notice
An invitation for people to attend the meeting. it informs them of the date, time and venue
Agenda
A list of items to be discussed at the meeting topics are listed in the order they will be discussed
Quorum
the minimum number of people who need to be present for the meeting to begin. Prevents a small number of people making decisions that affect the entire business or club
Proxy
A person who attends the meeting as a representative of someone who cannot attend
Memo
a short written message used for internal communication
Report
a formal written document used to present date and information
ICT
Information and communication technology. the use of electronic technology to store, transfer, access and manipulate
Phishing
An attempt to illegally gain access to passwords and usernames for credit cards and bank accounts with the intention of stealing money
Planning
A manager putting strategies in place in order to achieve specific goals. this gives a business purpose and direction and reduces risk and uncertainty
Organising
When a manager co-ordinates all business resources and raw materials into the most effective formation to achieve organisational goals
