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Business 1 & 2 > exam 1 > Flashcards

exam 1 Flashcards

1
Q

External environment

A

Involves surrounding factors of a business which it has minimal control over

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2
Q

Macro factors

A

social, legal, technological and economic conditions that a business has no control over

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3
Q

Operating factors

A

Primary external factors which a business has some control over

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4
Q

societal attitudes

A

the collective values, beliefs and opinions held by a group of people

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5
Q

Societal behavior

A

way people act and respond in various situations

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6
Q

why should technological developments be considered when planning

A

can improve different aspects of their business and its operations. eg eftpos, automated production lines, websites and social media

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7
Q

overseas competitors

A

businesses that are located in different countries that operate in the same industry

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8
Q

overseas markets

A

any market that are outside of a business’s own country

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9
Q

offshoring of labour

A

moving its services or processes to another country

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10
Q

online sales

A

buying and selling goods and services using the internet

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11
Q

global sourcing of inputs

A

business acquiring raw materials and resources from overseas suppliers

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12
Q

overseas manufacture

A

business producing goods or services outside of the country where its headquarters are located

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13
Q

global outsourcing

A

transferring specific business activities to an external business in an overseas country

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14
Q

corporate social responsibility

A

the ethical conduct
of a business beyond
legal obligations, and
the consideration of
social, economic, and
environmental impacts
when making business
decisions

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15
Q

what are the 5 main reasons people start businesses

A

personal independence, financial independence, to make a product, to fulfil a market need and fulfil a social need

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15
Q

what is personal independence

A

involves a person being in control of their own decisions and actions.

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16
Q

what is financial independence

A

the ability to fund a desired lifestyle without relying on income from another individual

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17
Q

What is making a profit

A

involves a business generating more revenue than expenses it incurred

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18
Q

what is fulfilling a market need

A

is the desire to fill a gap in the market where there is a demand for products but little to no supply

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19
Q

what is fulfilling a social need

A

the desire to address a social issue in the local or wider community

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20
Q

what are the 6 main sources of business opportunity

A

innovation, market opportunities, changing customer needs, research an development, technological development and global markets

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21
Q

What is innovation

A

involves creating or improving products, processes, or services to solve a problem

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22
Q

what is market opportunity

A

trends or desires that are not being met by existing businesses

23
Q

what is changing customer needs

A

transitions in what customers demand from businesses

24
Q

What is research and development

A

involves investigating and testing new product ideas and processes

25
Q

what are technological developments

A

advancements in machinery, computers and software

26
Q

what are the 2 types of goals

A

social and financial goals

27
Q

what does SMART stand for

A

Specific, Measurable, Attainable, Relevant and Time Bound

28
Q

Why are goals important

A

provide direction and purpose, giving employees and managers a clear understanding of what the business is trying to achieve

29
Q

how do businesses contribute to the economy

A

supporting employment levels. taxation, infrastructure, international trade and research and development

30
Q

How do businesses contribute to social wellbeing

A

they help raise living standards and implement strategies to assist the mental wellbeing of employees

31
Q

What is the internal environment

A

involves factors within a business that they have control over

32
Q

What are some examples of factors in the internal environment

A

business location, type of business and type of business model

33
Q

what are the types of business

A

sole trader, partnership, private limited company, public listed company, social enterprise and government business enterprise

34
Q

advantages of sole trader

A

least expensive and have full control

35
Q

advantages of partnership

A

greater range of expertise and minimal startup costs

36
Q

advantages of a private limited company

A

limited liability for shareholders and variety of expertise

37
Q

advantages of a public listed company

A

lots of expertise and shareholders have limited liability

38
Q

advantages of social enterprises

A

gets financial support from other business and purposeful work so more likely to stay at the business

39
Q

disadvantages of sole trader

A

can’t take time off and hard to expand

40
Q

disadvantages of partnership

A

profit is shared and shared decision making

41
Q

disadvantages of private limited company

A

complex to establish and hard to change structures

42
Q

disadvantages of public listed company

A

expensive to set up and takes a lot of time to set up

43
Q

disadvantages of social enterprise

A

hard to make profits

44
Q

what are the 6 types of business models

A

online business, direct-to-customer business, bricks and mortar, franchise, importer, exporter

45
Q

what is an online business plus an example

A

a business model where goods and services are traded via the internet such as netflix

46
Q

what is an direct-to-customer business

A

is a business model where the businesses products are sold directly to customers

47
Q

what is an bricks-and-mortar business plus an example

A

a business model that has a physical store presence such as target

48
Q

what is an franchise business plus an example

A

is a business model that grants another person the right to operate under its name such as McDonalds

49
Q

what is an importer business

A

purchases goods and services from overseas and sells them in its home country

50
Q

what is an exporter business

A

produces good and services in its home country and sells them to overseas buyers

51
Q

what are the 3 types of resources

A

natural, labour and capital

52
Q

what are natural resources

A

raw materials from the environment that are used in the production of goods are services

53
Q

what are labour resources

A

people that provide the businesses with their skills and qualifications to perform business activities

54
Q

what are capital resources

A

the tools and machinery that are used to produce goods and services

Business 1 & 2 (4 decks)

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