IB Business Management Case Study 2020 Flashcards

1
Q

commercial fishing

A

business activity of catching fish and other seafood products from oceans, rivers, and lakes for financial gain

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2
Q

business

A

organisation involved in the production of goods and/or provision of services

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3
Q

market prices

A

price of fish products set by the market forces of demand and supply

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4
Q

partnership

A

form of business owned by 2 – 20 people with shared responsibilities and burdens of running and owning the business

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5
Q

private limited company

A

business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public

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6
Q

change

A

adapting to transformations in a business‘ internal and external environment

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7
Q

risk

A

situation of unknown outcomes which could damage the financial health and viability of a business

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8
Q

uncertainties

A

situation with a lack of certainty or confidence because the firm cannot control or accurately predict the outcome of its actions

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9
Q

market

A

group of buyers and sellers of a good and service

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10
Q

regulation

A

rules, laws and policies that businesses need to comply with

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11
Q

industry

A

businesses involved in a similar business activity which are in direct competition

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12
Q

liability

A

legal responsibility for something

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13
Q

company shares

A

represents a unit of ownership in a limited liability company

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14
Q

tourism

A

people travelling to places outside of their normal environment for the purpose of leisure and pleasure

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15
Q

technology

A

use of knowledge, skills and techniques in the production process used to transform resource input to the output of goods and services

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16
Q

exports

A

sale of domestically produced goods and services to overseas buyers

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17
Q

government

A

central ruling authority of a country

18
Q

environmental sustainability

A

ability of an economy to maintain the use of renewable and non-renewable resources for future generations

19
Q

quotas

A

quantitative limits on the volume of a good or service that can be traded

20
Q

marketing

A

management of predicting, identifying and meeting the needs and wants of customers at a profit

21
Q

finance

A

monetary funds required for business purposes

22
Q

administration

A

process of running an organization or business

23
Q

overfishing

A

commercial practise of removing too much fish from their natural habit

24
Q

profit

A

positive difference between a product’s revenue and its costs

25
Q

trade agreement

A

formal deal between two or more countries to trade freely

26
Q

income

A

money that a business or an individual earns in return for the output generated in the production process

27
Q

wages

A

time-based payment

28
Q

survival

A

short-term business objective referring to the continuity of a firm’s operations

29
Q

management

A

practice of achieving an objective by planning, organizing, commanding and coordination business operations

30
Q

threat

A

external factor that hinders the operations and profitability of an organization

31
Q

workforce

A

number of employees for a particular organisation

32
Q

loyal workforce

A

dedicated and faithful employees of an organization

33
Q

labour turnover

A

measures the number of workers who leave the firm per year, as a percentage of the workforce

34
Q

government support

A

assistance from the state for businesses, such as subsidies or expert advice

35
Q

ethically managed business

A

business is run in such a way that moral principles and values form the basis of how business activities are conducted

36
Q

supervision

A

process of using a line manager to support, guide and oversee the work of an employee

37
Q

warehouse

A

large commercial building used by businesses for storing their manufactured goods

38
Q

employees

A

people who work for a business

39
Q

team

A

group of co-workers who work for a business

40
Q

record keeping

A

act of accurately documenting and maintaining the financial accounts of a business

41
Q

invoice

A

financial document for an unpaid bill, relating to the purchase of goods and services

42
Q

subcontractor

A

third-party individual or firm hired by the main contractor of project to help complete the project