Brainscape's Knowledge GenomeTM

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


See full index

Business Studies SBL Y12 > Key Words Y12 > Flashcards

Key Words Y12 Flashcards

1
Q

What is GDP?

A

Gross Domestic Product.

The total value of output produced in an economy in a year.

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

What is economic growth?

A

The annual percentage change in GDP.

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

What is infrastructure?

A

The basic physical and organisational structures and facilities (eg buildings, roads, power supplies) needed for the operation of a society or enterprise.

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

What is standard of living?

A

The amount of goods and services a person can buy with their income in a year.

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

What is inflation?

A

Persistent general tendency of prices in the economy to rise.

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

Consumer price index

A

A measure that examined the weighted average of prices of a basket of consumer goods/services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Exchange rate

A

The value of one currency in terms of another.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Import

A

A sale leading to money going out of the UK

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Export

A

A sale leading to money going into the UK

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

Interest rates

A

The reward for saving and the cost of borrowing expressed as a percentage of the money saved or borrowed.

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

Adding value

A

An improvement or addition to something that makes it worth more.

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

Elasticity

A

The sensitivity of a products demand due to a change in price.

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

Balance of payments/trade

A

Difference between the value of exports and imports.

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

Market growth

A

The value of the market increases.

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

Ethics

A

When a business is either morally right or morally wrong.

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

Eurozone

A

The currency of the Euro that is used in many countries within the EU.

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

Substitute

A

A product that can be used instead of another.

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

Acquisition

A

Where control of another company is achieved by buying the majority of its shares (50%).

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

Collusion

A

When rival companies cooperate for their mutual benefit.

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

The EU single market

A

Refers to the EU as one territory without any internal borders or other regulatory obstacles to the free movement of goods and services.

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

Market dominance

A

A measure of market share compared to competitors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Monopolistic competition

A

A market structure in which many companies sell products different from one another.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Indirect taxes

A

These are taxes on expenditure.

Paid to tax Authorities not by consumer but indirectly by suppliers of goods/services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Direct taxes

A

These are taxes on income and profits, paid directly by bearer (person that carries something) to tax authorities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Income tax

A

Tax taken out of a persons income.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

National insurance

A

This is taken as a contribution towards the state pension and treatment under the NHS.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Subsidy

A

Payment by the gov to suppliers. The effect of a subsidy is to increase supply of particular goods.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Monetary policy

A

Control of the level of demand in the economy using the rate of interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Fiscal policy

A

Economic policy controlled by the government through taxation and public spending.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Multiplier effect

A

Effective changes in economic activity in one sector on other sectors.
If one business experience a rise or fall in demand this leads to a knock-on effect on the business of supplying it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Supply side policies

A

Aim to improve the economy’s overall productive capacity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Business cycle

A

The observed pattern of increases and decreases of economic growth (measured by a % change in GDP) over long term.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Globalisation

A

The world coming together to trade in each other’s markets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Multinationals

A

A business that has activities or operations in more than one country.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Global strategy

A

Companies that are keen to operate on a global scale must consider how to build a competitive global advantage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Brand

A

A distinctive product offering created by the use of a logo, symbol, design etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Global brand

A

Brands that are recognised throughout much of the world.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Demographics

A

The characteristics of human populations and population groups.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Sustainability

A

Negative impacts from economic systems and production on the earth and its environment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

The 4 freedoms

A

Movement of goods, services, capital and people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Barriers to entry and exit

A

Barriers to entry - the factors that could prevent a firm from entering and competing in a market.

Barriers to exit - the factors that could prevent a firm from leaving a market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Competitive market

A

A market in which there are a large number of sellers.

43
Q

Market equilibrium

A

A situation in which quantity demanded equals quantity supplied.

44
Q

Market power

A

The ability of a firm to influence or control the terms and conditions on which goods are bought/sold.

45
Q

Mark up

A

The difference between the cost of producing a product and the price it’s sold at.

46
Q

Monopoly

A

A market in which there are many buyers but only one seller.

47
Q

Quotas

A

The quantity of a good that can be imported into a country in a given period of time.

48
Q

Tariffs

A

A duty (tax) paid on imports.

49
Q

Sustainability

A

Negative impacts from economic systems and production on the earth and it’s environment.

50
Q

How is inflation calculated?

A

(Price of basket of goods in new year-old year)
——————————————
(Price of basket of goods in old year)

  • 100
51
Q

Trading bloc

A

A group of countries that protect themselves from imports from non-members and promote trade activities.

52
Q

Emerging markets

A

A term used to describe a country that is achieving rapid growth and industrialisation.

53
Q

International trade

A

This refers to selling across borders, ie the exchange of goods and services between countries.

54
Q

Why do countries trade internationally?

A

Variety, to grow, to specialise in what it does best, to reduce cost, to avoid conflict.

55
Q

Globalisation

A

The world coming together to trade in each other’s markets.

56
Q

National Minimum wage

A

The minimum pay per hour workers of school leaving age are entitled to by law.

57
Q

National Living wage

A

A new minimum wage rate for those 25 and over.

58
Q

Contract law

A

Sets out the basic framework of rights and obligations.
E.g. a pizza company promised to deliver 1000 pizzas to Aldi. If the ingredients fail to deliver, this would lead to not delivering for Aldi. Pizza company would be able to sue supplier.

59
Q

Weight and Measures Act

A

An offence to give short measures or an incorrect indication of the amount of a product on sale.

60
Q

Data Protection Act

A

Controls how personal information on groups such as employees is stored and used by a business.

61
Q

The Health and Safety Act

A

To take account of new issues and hazards, such as repetitive strain injury.

62
Q

Trademark

A

A company can register a trademark for its business name, slogans, logos and other items that brand the company.

63
Q

Complying with legislation

A

To not break laws which businesses have to follow.

64
Q

Stamp duty

A

The tax placed on legal documents, usually in the transfer of assets or property. It controls inflation.

65
Q

Corporation tax

A

A tax on business profits. The tax is payable from all taxable profits of any company that is based in the UK, no matter where the profit was generated. The rate is 19%.

66
Q

The consumer rights act

A

Principles:

1) Goods must fit their description
2) Goods must be of satisfactory quality
3) Goods must fit for their purpose

67
Q

Digital revolution

A

The digital revolution encompasses the shift from analog (clock) and mechanical (machinery) technology to digital technology.

68
Q

Information Age

A

A time when large amounts of information is widely available.

69
Q

HRM - Human Resource Management

A

In other words, HRM is about how people are managed by a business in order to meet the strategic objectives of the business.

70
Q

Organisational Chart

A

This is a diagram that shows the hierarchy in a business, usually from top to bottom in terms of seniority.

71
Q

Span of Control

A

The number of employees (or subordinates) for who a manager is responsible for.

72
Q

Chain of Command

A

The chain of command is concerned with the way in which responsibility for employees is organised within a business.

73
Q

Levels of hierarchy/layers

A

This refers to the number of levels or layers in a business organisation.

74
Q

Line relationships

A

The vertical relationship (in the organisational hierarchy) between managers and subordinates.

75
Q

Staff relationships

A

The horizontal relationship between a manager and another organisational member to/from whom the manager gives or receives information or advice.

76
Q

Subordinate

A

Is someone who works for someone else, on an organisational chart.

77
Q

Delayering

A

A process of reducing the number of levels or layers in an organisational structure.

78
Q

Delegation

A

Where a responsibility for carrying out a task is passed onto somebody else.

79
Q

Empowerment

A

Involves giving people greater control/power over their working lives. Eg making decisions and plan their work.

80
Q

Centralised structure

A

The decisions are made right at the top, authority lies with those at the top.

81
Q

Decentralised structure

A

The decision is spread out to include more junior managers in the hierarchy.

82
Q

Organisation by function (system)

A

By departments. The business is arranged into specialist/functional areas. This means that each function has some input into the output of the business’ product (s).

83
Q

Organisation by product

A

The business is organised according to the different products made.

84
Q

Matrix structure

A

Individuals work across teams and projects as well as within their own department.

85
Q

Appraisal

A

A formal assessment of an employees performance.

86
Q

Managerial appraisal

A

A method of appraisal where a manager examines and evaluates an employees performance.

87
Q

Self assessment

A

Employees assess their own performance, often using a tick sheet. This can be used as a stand alone method or in advance of a managerial appraisal.

88
Q

360 Degree Appraisal

A

This involves an employee receiving feedback from several people in organisation. This is more appropriate for staff who work in large businesses within multiple teams.

89
Q

Peer assessment

A

This is when the appraisal is carried out by a work colleague.

90
Q

Labour turnover

A

Concerned with measuring the number of employees who have left the business.

91
Q

Absenteeism

A

Employees are absent off work, with minor ailments, eg a headache.

92
Q

Workforce productivity

A

A measure of output per employee in a period of time.

93
Q

Recruitment

A

The process of bringing new employees into the business.

94
Q

Job description

A

Document that describes the duties of a worker.

95
Q

Person specification

A

A profile of the type of person needed for the job, eg their skills.

96
Q

Internal recruitment

A

When a business looks to fill vacancy from within its existing workforce.

97
Q

External recruitment

A

When the business looks to fill vacancy from any suitable applicant outside the business.

98
Q

Selection

A

The process of deciding which applicant for a job a business should accept.

99
Q

CV

A

A document that the applicant designs providing details such as educational history.

100
Q

Application form

A

A standard business document which is prepared with questions from employer.

101
Q

Letter of application

A

Also known as a cover letter, is a document sent with a CV/application form to provide extra information.

102
Q

Work/job trial

A

A period of trying out a potential employee. The staff will be able to see if they can handle their job responsibilities.

103
Q

Reference

A

A statement from a previous/current employer about the sustainability of the applicant for the job.

104
Q

Collective bargaining

A

The negotiation of wages and other conditions of employment by an organised body of employees. For example about a topic like promotions.

Business Studies SBL Y12 (1 decks)

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