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IGCSE > Keywords > Flashcards

Keywords Flashcards

1
Q

What is opportunity cost

A

Opportunity is the loss of the next best alternative when making a decision

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2
Q

Define Specialisation

A

Specialisation occurs when a person or organisation concentrates on what they are best at

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3
Q

Define Added Value

A

Added value is the differe ce between the cost of materials bought in and selling price of the product

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4
Q

What is primary sector

A

This involves the use/extraction of natural resources

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5
Q

What is Secondary sector

A

This involves the manufacture of goods using the resources from the primary sector

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6
Q

What is Teritary sector?

A

This consists of all the sources provided in an economy

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7
Q

Define Primary Sector

A

Where private individuals own and run business ventures

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8
Q

Define public sector

A

Where governement owns and runs buisness ventures

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9
Q

Why do government want to help new startups?

A

They provide employement
They contribute to the growht of the economy
They can also if the buisness is succesful, contribute to the exports of the country
Start ups often produce fresh ideas and technologies into buisness industry

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10
Q

Define private limited company

A

One or more owners who can sell its shares to only the people known existing shareholders

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11
Q

Define Public limited company

A

Two or more owners who can sell its shares to any individual/organisation in general public through stock exchange

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12
Q

Define Franchisor

A

The owner of a buisness grants license to another person or buisness to use their buisness idea

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13
Q

Define Joint venture

A

Join Venture is an agreement between two or more buisnesses to work together on a project

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14
Q

Define Stakeholder

A

Stakeholder is any person or group that is interested in or directly affected by the performance

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15
Q

Define Shareholder

A

These are the risk takers of the buisness. They invest capital into the buisness to set up and expand it

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16
Q

Define Job Satisification

A

The enjoyment derived from the feeling that you have done a good job

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17
Q

Define Job rotation

A

Involves workers swapping around jobs and doing each specific task for only a limited time and then changing around again

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18
Q

Define Job enlargement

A

Where tasks of similar levels of work are added to workers job description

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19
Q

Define Job enrichment

A

Involves tasks that require more skill and responsibility to a job

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20
Q

What is organisational structure?

A

Structure refers to the level of management and division of responsibilites whithin a buisness

21
Q

What is Span of control

A

Span of control is the number of subordinates working directly under a manager in the organisational Strucutre

22
Q

What is chain of command

A

Chain of command is the strucutre of an organisation that allows instructions to be passed on from senior managers to lower levels of management

23
Q

Define delegation

A

Delegation is giving subordinates the authority to perform tasks

24
Q

What is Autocratic style?

A

Autocratic style is where the managers expect to be in charge of the buisness and have their orders followed

25
Q

What is Democratic style

A

Democratic style is where managers involve employees in the decision making and communication is two way from the top to the bottom

26
Q

What is laissez Faire?

A

Lazissez faire style makes the broad objectives of the buisness known to employees and leaves them to their own decision making

27
Q

Define Trade Union

A

Trade Union is a group of workers who have joined together to ensure their interest are protected

28
Q

Define Job analysis

A

A job analysis identifies and records the tasks and responsbilities related to the job

29
Q

What internal recruitment

A

is when a vacancy is filled by an exisitng employee in the buisness

30
Q

What is induction

A

An introduction given to a new employee explaining the firms activities, procedures, and introducing them to fellow workers

31
Q

Define Redundancy

A

When an employee is no longer needed and so loses their work, though not to any fault of theirs

32
Q

Define Niche marketing

A

identifiying and exploiting small segment of a larger market by developing products to suit it

33
Q

What is Mass marketing

A

Selling the same product to the whole market with no attempt to target groups

34
Q

What is Product Oriented

A

Product oriented buisness- Such firms produce the product first and then tries to find a market for it

35
Q

What is Market oriented buisness

A

Such firms will conduct market research to see what consumers want and then produce goods and services to satisfy them.

36
Q

What is Market research

A

is the process of collecting, analysing and intrepreting information about a product

37
Q

What is Market skimming

A

Setting a high price for a new product that is unique or very different from other products on the market

38
Q

Define Penetration pricing

A

Setting a very low price to attract customers to buy a new product

39
Q

What is Competitve Pricing

A

Setting a price to that of competitors products which are already available in the market

40
Q

Define Cost plus Pricing

A

Setting a price by adding a fixed amount to the cost of making the product

41
Q

Define Promotional Pricing

A

Setting the price of a few products at below cost to attract custumers in the shop in hope they will buy it

42
Q

Define Price elasticity

A

The responsiveness of the quantity demanded for it to change in its price

43
Q

What is Return on Capital employed

A

Amount of Profit made for each dollars invested

44
Q

Define Working capital

A

How much liquid assets a buisness has to pay its day to day debts

45
Q

Stages of new product development

A

1Generate ideas
2 Select the best ideas for further research
3 Decide if the firm will be able to sell enough units for product success
4 Develop a Prototype
5 Test launch
6 Full Launch of the product

46
Q

Stages of Product life cycle

A

1 Introduction
2 Growth
3 Maturity or Stabilization
4 Decline

47
Q

Define Marketing Strategy

A

A marketing strategy is a plan to combine the right combination of the four elements of the marketing mix for a product to achieve its marketing objectives.

48
Q

What are the legal controls on the market

A

laws that protect consumers from being sold faulty and dangerous goods
laws that prevent the firms from using misleading information in advertising Example: Volkswagen falsely advertised environmentally friendly diesel cars and were legally forced to pull all cars from the market
laws that protect consumers from being exploited in industries where there is little or no competition, known as monopolising.

49
Q

What are the problems of Entering a Foreign Market

A

Difference in language and culture:
Lack of market knowledge:
Economic differences:
High transport costs
Social differences:
Difference in legal controls to protect consumers

IGCSE (50 decks)

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