Last Minute Revision Flashcards
1
Q
Define power
A
The ability to get things done
2
Q
Define authority
A
The right to do something
3
Q
Define delegation
A
The passing of authority, but responsibilities stays with initial holder
4
Q
Define responsibility
A
The obligation an individual has to fulfil the task that they have been given
5
Q
Define accountability
A
The holding of an individual to account for the completion of tasks given to them
6
Q
Describe a generic competitor
A
Firms who compete for the same income but offer different products
7
Q
Describe a form competitor
A
Firms whose markets satisfy the same needs although they are technically quite different
