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Paper 1 Flashcards

1
Q

Adding value

A

The process of producing a particular good or service that is
worth more than the cost of the resources used to produce it.

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2
Q

Business

A

A decision-making organization established to produce goods

and/or provide services.

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3
Q

Business plan

A

An official document with details of an organization and the

proposals for reaching its aims and objectives (goals).

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4
Q

Entrepreneur

A

A business-minded person who manages, organizes and plans

the production process, taking risks with business decision-making.

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5
Q

Entrepreneurship

A

The knowledge, skills and experiences of individuals who have the capability to manage the overall production process.

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6
Q

Factors of production

A

The collective term for the resources used in the production process, i.e. land, labour, capital and entrepreneurship.

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7
Q

Finance and accounts

A

Function of an organization responsible for ensuring that the
business has sufficient funds in order to conduct its daily operations.

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8
Q

Goods

A

Physical products, such as food, clothes, furniture, cars and
smartphones.

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9
Q

Human resources (HR)

A

The function that handles all aspects relate to the workforce, involving all aspects of business operations related to staff (personnel) within an organization.

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10
Q

Intrapreneurship

A

Describes the traits of individuals who work for an organization (so are not self-employed) but act as entrepreneurs.

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11
Q

Marketing

A

Function of identifying the needs and wants of customers so that the business can provide goods and services to meet these requirements and desires, usually in a profitable way.

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12
Q

Operations (or operations

management)

A

The process of making goods and providing services from the available Operations (or operations management) resources of a business to meet the needs and wants of its customers.

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13
Q

Primary sector

A

Business activity involved with the extraction of natural resources
, e.g. fishing, mining and agriculture.

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14
Q

Production

A

The process of creating goods and/or services using the factors of production available to the business.

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15
Q

Quaternary sector

A

Business activity involving the creation or sharing of knowledge and
information.

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16
Q

Secondary sector

A

Business activity involved with the manufacturing or construction of
finished products.

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17
Q

Services

A

Intangible products, such as haircuts, tourism, public transport, banking,
insurance education, and healthcare.

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18
Q

Tertiary sector

A

Business activity that involves providing services to customers
, i.e. consumers and business clients.

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19
Q

Value added

A

The numerical difference between the cost of factor inputs in the
production process and the price that the final output is sold for.

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20
Q

Charities

A

These are altruistic organizations that operate predominantly in the
private sector with the goal of promoting a worthwhile social cause.

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21
Q

Companies (corporations)

A

This refers to any business organisation that is owned by its shareholders
who have limited liability.

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22
Q

Cooperatives

A

These are for-profit social enterprises owned and run by their members
(usually employees, managers or customers). Their primary goal is to
create value for their member-owners.

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23
Q

Deed of Partnership

A

A legally binding contract that all joint owners of a partnership sign, stating
the purpose of the business, the formal rights of the partners, and how
any profits should be split.

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24
Q

Limited liability

A

This legal status of a business enables its shareholders (business owners
not to be liable for more than the original amount of money invested in the
business.

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25
Q

Limited partnership

A

This is a special type of partnership where some partners contribute
capital and enjoy a share of the profits but do not participate in the running of the business. At least one partner must still have unlimited liability.

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26
Q

Microfinance providers

A

Financial organizations that advance very small amounts of money to entrepreneurs of small businesses, especially females and those on low incomes.

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27
Q

Non-governmental

organizations (NGOs)

A

A type of non-profit organization (NPO) operating in the private sector of the economy for the benefit of others in society (rather than for
shareholders).

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28
Q

Partnership

A

A business alliance consisting of between 2 and 20 individual owners wh are jointly responsible for the business (although this number can vary between countries).

29
Q

Private sector

A

This section of the economy is made up of businesses that are owned by individuals or groups of individuals, rather than by the government.

30
Q

Public limited company

PLC

A

A joint-stock company owned by shareholders. The shares in a PLC can be bought and sold by the general public, without prior approval of
existing owners.

31
Q

Public-private

partnerships

A

These are organizations jointly stablished by the government and a private sector business(es) in order to provide certain goods or services.

32
Q

Public sector

A

Businesses in this section of the economy are run and owned by the government in order to provide essential services for society as a whole,
e.g. education and healthcare services.

33
Q

Sleeping partner

A

Also known as a silent partner, this is an investor in a partnership but
who does not get involved in the daily running and management of the organization.

34
Q

Social enterprises

A

These organizations are revenue-generating businesses with community (social) objectives at the core of their operations in order to benefit the general public, rather than private shareholders.

35
Q 
Sole trader (sole
proprietor)
A

An organization which is owned by a single entrepreneur who has exclusive responsibility for the running of the business.

36
Q

Stock exchange

A

This is any marketplace where the general public and other companies can buy and/or sell shares.

37
Q

Unlimited liability

A

This means the owner(s) of a business (such as a sole trader or partner)
is personally liable for any business debts, even if this requires the debts
to be settled by selling off personal assets.

38
Q

Aims

A

These are the long-term aspirations of an organization.

39
Q

Ansoff Matrix

A

This is a strategic management tool, used to devise product and market growth strategies for an organization.

40
Q

Corporate social responsibility (CSR)

A

This is an organization’s decisions and actions that impact society in a positive way.

41
Q

Diversification

A

A growth strategy in the Ansoff matrix, which involves a business launching new
products in new markets, such as Honda (motor vehicles) manufacturing lawnmowers
and jet planes.

42
Q

Ethical objectives

A

Organizational goals based on moral guidelines that determine decision-making.

43
Q

Ethics

A

These are moral guidelines or codes of practice which govern good organizational
behaviour.

44
Q

Market development

A 
A growth strategy in the Ansoff matrix which focuses on using customer loyalty to
persuade them (and prospective customers) to buy a new product.
45
Q

Market penetration

A

A growth strategy in the Ansoff matrix that focuses on developing existing markets with
existing products to increase sales revenue and market share.

46
Q

Mission statement

A

A succinct and motivating declaration of an organization’s purpose of existence, who they are, and what they do.

47
Q

Objectives

A

These are the clearly defined targets of a business in order to achieve its aims. They are
often based on the SMART acronym - specific, measurable, agreed, realistic and time
specific.

48
Q

Product development

A

This growth strategy in the Ansoff matrix that involves introducing new products to
existing customers by developing or replacing current products.

49
Q

SMART objectives

A

Peter Ducker’s framework for setting organization objectives, which should be specific, measurable, agreed (or achievable), realistic (or relevant), and time bound.

50
Q

Strategy

A

Strategies are the ways in which a business plans to reach its long-term organizational
aims.

51
Q

SWOT analysis

A

A strategic analysis tool that allows managers to assess the current situation facing an
organization, including both internal factors and the external business environments.

52
Q

Tactic

A

The short-term methods, often on a daily basis, used to implement business strategy.

53
Q

Vision statement

A

An inspiring declaration of what an organization ultimately strives to be, or to achieve,
in the distant future.

54
Q

Arbitration

A

Method of stakeholder conflict resolution with all stakeholder groups in conflict agreeing to accept the decision or judgment of the independent
arbitrator.

55
Q

Competitors

A

These are the firm’s rivals, which operate in the same industry and contest for the same customers.

56
Q

Conciliation

A

Method of stakeholder conflict resolution which aims to align the incompatible interests of different stakeholder groups by helping different
parties to better understand each other’s interests.

57
Q

Conflict

A

This refers to the mutually exclusive and incompatible interests of differer
stakeholder groups. If this is not managed, it often leads to protracted disagreements, disputes and arguments in the workplace.

58
Q

Customers

A

These are the firm’s clients, individuals and other businesses, who
purchase the organization’s goods and/or services. Their interests include
competitive prices, fit-for-purpose products and overall value for money.

59
Q

Directors

A

The group of senior managers who run a company on behalf of the owners of the company.

60
Q

Employees

A

These are the workers within an organization. Their interests include: job security, a competitive remuneration package, a safe working environment and opportunities for career development.

61
Q

External stakeholders

A

Stakeholder groups that are not directly involved in the running of an
organization but have a direct interest in its operations.

62
Q

Financiers

A

Financial institutions (such as banks) and individual investors who provide source of finance for businesses. They are interested in the organization’s ability to generate profits and to repay debts.

63
Q

Internal stakeholders

A

These stakeholders are part of the organization, such as employees, managers, directors, and shareholders.

64
Q

Local community

A

The general public and local businesses that have a direct interest in the activities of the organization. They are interested in the firm’s ability to create jobs and to operate in a socially responsible way.

65
Q

Managers

A

The people hired to be responsible for overseeing certain functions,
operations or departments within an organization.

66
Q

Pressure groups

A

Individuals who come together or organizations that are set up for a common concern. They aim to influence government and public opinion in order to create the desired social change.

67
Q

Shareholders

A

The people or organizations that have shares in a company. Their interest is financial, i.e. regular dividends and a higher share price.

68
Q

stakeholders

A

The individuals, organizations or groups with a vested interest in the actions and outcomes of a specific organization. They are directly affected by the performance of the business.

69
Q

Suppliers

A

Organizations that provide the goods and support services for other businesses. Their interests include receiving regular orders and receiving customers on time.

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