Revision Flashcards
What are the first three main stages of a business
Raw materials (primary sector)
Product being produced from the raw materials (secondary sector)
Service (tertiary sector)
What could an entrepreneur do to see if there idea is going to do well?
And what will it do?
Conduct market research:
Which will see if there is a gap in the market and what the competitors are like e.g. Prices and marketing.
What is a gap in the market?
When there is a demand for your product.
Job rotation
When an employee moves between different tasks (increase motivation)
Job enlargement
When an employee is given different jobs in order to make the job more challenging.
Job enrichment
Is a concept that involves adding more challenging jobs.
What are the employment rights?
4
- Full pay after a child is born (maternity leave)
- Health and safety poster.
- Workers are guaranteed minimum wage.
- Discrimination of race,gender or sex is illegal.
What is a redundancy?
Workers can lose their job if the company suffers a fall in sales and therefore needs to be paid compensations.
How is redundancy calculated?
How many years the worker has worked there.
What is production?
Is when raw materials and labour work change into goods or services.
Job production
When a product or service is produced individually
Batch production
When a product is produced in batches e.g. 50 white loaves of bread are baked first and then the next 50 brown loaves of bread and then baked.
Flow production.
When a product is produced on a large scale e.g. Coco cola.
Efficient production
Takes place when a business uses its minimum resources to produce it product.
Sum for unit cost
Total cost divided by units produced eg.
100 divided by 25 = 4