Revision Flashcards

1
Q

What are the first three main stages of a business

A

Raw materials (primary sector)

Product being produced from the raw materials (secondary sector)

Service (tertiary sector)

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2
Q

What could an entrepreneur do to see if there idea is going to do well?

And what will it do?

A

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.

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3
Q

What is a gap in the market?

A

When there is a demand for your product.

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4
Q

Job rotation

A

When an employee moves between different tasks (increase motivation)

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5
Q

Job enlargement

A

When an employee is given different jobs in order to make the job more challenging.

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6
Q

Job enrichment

A

Is a concept that involves adding more challenging jobs.

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7
Q

What are the employment rights?

4

A
  • 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.
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8
Q

What is a redundancy?

A

Workers can lose their job if the company suffers a fall in sales and therefore needs to be paid compensations.

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9
Q

How is redundancy calculated?

A

How many years the worker has worked there.

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10
Q

What is production?

A

Is when raw materials and labour work change into goods or services.

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11
Q

Job production

A

When a product or service is produced individually

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12
Q

Batch production

A

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.

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13
Q

Flow production.

A

When a product is produced on a large scale e.g. Coco cola.

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14
Q

Efficient production

A

Takes place when a business uses its minimum resources to produce it product.

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15
Q

Sum for unit cost

A

Total cost divided by units produced eg.

100 divided by 25 = 4

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16
Q

What is the sum of profits?

A

Revenue- costs = profits