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Business A level definitions (9609) > Section 1 > Flashcards

Section 1 Flashcards

1
Q

Market failure

A

When markets fail to achieve the most efficient allocation of resource, resulting in under or over production of certain goods or services

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2
Q

External costs

A

The costs of an economic activity that are not paid for by the producer or consumer but by the rest of society

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3
Q

Macroeconomic objectives

A

The goals a government is aiming to achieve for the whole economy

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4
Q

Economic growth

A

The increase in a county’s productive potential, measured by an increase in real GDP

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4
Q

Gross domestic product (GDP)

A

The total value of goods and services produced in a country in one year

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4
Q

Real GDP

A

Gross domestic product data adjusted for the effects of inflation

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5
Q

Inflation

A

An increase in the average price level of goods and services resulting in a fall in the value of money

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6
Q

Unemployment

A

When members of the working population are willing and able to work but are unable to find a job

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7
Q

Imports

A

Goods and services purchased from other countries

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8
Q

Exports

A

Goods and services sold to consumers and businesses in other countries

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9
Q

Exchange rate

A

The price of one currency in terms of another

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10
Q

Recession

A

A decline in real GDP of two or more quarters (at least 6 months)

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11
Q

Business investment

A

Expenditure by businesses on capital equipment, new technology and research and development

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12
Q

Labour productivity

A

Average output per employee in a given time period

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13
Q

Business cycle

A

The regular swings in output, measured by real GDP, that occur in most economies, varying from boom conditions to recession.

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14
Q

Deflation

A

A fall in the average price level of goods and services.

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15
Q

Hyperinflation

A

Very high and accelerating inflation, which quickly erodes the real value of the local currency.

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16
Q

Working population

A

All those in the population of working age who are willing and able to work

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17
Q

Cylical unemployment

A

Unemployment caused by low demand for goods and services during a period of slow economic growth or a recession

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18
Q

Structural unemployment

A

Unemployment caused by the decline in important Industries, leading to significant job losses in one sector of the industry

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19
Q

Frictional unemployment

A

Unemployment caused by workers losing or leaving jobs and taking a substantial period of time to find alternative employment

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20
Q

Monetary policy

A

Decisions about the level of interest rates and supply of money in the economy

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21
Q

Fiscal policy

A

Decisions about government expenditure, tax rates and government borrowing

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22
Q

Budget deficit

A

The value of government spending exceeds revenue from taxation

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23
Q

Budget surplus

A

The value of taxation revenue exceeds the value of government spending

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24
Q

Supply side policies

A

Government measures that aim to improve the competitiveness of markets and the economy

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25
Q

Exchange rate depreciation

A

A fall in the external value of a currency as measured by its exchange rate against other countries

26
Q

Exchange rate appreciation

A

A rise in the external value of a currency has measured by its exchange rate against other countries

27
Q

Common currency

A

A currency that is used by more than one country

28
Q

Eurozone

A

Countries in the reopen Union that all use the Euro currency

29
Q

Strategic management

A

Analysis of the current business situation, setting long-term objectives, deciding on business strategies to achieve them and then implementing this strategies

30
Q

Strategic analysis

A

The process of conducting research into the business environment and into the business itself, in order to help identify future strategies

31
Q

Strategic choice

A

The process that leads to a decision to choose a particular strategy from various alternatives in the techniques used to help make the choice

32
Q

Strategic implementation

A

The process of planning, allocating and controlling resources to support the chosen strategy

33
Q

Blue Ocean strategy

A

One that exploits uncontested market space through product differentiation and low cost

34
Q

Red ocean strategy

A

One that competes with rivals and existing markets

35
Q

Scenario planning

A

Identifying possible future situations and how the business might respond to them

36
Q

SWOT analysis

A

A form of Strategic analysis that identifies and analyzes the main internal strengths and weaknesses, and external opportunities and threats, that will influence the future Direction and success of a business

37
Q

PEST analysis

A

The strategic analysis of a firm’s macro environment, including political, economic, social and technological factors

38
Q

Porter’s five forces model

A

A technique for analyzing competitive forces within an industry

39
Q

Core competence

A

An important business capability that gives the Firm competitive advantage

40
Q

Core product

A

Product based on a business’s core competencies, but not necessarily for the final consumer or end user

41
Q

Ansoff Matrix

A

A model used to show the degree of risk associated with the four growth strategies of market penetration, market development, product development and diversification

42
Q

Market penetration

A

Achieving higher market shares in existing markets with existing products

43
Q

Product development

A

The development and sale of new products on new development of existing products in existing markets

44
Q

Market development

A

The strategy of selling existing products in a new market

45
Q

Diversification

A

The process of selling different, and unrelated goods or services in new Markets

46
Q

Force field analysis

A

A technique for identifying and analyzing the positive faactors that support a decision (driving forces) and the negative factors that constrain it (restraining forces)

47
Q

Decision tree

A

A diagram that sets out the options connected with a decision in the outcomes in economic Returns that may result

48
Q

Expected value

A

The Likely financial result of an outcome obtained by multiplying the probability of an event occurring by the forecast economic return if it does occur

49
Q

Corporate plan

A

A plan containing details of a business’s central objectives and the strategies to achieve them

50
Q

Corporate planning

A

The process used by companies to set long-term plans to meet certain objectives, such as business growth and higher return On Capital employed

51
Q

Corporate culture

A

The values, attitudes and beliefs of the people working in an organization that affect the way the interact with each other, and with external stakeholders

52
Q

Power culture

A

A culture that concentrates power amongst just a few people

53
Q

Role culture

A

A culture in which members of staff has a clearly defined job title and role

54
Q

Task culture

A

A culture based on cooperation and teamwork

55
Q

Person culture

A

A culture in which individuals are given the freedom to express themselves fully and make decisions for themselves

56
Q

Entrepreneurial culture

A

A culture that encourages management and workers to take risk, to come up with new ideas and test out new Business Ventures

57
Q

Transformational leadership

A

The leader works with the teams to identify the Need For Change, creates a vision to inspire people to accept change and implements change with the cooperation of the team

58
Q

Change management

A

Planning, implementing, controlling and reviewing the movement of an organization from its current state to a new one

59
Q

Business process re–engineering

A

Fundamental event thinking and redesigning the process of a business to achieve a dramatic improvement in performance

60
Q

Project champion

A

A person appointed to support a project and drive It Forward by explaining the benefits of change and assisting in supporting the team putting change into practice

61
Q

Project groups

A

Groups created by an organization to address a problem that requires input from different specialists

62
Q

Contingency plan

A

A plan for preparing an organizations resources for unlikely events

63
Q

Crisis management

A

The process of dealing with the sudden emergency event

64
Q

Continuity plan

A

Preparing resources so that the business can continue operations after a major crisis

Business A level definitions (9609) (5 decks)

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