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PoB > Section 2 > Flashcards

Section 2 Flashcards

1
Q

Production

A

process of using materials and transferring them into products

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2
Q

factors of production

A

land - includes natural resources
labour - physically and mentally
capital- needed to provide goods and services

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3
Q

fixed capital

A

long term , used multiple times in production

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4
Q

working capital

A

used in the everyday running of the business

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5
Q

enterprise

A

skill of organizing all the factors together

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6
Q

industries of natural resources

A

bauxite- Jamaica
clay/limestone - Barbados
gold/ diamond - Guyana
Oil and gas- Trinidad and Tobago
Asphalt - Trinidad

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7
Q

How to improve productivity

A

use modern equipment , organise work efficiently, motivate yourself, improve working conditions

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8
Q

importance of productivity

A

the more county becomes more competitive and produces more , income will rise due to exports sales

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9
Q

improving the labour supply

A

the number of hours the labour force is expected to work makes thek work smarter

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10
Q

human resources development

A

create appraisal, system , development helps to make workers more productive

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11
Q

ways to improve quality of hr

A

training to workers . health insurance and safety training , improve working conditions

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12
Q

use of capital in production

A

fixed capital- machinery and equipment
working capital - cash, stock of goods, raw materials

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13
Q

types of production

A

primary - extraction of raw materials from the earth
secondary- converting raw materials into products
territory - involves service and retail

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14
Q

process in production

A

job- make one product at a time
batch - makes batches at a time of a product
flow- products are passed down a production line

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15
Q

Marketing

A

any situation that brings seller and buyers together

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16
Q

types of markets

A

consumer - sells to customers
industrial- sale between businesses
niche- smaller part of a bigger market

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17
Q

trends in marketing

A

social media - gaining attention through social media
integrated - helps find out about customer requirements

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18
Q

marketing activities

A

marketing research- find out what customers want and how to produce
types of research - qualitative and collecting data
packaging - outer wrapping of good
branding - give your product a unique name
sale promotion - short term measures to persuade people to buy the product

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19
Q

pricing

A

cost plus - unit cost +variable cost + mark up
market oriental - survey what customers are willing to pay
promotional - introducing offers
market shimming - at the beginning high price is charged to get a high profit margin
phycology - seller keeps price below a certain price so it seems cheaper

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20
Q

packaging advantage

A

loos presentable , protects item ,easier to transport

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21
Q

branding importance

A

to distinguish product , helps promote product , identifies company

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22
Q

sales promotion

A

short term measures to increase sales

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23
Q

advertising

A

billboards , online websites , flyers , ads on tv or radio

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24
Q

purpose of advertising

A

to persuade , to inform , highlight features , educate persons

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25
Q

distribution

A

getting goods from manufacturer to customer

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26
Q

consumer decisions

A

save or spend money ?
which goods to buy?
when to buy?
influenced by affordability , quality and brand loyalty

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27
Q

Marketing mix

A

product , promotion, price and place

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28
Q

logistics

A

management of complex operations

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29
Q

supply chain

A

all networks that links in getting a product from the producer to the final customer

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30
Q

chain of distribution

A

manufacturer ->whole sale-> retailer -> customer

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31
Q

mode of transport importance

A

workers to travel to and from work , raw materials , finished products

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32
Q

influence of type of transport

A

nature of good , how urgent the delivery is, cost of transportation , the size and weight of good

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33
Q

multimodal transport

A

transport of goods under 1 contract

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34
Q

intermodal transport

A

transportation of intermodal container

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35
Q

Air transport

A

advantages - fastest form, reduced risk of damaged goods , packaging cost reduced , effective for long distance
disadvantages - cost high to operate , weight of good limited , not good for short distance, affected by bad weather

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36
Q

rail transport

A

advantages - faster than road travel , suitable for ISO containers , less pollution, fuel is more economical
disadvantages - routers are determined , equipment is costly , not suitable for perishable goods

37
Q

road transport

A

advantages - most flexible , fast over short distance , speedy delivery
disadvantages - operation is expensive , prone to accidents , causes pollution

38
Q

Sea transport

A

advantages -large ships can be propelled with small amount of power , aids in international trade, accidents are rare
disadvantages- can carry cargo only as far as ports , slow , affected by climate change

39
Q

Pipeline

A

advantages - environmentally friendly , no need organize cargo
disadvantages - limited to liquid products , can have leaks causing environmental damage

40
Q

transport documents

A

import license- permit giving permission to import certain goods
bill of landing - document that provides the shipper with all info needed to make delivery properly
airway bill- document for when goods are traded using air transport
export license - needed before certain goods are exported

41
Q

roles of transport in marketing

A

ensure security of supply , to reduce cost

42
Q

supply chain advantages

A

improved quality of life , economic growth , increase opportunities of employment

43
Q

telesales

A

selling goods to customers via telephone

44
Q

telemarketing

A

generates interest of potential customers by creating leads

45
Q

e- trading

A

selling of retail goods online

46
Q

supply chain challenges

A

globalisation - expansion of market thereby increasing complexity and business management cant cope the competition , counterfeiting of product which reduces scope and scale and changes in market conditions which may be hard for small businesses

47
Q

importants of logistics

A

can improve the competition between businesses , provide competitive advantages who are more favourable than others , comparative cost advantage where business can produce more at lower cost , outsourcing accessing goods from an outside supplier via contract

48
Q

types of outsourcing

A

1st P- firm that owns logistics
2nd P- provide assets to 1st P
3rd P - perform logistics on behalf of other companies
4th P - coordinates 3rd P

49
Q

Benefits of outsourcing

A

free up cash flow , save cost

50
Q

distribution problems

A

delayed shipment, spoilage or damage too goods, misdirection , inadequate storage , lack of security , ineffective communication

51
Q

reducing distribution problems

A

gov intervention , creating a communication networks , taking out insurance , security mode of distribution

52
Q

information tech and logistics and supply

A

Gps , Gis , portnet , logistics hub

53
Q

Financial institution

A

Central bank , commercial bank

54
Q

central bank

A

leading bank in country, issues notes and coins , bank of the government , manages national debt

55
Q

commercial bank

A

accepts deposits , provides services such as safety , spending control , loans and overdrafts

56
Q

types of bank acc

A

savings - money is paid into the bank and withdrawn in cash ‘
chequing - paying in book of credit slips to pay money into the acc and a cheque book to enable holder to make payments

57
Q

non bank financial institutions

A

credit unions , insurance companies , building societies , micro lending organisations , gov agencies

58
Q

functions and services of financial institutions

A

loans and credit facilities - loans is a type of credit created by the advance of a specified sum of money by the bank to be repaid with added interest
overdrafts - ability for someone to spend more than is in their bank acc
saving and deposits- savings is the amount of dispensable income not spent on consumer goods and have been accumulated and placed to earn interest .
night safe facilities , online banking , trustee work , remittance services , settlement services , deposits boxes

59
Q

investments

A

putting money into some form of asset to make a gain

60
Q

types of investments

A

stock , investment trust , bonds

61
Q

regulatory bodies

A

these monitor the activities of financial institutions to ensure they operate fairly to the public eg. central bank regulates all banking in the country , by changing minimum requirements and regulating credit unions and insurance companies

62
Q

budget

A

outlines on how much of an individuals income is to be spent on his various expenses

63
Q

financial advising

A

provides financial advice or guidance to customers for compensation such as investments , management , income tax prep

64
Q

short term financing

A

accessed through the money market eg. commercial banks , merchant banks and credit unions
sources include - secured loans , loans from family , personal sources such as savings

65
Q

long term financing

A

accessed through building societies , stock exchange and development banks
sources- shares , debentures , secured loans , mortgage

66
Q

Responsibilities of the government in an economy

A

Security of the state - The country must be protected from outside countries by the army and the coastguard etc.

Protection of general welfare of citizens - This is the duty of any government to create and enforce laws which will be beneficial to society. Welfare of citizens include education, health services, proper road networks etc.

Job security and severance benefits to workers - Government can help to make sure that the jobs of citizens are protected by having legalization to which government workers can be appointed to the civil service. Throughout the Caribbean workers and employers are required to pay national insurance which is to ensure that in the event of sickness or injury a worker would still receive some payment.

Protection of the environment - Acts of parliament which would make certain acts such as dumping and other offensive practices illegal and fines and other sanctions attached to it to prevent pollution, zoning of certain areas such as national parks and reserves to protect plants and animals that are considered endangered and keep track of the conditions of the environment in the land air and sea.

Management of the economy - The governments duty to ensure growth and development in the country so that persons lives would be improved for eg. better health care and education.

Maintenance of a safe environment for investors - Organisations wishing to invest in to a country must feel that their capital will be safe.

67
Q

How can businesses protect the environment

A

Adhere to business laws eg. tax, proper disposal of waste and complying with labour laws.

68
Q

Importance of environmental protection

A

the reduction in greenhouse gases and flora and fauna and increased investments could occur.

69
Q

How the government protects consumers

A

Price controls, consumer protection, legalisation which are laws regarding health and safety standards, food and drug standards.

70
Q

Governments regulatory control on business

A

Legalisation, regulations, taxation, price controls, provision for training workers and low cost of rent.

71
Q

Social services provided by governments

A

educational facilities, health facilities, infrastructure and national insurance.

72
Q

Taxation definition

A

The compulsory payment made by citizens and corporations to the government for which no direct benefit is given in return.

73
Q

types of taxes

A

Direct taxes - Taxes that are incurred directly by a person or organisation eg. income tax, corporate tax, capital gain tax

Indirect taxes - These taxes are placed on goods and services. Eg. Vat, consumption tax, purchase tax and custom duties

74
Q

Role of taxation

A

Raising revenue
Income redistribution
Control of spending
To protect local industries

75
Q

Negative effects of taxation

A

Taxes such as vat can raise prices creating inflation and it can be characterised as a poverty trap, as some persons pay increases they may have to pay higher taxes leaving them worst than before.

76
Q

Progressive taxation

A

The higher the taxpayers income, the higher the amount of tax to be paid.

77
Q

Regressive taxation

A

As a person income increases the percentage of tax paid decreases.

78
Q

Proportional taxation

A

All tax payers pay the same proportion of his or her income in tax.

79
Q

Business technology

A

refers to applications of science ,data , engineering and information for business purposes

80
Q

role of technology in business

A

ICT is considered to be all uses of digital tech that exist to help individuals and businesses use info

81
Q

ways technology has influenced banking and commerce

A
  1. ATMS and ABMS located in hotels , petrol stations , malls and supermarkets to add convenience to customers
  2. Online banking
  3. e-commerce , using the internet individuals and businesses are able to make business transactions via the world wide web
82
Q

type of tech

A

traditional - word , powerpoint, excel
specialised apps- CAD , Quickbooks
digital communications- internet/ mobile

83
Q

type of tech

A

traditional - word , powerpoint, excel
specialised apps- CAD , Quickbooks
digital communications- internet/ mobile

84
Q

E-commerce

A

this covers outward facing processes that touch customers suppliers and external partners including sales , marketing , order taking, delivery for production of indirect operating expenses such as office supplies

85
Q

e- business

A

covers e-commerce but also internal processes such as productions , product development and human resources

86
Q

ways tech can improve a business

A

speed and time ,easier storage , automation

87
Q

benefits of tech to a business

A

reach more potential customers , streamline operations , reduce cost, maximise profits , provide better services to customers

88
Q

consequences of unethical use of ICT

A

intellectual property infringement

PoB (2 decks)

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