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Question 1

redundancy vs dismissal

Answer 1

redundancy is where the job that an employee has is out of date or no longer exists as the business doesn’t need the job role anymore. dismissal is effectively where an employee is fired, the employer has to thoroughly investigate the situation and provide a legal explanation as to why the employee has been fired

Question 2

factors managers may consider before involving employees in decision making

Answer 2

. how skilled the employees are
. size of the business - smaller businesses might choose to involve employees more in decision making
.

Question 3

absolute advantage

Answer 3

where a country can produce more of a good / service than another country, typically being able to produce more of an amount using the same amount of resources / for cheaper.

Question 4

embargo

Answer 4

complete ban on international trade

Question 5

purchasing power parity

Answer 5

price of buying the same amount of goods in other countries

Question 6

TNC

Answer 6

transnational companies are companies that own production/services set up in at least one other country

Question 7

protectionism

Answer 7

protecting domestic businesses from foreign businesses

Question 8

off shoring

Answer 8

shifting jobs to other countries to benefit from cheaper taxes/ costs

Question 9

autocratic

Answer 9

leadership style where the decision making is made by the leaders only

Question 10

democratic

Answer 10

leadership style where decision making involves other workers in the workforce but the final decision is made by the leader (s)

Question 11

quotas

Answer 11

physical limit on number of imports

Question 12

flat structure

Answer 12

managers have wide span of control due to minimal layers in chain of command. less chance for promotion

Question 13

tall structure

Answer 13

managers have a more narrow span of control. many layers means that there is a long chain of command and a greater chance for promotion. typically seen in larger businesses

Question 14

sleeping partner

Answer 14

a business partner that invests capital in the business + receives dividends but isn’t involved in any of the decision making.

Question 15

pressure groups

Answer 15

a group of people who aim to influence decision making in companies to achieve a specific outcome

Question 16

reshoring

Answer 16

bringing jobs and operations that had been sent to other countries back into the home country.