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Business Management > Topic 1.1: Introduction to Business and Management > Flashcards

Topic 1.1: Introduction to Business and Management Flashcards

1
Q

Adding value

A

Producing service that is worth more than the cost of the resources in the production process

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2
Q

Asset

A

Anything of value owned by business (also individuals)

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3
Q

Automation

A

Shifts from secondary to tertiary sectors

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4
Q

Business

A

Organisation involved in the production of goods and/or the provision of services

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5
Q

Business activity

A

The process of turning inputs into output to meet needs and wants of customers

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6
Q

Business plan

A

Document that sets out the business idea

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7
Q

Capital

A

Finance/Non-natural (manufactured) resources used in the production of other products

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8
Q

Capital growth

A

An appreciation in the value of the assets

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9
Q

Capital(producer) Goods

A

Products bought by businesses to produce other goods and/or services

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10
Q

Collateral

A

Financial security for lenders of money

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11
Q

Competitive advantage

A

Advantage over other businesses due to eg. better customer service

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12
Q

Consumer durables

A

Goods that can be used repeatedly

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13
Q

Consumer goods

A

Products sold to the general public

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14
Q

Consumers

A

People or organisations who use the product

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15
Q

Costs of Production

A

A business’ expenses from production of a good or service

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16
Q

Customer base

A

Loyalty of businesses to customers

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17
Q

Customers

A

People or organisation that buy the product

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18
Q

Economic growth

A

Increase of production

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19
Q

Economies of scale

A

Savings from production of goods and services

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20
Q

Entrepreneurs

A

People who risk their time, money, and other resources to start and manage a business

21
Q

Entrepreneurship

A

Knowledge, skills and experiences of entrepreneurs

22
Q

Executive summary

A

A brief overview of the business plan

23
Q

Exogenous shocks

A

External conditions affecting business plan

24
Q

Factors of production

A

Resources used in the production process

25
Q

Fixed assets/costs

A

Regular expenses

26
Q

GDP (Gross Domestic Product)

A

The monetary value of final goods and/or services

27
Q

Goods

A

Physical products

28
Q

Industrialisation

A

A shift from primary sector to secondary/tertiary sector for higher added value

29
Q

Innovation

A

New or improved ideas

30
Q

Inputs

A

Resources businesses uses in the production process

31
Q

Intrapreneur

A

An employee who thinks and acts as an entrepreneur within a section of the organisation

32
Q

Intrapreneurship

A

Behaving as an entrepreneur but as an employee within a large business organisation

33
Q

Liability

A

An amount owed by a business

34
Q

Need

A

Necessities that a person must have to survive

35
Q

Non-durables

A

Products that don’t last long or cannot be reused

36
Q

Outputs

A

Products

37
Q

Primary sector

A

Cultivation or extraction of natural resources

38
Q

Product

A

Goods and services

39
Q

Production

A

Creating goods and/or services

40
Q

Profit

A

Financial gain

41
Q

Quaternary sector

A

Service sector industries concerned with the collection, processing, and manipulation of information and capital

42
Q

Revenue

A

Income

43
Q

Sectoral change

A

A shift in the relative share of gross domestic product and employment that is given to each business sector

44
Q

Services

A

Intangible products

45
Q

Tertiary sector

A

Service sector

46
Q

Wants

A

Desires (unnecessary)

47
Q

Working capital

A

Money available for a business’ daily work

48
Q

Employment Creation

A

To create new jobs

Business Management (6 decks)

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