unit 1 Flashcards
what is an organisation
a group of people who come together for a common purpose
what is the public sector
organisations owned and controlled by national governments or local authorities
run for the benefit of the whole nation or local area.
examples of public sector
NHS
education
armed forces
environmental services
what is the private sector
a term used to describe businesses ranging in size and structure, owned
controlled by an individual or group,
run for profit-making activities
how many employees in a micro business
1 - 9
how many employees in a small business
10 - 49
how many employees in a medium business
50 - 249
how many employees in a large business
250+
what is a sole proprietorship
businesses owned by on person
what is a partnership
a business owned by 2 or more people
what is co-operatives
business owned by a group of people each with one vote on decisions made
what is a limited liability corporations
can be owned by one or more person.
owners can be directors and shareholders
reasons to be in private sector
financial freedom
making a difference
personal satisfaction
profit maximization
profit satisficing
market share
what is the third sector
also known as not-for-profit and voluntary
what are the three main types of the third sector
- voluntary or community groups
- registered charities
- non-government organisations
what are the values of the third sector
- helping to improve people’s lives in some way
- delivering essential services
- contributing to economic growth
- playing a role in supporting communities at local levels
what is constraints
a specific pressure that makes it difficult or prevents an organisation to operate freely in any way it wants
what is a mission
a short statement on the business’s reasons for existing and overall goal
what is a vision
an inspirational statement describing what the owners intend to achieve in the next 5-10+ years
what is a value
the core principals and ethics of the business
what is an objective
the goals the owners want the business to achieve in the next 1-5 years and the techniques they will use to do that
what is SWOT
STRENGTHS - the internal advantages
WEAKNESSES - internal factors that effect the business
OPITUNITIES - how they can overtake competitors
THREATS - things that can prevent the business from succeeding
what does PESTLE stand for
political
economic
social
technological
legal
environmental
what are the internal factors that impact on organisations
capital
budgets
staff management
internal processes
what are some international factors that impact organisations
time zones
currency rates
language barriers
what is trading
an economic concept that identifies trading as the buying and selling of goods and services
what is a good
tangible products that can be seen, handled, smelt, tasted or heard
what is a service
intangible goods that cannot generally be physically touched in any way
what sector are most likely to trade
Private sector
they are responsible for following the national laws and regulations for trading
what is primary legislation
acts of law passed by parliament are referred to as statutes
what does the statute book refer to
the whole stature law currently in force
what is secondary legislation
delegated legislation conferring powers on government ministers, the crown and public bodies
what are the three main areas that primary legislation impact
- consumer protection
- competition law
- employment law
what is consumer protection
a section of law designed to safeguard buyers of products against deception, defective products and fraudulent business practices
what are the legislations that effect consumer protection
- consumer rights act 2015
- consumer contracts regulations 2013
- protection from unfair trading regulation 2008
- consumer credit act 1974 (amended 2006)
- consumer protection act 1987
what is competition law
aims to protect healthy competition by ensuring business organisations do not operate in a manner that involves anti-competitive agreements or practices
what legislations apply to competition law
- the competition act 1998
- the enterprise act 2002
what is employment law
aims to ensure that all organisations treat people equally and fairly wherever they are located
what laws apply to employment law
- employment rights act 1996
- the equality act 2010
- health & safety at work act 1974
what is a trading standards office
TSO is a government service designed to protect consumers from rogue trader and scams.
what is the environmental law
no decisions on trading location can be taken without considering the impact of doing business on the environment
power point 4
