Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

AS Business Studies > Unit 1 key words > Flashcards

Unit 1 key words Flashcards

0
Q

Reluctant to take any chances, probably not an entrepreneur

A

Risk averse

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Someone who takes responsibility for organising business activity and carries business risk

A

Entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The people who organise and control a business. Typically have both power and responsibility.

A

Managers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The reasons that lead us to act as we do

A

Motivation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Turning physical inputs into a saleable product; a sector that takes up a falling share of uk business activity.

A

Manufacturing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Revenue minus costs. Can be seen as a reward for enterprise and for carrying business risk.

A

Profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Running a business to make the most profit possible, regardless of any other objectives.

A

Profit maximisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Income received by a business from sales and other sources

A

Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The expenditure incurred to operate any business activity

A

Costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Wellbeing, sometimes measured just in terms of material goods but sometimes taking a wider view of the quality of life.

A

Welfare

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

People who target a satisfactory performance rather than profit maximisation

A

Satisfiers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

In line with ideas on what is morally correct. Sometimes business face a choice between profit maximisation and ethical behaviour

A

Ethical

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Businesses taking into account fairness and consideration towards their stakeholders; behaving ethically

A

Corporate responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Taking responsibility for decisions plus organising and motivating fellow workers

A

Leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Means that decisions are handed down for implementation for subordinates are not expected to question decisions or to offer alternatives.

A

Autocratic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Things that are useful or valuable are assets. Premises, equipment and goodwill are examples

A

Assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Where a leader is firmly in control but takes into account workers welfare

A

Paternalistic leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Leaders consult widely and share decision taking

A

Democratic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

To assign or delegate freedom, decision taking and responsibility to individuals or teams of employees

A

Empower

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Subordinates are allowed as much independence as possible

A

Laissez-faire

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A business with activities in several countries.

A

Multinational company (MNC)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A management approach based on the idea that people are lazy and need close supervision

A

Theory X

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A management theory approached based on the idea that people want to achieve and can be trusted

A

Theory Y

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Businesses using the wishes of customers and what the are willing to pay to guide production and marketing decisions

A

Market orientation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Prioritising product quality or performance not customer wishes

A

Product orientated

25
Q

A valuable characteristic that only one brand or supplier has, giving competitive advantage over rivals

A

Unique selling point

26
Q

Subcontracting the marketing of parts or products. Multinationals commonly outsource to countries with lower costs

A

Outsourcing

27
Q

Making your product stand out from others, because of real differences or effective marketing

A

Differentiation

28
Q

Subdividing a market according to distinctive characteristics of the product and/or the buyers

A

Segmentation

29
Q

A small section of a market with distinctive specialised requirements

A

Market niche

30
Q

Reaching targets with minimum waste, effort or cost

A

Efficiency

31
Q

The combination of desire for a product with ability and readiness to pay

A

Effective demand

32
Q

The customers who buy and use goods and services

A

Consumers

33
Q

Dividing up the total population by characteristics such as age and gender

A

Population structure

34
Q

Consumer preferences for products or types of products or types of products, generally subject to shifts over time.

A

Tastes

35
Q

Seeking an advantage over rivals by using anything other than price.

A

Non-Price Competition

36
Q

Alternatives to a particular product.

A

Substitutes

37
Q

Items that are consumed together; such as iPods and music downloads.

A

Complementary goods.

38
Q

Money received.

A

Income

39
Q

How much people have available to spend after tax and benefits.

A

Disposable income.

40
Q

Items that we generally buy more of as income increases, unlike inferior goods. e.g clothes.

A

Normal Products.

41
Q

Products we buy less of as rising income lets us switch to more attractive substitutes e.g Bus travel.

A

Inferior Goods

42
Q

The way that income is shared out between members of a community.

A

Income distribution

43
Q

The amount paid by the buyer in a transaction to the seller

A

Price

44
Q

The best alternative given up when we make a choice and use a resource. Examples include the next best use of a land site, of income or of time.

A

Opportunity cost

45
Q

The quantity that all producers of a product want to sell at a particular price.

A

Market supply

46
Q

A period of time in which a business cannot change fixed costs

A

short term

47
Q

The time it takes to make a change in the fixed asset of a business

A

Long run

48
Q

The private enterprise system that has demand, supply, prices and profits deciding resource use, with minimal government participation.

A

Market system

49
Q

In balance.

A

Equilibrium

50
Q

Turning out large quantities of standardised products, often using a production line and seeking economies of scale to drive down unit costs.

A

Mass Production

51
Q

the idea that modern markets have room for many small niche suppliers alongside larger firms that mass produce, thanks partly to technology such as the internet.

A

Long tail

52
Q

Studying a market to gather data,particularly on factors influencing demand for the product.

A

Market research

53
Q

Taking information from data already collected by others.

A

Secondary market research.

54
Q

Conducting New research into demand for a product.

A

Primary market research

55
Q

Numerical research

A

quantitative market research

56
Q

Research into preferences and attitudes - often in some depth.

A

Qualitative market research

57
Q

A set of questions aimed at gathering market research information, requiring careful construction to minimise bias.

A

Questionnaire

58
Q

Gathering information from a small sample rather than the whole market or population.

A

Sampling

59
Q

Skilled direction and planning to work towards meeting long-term objectives

A

Strategy

60
Q

Approaches to meeting challenges and overcoming obstacles, often specific to an immediate situation.

A

Tactics

AS Business Studies (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions