Business Studies Key Terms (1)

Can you name the Business Studies Key Terms (1)?

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The right to command and make decisions
A market for shares in PLCs
The number of people a person is directly responsible for in a business
Trade in services
Training that takes place away from the work area
Measures designed to restrict trade
Production involving the conversion of raw materials into finished and semi-finished goods
An employee's take home pay, after deductions such as income tax and pension contributions
The different methods by which information can be sent
A document used by a job seeker which lists personal details, qualifications, work experience, referees and other details
The difference between visible exports and visible imports
Where the business has a separate legal identity from that of its owners
A physical limit on the quantity of imports allowed into a country
Goods and services bought from overseas
Non-physical products
Trade between nations that is completely without government restrictions
Specialisation in specific tasks or skills by an individual
A business owned by between 2 and 20 people
A payment based on the value of sales, usually a percentage of sales made
Favouring one person over another on the grounds of race, gender, age or disability
The use of non-approved channels when communicating
Where workers are given a share of the profits, usually as part of their pay
Communication between the business and those outside such as customers, investors or the authorities
Goods and services produced by one business for another
A brief summary of a firm's aims and objectives
Measures used by the government to attract businesses to 'deprived' areas
The production of services in the economy
The sending and receiving of messages
The decline in manufacuring
The stock of manmade resources, such as machines and tools, used to help make goods and services
Where two or more companies share the cost, responsibility and profits from a business venture
A payment system where workers receive an amount of money for each unit produced
A rate of pay above the normal rate to compensate employees for working extra hours
Where a business allows another operator to trade under their name
Production methods that make more use of labour relative to machinery
The price of borrowed money
The transformation of resources into goods and services
A payment system designed for non-manual workers where pay increases are given if performance targets are met
A section in a business where all employees have similar skills and specialise in particular activities
Areas of land, usually on the outskirts of towns and cities, where businesses develop for the first time
The basic needs of humans for their survival
The idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of life of future generations
Trade in physical goods
Production involving the extraction of raw materials from the earth
Pay, usually to non-manual workers, expressed as a yearly figure but paid monthly
Obstacles that make it difficult for new firms to enter a market
According to Herzberg, things at work that result in satisfaction
Allowing workers to change jobs from time to time
Business organisations owned by individuals or groups of individuals
Areas that are designated by the UK or EU as having economic problems and are eligible for support
A court which deals with cases involving disputes between employers and employees
Appointing workers from inside the business
A business organisation which has a separate legal identity from that of its owners
An organisation which provides goods and services
Making workers' jobs more challenging by giving them opportunities to be creative and take on responsibility
A written agreement between an employer and an employee in which each has certain obligations
A partnership where all partners have limited liability
The pleasure, enjoyment or sense of achievement that employees get from their work
Where a multinational returns the profits from an overseas venture to the country where it is based
Things that get in the way of communication
Goods and services sold to ordinary people rather than businesses
The need of humans to communicate, develop friendships and belong
Authority to pass down from superior to subordinate
A partnership where some partners contribute capital and enjoy a share of the profit, but do not take part in the running of the business
Communication between people inside the business
A document that shows clearly the tasks, duties and responsibilities expected of a worker for a particular job
The route through which orders are passed down in the hierarchy
An increase in income, output and expenditure over a period of time
Basic requirements for human survival
Financial support given to a domestic producer to help compete with overseas firms
Where a business owner is only liable for the original amount of money invested in the business
Business organisations owned by central or local government
An attempt by firms to prevent or restrict competition
The goals or targets set by a business
Appointing workers from outside the business
Where one business dominates the whole market
The resources used to produce goods and services, like land, labour, capital and enterprise
When the amount of resources available is limited
Where the owner of a business is personally liable for all business debts
The process of a comapny 'going public'
Making as much profit as possible in a given time period
A binding legal document which states the formal rights of partners
A tax on imports to make them more expensive
Using changes in taxation and government expenditure to manage the economy
The depreciation or fall in the value of a currency
Groups of people without political power who seek to influence decision makes in politics, society and businesses
Someone who organises other factors of production and risks their own money in a business venture
When people are out of work and cannot find a job
The order of people's needs starting with basic human needs
A payment in addition to the basic wage for reaching targets or in recognition for service
People in the hierarchy who work under the control of a senior worker
Training given to new employees when they first start a job
A diagram that shows the different job roles in a business and how they relate to each other
According to Herzberg, things at work that result in dissatisfaction
A payment system based on the amount of time employees spend at work
The order or levels of responsibility in an organisation from lowest to highest
Peoples' desire for goods and services
Routes along which information might travel in a business
Perks over and above the normal wage or salary
Businesses where there is no legal difference between the owner and the business
The growing integration of the world's economies
Using changes in interest rates and the money supply to manage the economy
The internal structure of a business as shown by an organisation chart
A rise in the general price level
A business owned by a single person
Where a worker is dismissed illegally by a business
An individual or group with an interest in the operation of a business
The production of a limited range of goods
The people used in production
Pay before deductions
Prouduction methods that make more use of machinery relative to labour
The use of recognised channels when communicating
The price of one currency in terms of another
Physical products
Training that takes place while doing the job
Goods and services sold overseas
Areas of land which were once used for urban development
An approach used by a government to protect domestic producers
Ideas about what is morally right or wrong
A process which involves increasing the knowledge and skills of a worker to enable them to do their jobs more effectively
The desire to achieve a goal
A large business with markets and production facilities in several different countries
A personal profile of the type of person needed to do a particular job
The collection of information and reporting on the impact that a business has on society and the environment
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Last Updated: Feb 16, 2017

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