Unit 1
Someone who takes the financial risk of starting and managing a new venture.
What is an entrepreneur?
The internal and external factors that stimulate people to take actions that lead to achieving a goal
What is motivation
The management task that links the business to the customer by identifying and meeting the needs of customer profitability.
What is marketing?
The ratio of outputs to inputs during production
Productivity
Overdraft
The three objectives of social enterprises: economic, social, and environmental.
What is the triple bottom line?
A style of leadership that keeps all decision making at the center of the organization
What is an autocratic leadership
The quantity of a product that consumers are willing and able to buy at a given price in a time period.
What is demand?
Producing output at the highest ratio of output to input
What is efficiency
The use of small amounts of capital from a large number of individuals to finance a new business venture.
Crowd funding
Comprises organizations accountable to and controlled by central or local government.
What is a public sector?
A payment to a worker for each unit produced
What is piece rate
The quantity of a product that firms are prepared to supply at a given price in a time period.
What is supply?
A business that operates from more than one location.
What is a multi-site location?
A detailed document giving evidence about a new or existing business, and that aims to convince external lenders and investors to extend finance to the business.
A business organization owns and controls a number of separate businesses, but does not unite them into one unified company.
What is a holding company?
Increasing the scope of a job by broadening or deepening the tasks undertaken
What is job enlargement
An inward-looking approach that focuses on making products that can be made and then trying to sell them.
What is product orientation?
A business with operations or production bases in more than one country.
What is a multinational business?
Records the revenue, costs and profit of a business over a given period of time.
Income statement
Economic resources are owned largely by the private sector with very little state intervention.
What is a free-market economy?
A detailed list of the qualities, skills, and qualifications that a successful applicant will need to have
What is person specification
Product, promotion, and place
What is the marketing mix?
Taxes on the free international movement of goods and services.
What are trade barriers?
Dividends