Business and its Environment
Businesses owned and operated by private citizens; not controlled by the state
What is the private sector?
the motivational theorist who wanted to find the most efficient way of assembly
Who is Taylor
The management task that links the business to the customer by identifying and meeting the needs of customers profitably
What is marketing
Intangible capital pertaining to intelligence, structure, and relationships
what is Intellectual Capital
a financial obligation of a business that it is required to pay in the future
What is a liability
people that are affected by decisions in a business and therefore have an interest in its actions
what are stakeholders?
Motivational theorist that established the hierarchy of needs
Who is Maslow
The quantity of a product that consumers are willing and able to buy at a given price in a time period
What is demand
High capital input compared to labor input
cash held at the end of the month becomes next month's opening balance
what is the closing cash balance
sale of the business as a proportion to total market value
What is Marker Share?
Motivational theorist that established the two-factor theory
Who is Herberg
The market price that equates supply and demand for a product
What is equilibrium price
use of computer programs to aid in modeling physical objects
record of the cash received by a business over a period of time and the cash outflows from the business
what is the cash-flow statement
statement of the business's core aims that is phrased to motivate employees
What theorist came up with achievement motivation and Authority motivation
Who is MCClelland
The special feature of a product that differentiates it from competitors' products
What is a unique selling proposition (USP)
the use of flexible computeraided production systems to produce items to meet individual customers’ requirements at mass-production cost levels.
what is mass customization
risk-capital invested in business start-up or expanding small businesses that have good profit potential but do not find it easy to gain finance from other sources
what is venture capital
Land, Labor, Capital, Enterprise
What are the four factors of production?
Theorist that found a positive link between effort and performance based on Valence, Expectancy, and instrumentality
Who is Vroom?
Businesses that provide the same or similar goods or services
an inventory control method that aims to avoid holding inventories by requiring supplies to arrive just as they are needed in production and completed products are produced to order.
What is Just-in-time
spending on all costs and assets other than fixed assets and includes wages and salaries and materials bought for stock.
what is revenue expenditure