Business & Environment
these are physical in nature - used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.
What are capital goods
this is the art of motivating a group of people towards achieving a common objective.
what is leadership
this is an inward-looking approach that focuses on making products that can be made – or have been made for a long time – and then trying to sell them.
What is product orientation
this is the ability of a business to vary both the level of production and the range of products following changes in customer demand.
What is operational flexibility
the use of small amounts of capital from a large number of individuals to finance a new business venture.
What is crowd funding
they take the financial risk of starting and managing a new venture.
What is an entrepreneur
based on the approach that the manager is in a better position than the workers to know what is best for an organisation.
What is paternalistic leadership
the percentage of sales in the total market sold by one business. firms sales in time period / total market sales in time period x 100
What is market share
this is producing items in a continually moving process.
What is flow production
this is the extra cost of producing one more unit of output.
What is marginal costs
this is when resources are owned, planned and controlled by the state.
What is a command economy
this is a bonus for staff based on the profits of the business – usually paid as a proportion of basic salary.
What is profit sharing
this is the special feature of a product that differentiates it from competitors’ products.
what is unique selling point (USP) or proposition
a business with operations or production bases in more than one country.
What is a multinational
this is the amount by which the sales level exceeds the break-even level of output.
what is the margin of safety
this is a small to medium-sized business that is owned by shareholders who are often members of the same family; this company cannot sell shares to the general public.
What is a private limited company
this is a situation in which employee sare able to give the right amount of time and effort to work and to their personal life outside work, for example to family or other interests.
What is work-life balance
this is the collection of first-hand data that is directly related to a firm’s needs.
what is primary research
the minimum level that should be held to ensure that production could still take place should a delay in delivery occur or should production rates increase.
what is buffer inventories
this is gross profit minus overhead expenses.
what is operating profit
when two or more businesses agree to work closely together on a particular project and create a separate business division to do so.
What is a joint venture
voluntary groups of workers who meet regularly to discuss work-related problems and issues.
What are quality circles
this is the pattern of sales recorded by a product from launch to withdrawal from the market and is one of the main forms of product portfolio analysis.
what is the product-life cycle
these are factors that cause average costs of production to rise when the scale of operation is increased.
What is diseconomies of scale
what is acid-test ratio