The removal of government regulation from industry, with the aim of increasing efficiency and improving competition.
What is deregulation?
100
Refers to the surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.
What is a business environment?
100
Where a small number of larger firms have a greater control over a market. E.g Car manufacturers.
What is an Oligopoly?
100
The employees of the business and are generally the most important asset.
What is Human resources?
200
Occurs when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.
What is ecological sustainability?
200
Where there is a large numbers of buyers and sellers in a particular market, e.g local retailing boutiques.
What is Monopolistic competition?
200
Refers to the values, ideas, expectations and beliefs shared by members of the organisation.
What is business (corporate) culture?
200
The activities needed to assist the core operations or prime function of a business
What is support services?
200
Includes those factors over which the business has some sort of degree of control.
What is internal environment?
300
Where there are lots of the firms that sell similar products, which you can't tell the difference from (almost), using price as a way of achieving market share, e.g local fruit shops
What is perfect competition?
300
Are the periods of growth (boom) and recession (bust) that occur as a result of fluctuations in the general level of economic activity.
What is economic cycles?
300
The funds the business uses to meet its obligations to various creditors.
What is financial resources?
300
Includes those factors over which the business has very little control over.
What is External Business?
300
Refers to the number of competitors in a particular market. There are four main types of this:
What is market concentration?
400
Is any group or individual who has an interest in or is affected by the activities of a business.
What is a stakeholder?
400
One that sells a similar range of goods and services
What is a complementary business?
400
Is the process that sees people, good, money and ideas moving around the world (globally) faster and more cheaply than before
What is Globalization?
400
is complete concentration by one individual firm in the industry e.g Australian Post.
What is a monopoly?
500
Refers to the ability of a business to develop strategies that will ensure it has an 'edge' over its competitors for a long period of time (years)
What is sustainable competitive advantage?
500
Include equipment, machinery, buildings and raw materials.
What is physical resources?
500
Is a broad-based tax of 10 percent on the supply of most good and services consumed in Australia
What is Goods and services tax (GST)
500
Include the knowledge and data required by the business, such as market research, sales reports, economic forecasts, technical material and legal advice.