Business Activity
Land, labour, capital and enterprise
What are factors of production?
This is the reason why employees want to work hard and work effectively for the business.
What is motivation?
This is the percentage of total market sales held by one brand or business.
What is market share?
It occurs when there is a decline in the importance of the secondary sector of industry in a country.
What is de-industrialization?
This involves workers swapping round doing each specific task for a limited time, then changing round again.
What is job rotation?
This is a small and specialized segment of a larger market.
What is niche market?
It is a document containing the business objectives and important details about the business operations, finance and owners of the new business.
What is a business plan?
This involves looking at jobs and adding tasks that are require more skill and/or responsibility.
What is job enrichment?
This is an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences.
What is market segment?
It is when one firm merges with or takes over another one in the same industry but at a different stage of production.
What is vertical integration?
This leadership style makes broad objectives of the business known to the employees, but they are left on their own to make decisions.
What is Laissez-faire leadership?
This is a business which carries out market research to find out consumers wants before a product is developed and produced.
What are market oriented businesses?
A business which does not have a separate legal identity and their accounts are not kept separate from owners.
What is an unincorporated business?
This is a place where legal meetings are held, and they consider worker's complaints of unfair dismissal or discrimination at work.
What is an industrial tribunal?
This is an independent person or business that is appointed to deal with sales and distribution of a product or range of products.
Who is an agent?