The Economic & Business Environment
Businesses considering the interests of stakeholders, society and the environment when making economic and business decisions is known as what?
Corporate Social Responsibility
What are the FOUR key functions of a business?
Human Resources, Finance, Marketing, Operations
A business with fewer than five employees.
A micro business
What is an entrepeneur?
A person who starts, operates and assumes the risk of a business venture.
What is a market?
Any situation where buyers and sellers come together to exchange goods and services.
A business with fewer than five employees.
Part of the business cycle where spending increases and businesses expand is known as what?
A Boom
What is in a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
What part of the business cycle is caused by a lack of spending?
A recession
Work Health and Safety Act (2011)
A severe contraction in the level of economic activity resulting in many business failures, high and sustained levels of unemployment and sometimes falling prices is known as what?
Depression
The group of customers to whom the business intends to sell its products
Target Market
As prices for a good or service increase, the quantity that businesses are willing to supply will increase. If the price decreases, the supply of that good or service will decrease. This known as what?
Law of Supply
Money from within the business is known as what?
As prices increase, less people want a particular product. If the price decreases, more people want the product. This is known as what?
Demand
Collecting and analysing information about customers and the business opportunities available is a process called what?
Market Research
The point at which the demand and supply curve intersect is known as what?
The equilibrium
What are the FOUR main characteristics of an entrepreneur?
They seek and take advantage of opportunities
They Establish a Shared Vision
They Demonstrate innovation, initiative and Resilience
They Learn from their failures to achieve success
The process by which the world is becoming increasingly interconnected as a result of increased trade and cultural exchange
Globalisation
A sole trader has limited or unlimited liability?
Unlimited liability