Business Activity
Define "entrepreneurship."
The process of starting and running a new business.
What is inflation?
The rate at which the general level of prices for goods and services rises.
What is a sole trader?
A business who is operated by a single person.
What is a business plan?
A document outlining the goals, strategies, and financial forecasts of a business.
What is the primary sector?
Industries that extract natural resources, such as farming, mining, and fishing.
Define "exchange rate."
The value of one currency in terms of another.
Define "limited liability."
A legal structure where shareholders are only liable for the amount they invested in the business.
Define "SWOT analysis."
A framework for analyzing a company’s strengths, weaknesses, opportunities, and threats.
What is the purpose of business objectives?
Goals set by a business to guide operations and measure success.
What is a business cycle?
The fluctuations in economic activity that an economy experiences over time, including periods of expansion and contraction.
What is the difference between public and private limited companies?
A public limited company can sell shares to the public, while a private limited company cannot.
What is a Gantt chart used for?
A tool used in project management to plan and schedule tasks over time.
Explain the term "opportunity cost."
The cost of choosing one option over another, the next best alternative foregone.
What is a trade union?
An organization that represents workers to negotiate wages, working conditions, and other employment-related matters.
What is a partnership?
A business owned and managed by two or more individuals who share profits and responsibilities.
What is the role of management? (Minimum 3)
Planning, organizing, leading, and controlling resources to achieve business objectives
Define "added value."
The difference between the selling price of a product and the cost of inputs.
Explain the impact of government regulations on businesses.
Regulations can increase costs for businesses through compliance but also protect consumers and promote fair competition.
Define "franchise."
A business system where an individual can buy the rights to operate a business using the branding and model of an established company.
Explain the concept of strategic decision-making.
The process of making long-term decisions that shape the overall direction of a business.