Role of Business
The act of selecting amongst alternatives
What is choice?
A business that is owned and operated by one person
What is a sole trader ?
Factors over which businesses have very little control.
What is external environment?
What is the business life cycle?
The process of coordinating a business's resources to achieve it's goals.
What is management ?
What remains after all expenses have been deducted from sales revenue
What is profit?
Government owned and operated businesses .
What is a government enterprise ?
National Bodies that represent the interests of employees.
What is a Trade Union?
When the owners of two separate businesses decide to combine resources and form a new organisation.
What is a merger ?
A broad set of activities involved in searching for identifying and then implementing a course of action to correct an unworkable situation
What is problem solving?
A set of activities undertaken to improve existing products ,create new ones or improve production
What is Research and Development ?
An incorporated business and usually has between 2 and 50 private shareholders
What is a proprietary company ?
Product,location ,management ,resources,Business Culture.
What are the internal influences on business?
A business continues to operate at the level it has been during the maturity phase
What is steady state ?
The economic ,social and environmental performance of a business.
What is The triple bottom line?
A distribution of a company's profits to shareholders calculated as a number of cents per share.
What is a dividend?
The process of transferring ownership of a government business to the private sector
What is privatisation?
Consists of a small number of larger businesses that dominate the market.
What is Oligopoly?
When the owner is forced to cease trading by the creditors of the business.
What is involuntary cessation ?
What is Classical Approach ?
Quality of life, Profit, Employment , Wealth ,Entrepreneurship and Risk,Incomes ,Choice, Innovation
What are the roles of a business ?
A document giving details of a company and inviting the public to buy shares in it.
What is a prospectus?
Resources such of knowledge and data required by the business such as market research ,sales reports and economic forecasts ,technical material and legal advice.
What are information resources?
The process of converting the assets of a business into cash
What is realisation?
Measures how much an employee can produce in a set period of time
What is labour productivity ?