Unit 1
the main activity in which a business is involved
prime function
this occurs when there is a decline in the country’s gross domestic product across two consecutive three-month periods
recession
The rules that define write and wrong behavior
ethics
SMART
Specific, measurable, achievable, realistic, time-specific
A person who transmits information to outsiders
Spokesperson
Sets out the main purposes and goals of the business
mission statement
A period of high rates of unemployment, low wages, reduced consumer spending and a general decrease in business activit.
depression
C.E.O.
Chief Executive Officer
Identifies the resources needed to start up a busines, and projected income, costs and cash flow for a set time perio.
financial plan
Undertakes symbolic leadersh
figurehead
For a fee, the right to market a company’s goods and services within a given locatio.
franchise
in this economic system, competition determines price, which in turn determines demand
free market economy
Those born between 1945 and 1960.
baby boomers
They specify the evidence required to prove that a planned effort has achieved a chosen resul.
key performance indicators
Types of managers who set the task and give employees complete freedom to complete it as they see fit
laissez faire
industry that exploits natural resources
primary
Everything produced by all the people and all the companies in a country
GDP
This is driving the third industrial revolutio.
technology
The amount of money an organisation makes after it has paid expenses for earning that revenue
profit
Tend to perceive the risks and problems associated with a situation
Negative decision makers
industry that uses raw materials to manufacture goods
secondary industry
The value of a nation’s exports less the total value of its import, usually calculated on a monthly basis
Balance of trade
The belief that women are less capable or clever than men, or vice versa.
gender discrimination
A way of scanning the business environment to anticipate event, make prediction, and shape courses of action
swot analysis
Types of managers that believe in a high degree of control
Autocratic