Dont label me!
What are the four factors of production?
Land
Labor
Enterprise (entrepreneurship)
Capital
What is the difference between the public and private sector?
Public= owned by government
What does SMART stand for?
Specific
Measurable
Achievable
Realistic
Time-constrainted
I am a stakeholder that works inside the business, I care about my employment security, responsibilities and opportunities for profit sharing and share purchase schemes, who am i?
Manager
As a firm expands, it should be able to afford to attract specialist functional managers who should operate more efficiently than general managers, helping to reduce average costs.
Managerial economies of scale
What is a Business Plan?
A written document that describes a business, its objectives and its strategies, the market it is in and its financial forecast.
A company with limited liability that sells its shares in the stock market
Public Limited Company
What does SWOT Stand for?
Strengths, Weaknesses, Opportunities and Threats
I am a stakeholder that is not directly related to the business, I care about value for money, getting the best products, who am i?
Customers
Causes of diseconomies of scale
Communication Problem
Alienation
Name 2 Steps to open a business
Identifying market opportunities
Sourcing Capital
Determining a location
Building a customer base
the sale of public sector organisations to the private sector.
Privatisation
This concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment
Corporate social responsibility
What does steeple stand for?
Social
Technological
Economic
Environmental
Political
Legal
Ethical
Integration with a business in the same industry but a customer of the existing business
Forward Vertical integration
Someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product.
Intrapreneur
A group of people acting together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically.
Cooperatives
What is the relationship between aims objectives and strategies?
Aims and objectives provide the basis and focus for business strategies. Without a clear objective a manager will be unable to make important strategic decisions.
20% of the population is above 60
Social
Merger with or takeover of a business in a different industry.
Conglomerate Integration
Name 3 Problems startups face
Competition
Lack of record keeping
Changes in the business environment
Lack of Finance
Poor Management Skills
Name the two types of non-profit social enterprises
Non-governmental organizations
Charities
The strategy of selling existing products in new markets.
Market development
What are the three economical issues?
economic growth, unemployment, exchange rate
A restaurant purchases a farm, what type of integration?