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Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3
100
The surrounding conditions in which the business operates.
What is Business Environment?
100
Factors over which the business has very little control.
What is External Environment?
100
Factors over which the business has some degree of control.
What is Internal Environment?
100
Periods of growth (boom) or decline(recession) that occur as a result of fluctuations in the general economic activity.
What is Economic Cycles?
100
The removal of government regulation from industry, with the aim of increasing efficiency and improving competition.
What is Deregulation?
200
The process that sees people, goods, money and ideas moving around the world faster and cheaper than before.
What is Globalisation?
200
Goods and Services Tax. A broad-based tax or 10% on the supply of most goods and services in Australia.
What is GST?
200
The ability of a business to develop strategies that will ensure it has an 'edge' over its competitors for a long period of time.
What is Sustainable Competitive Advantage?
200
The number of competitors in a particular market.
What is Market Concentration?
200
Complete concentration by one firm in the industry, eg. Australia Post.
What is Monopoly?
300
Where a small number or larger firms have a greater control of the market, eg. Car Manufacturers.
What is Oligopoly?
300
Where there is a large number of buyers and sellers in a particular market, eg. local retailing shops.
What is Monopolistic Competition?
300
Where there is a large number of small firms that sell similar products.
What is Perfect Competition?
300
A business that sells a similar range of goods and services.
What is Complementary Business?
300
The activities needed to assist the core operations or prime function of a business.
What is Support Services?
400
The employees of the business and are generally its most important asset.
What are Human Resources?
400
The knowledge and data required by the business, such as market research, sales reports, economic forecasts, technical material and legal advice.
What are Information Resources?
400
Resources including equipment, machinery, buildings and raw materials.
What are Physical Resources?
400
Funds the business uses to meet its obligations to various creditors.
What are Financial Resources?
400
The values, ideas, expectations and beliefs shared by members of the organisation.
What is Business / Corporate Culture?
500
Any group or individual who has an interest in or is affected by the activities of a business.
What is a Stakeholder?
500
When economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.
What is Ecological Sustainability?