HRM
Is a formal document that sets out the terms and conditions/duties and responsibilities/relating to the job of an employee
Contract of Employment
Land, labour, entreprise, capital
Are not charities, but their objectives re not just profit.
Social Entreprise
A business formed by two or more people with shared responsibilities and shared capital investment.
Partnership
selling price * quantity sold
Revenue
Sets out the kind of qualifications, skills, experience and personal attributes a successful candidate should possess
Job Specification
The next most desired option that is given up is the
Opportunity Cost
Businesses providing information services, such as computing, web design, ICT, management consultancy and R&D.
Quaternary Sector
A small to medium sized company that is a separate legal identity that is owned by private shareholders that have limited liability.
Private limited company
number of shares * their current price.
Market Capitalisation
Identifies and records the responsibilities and tasks relating to a job
Job Analysis
Someone who takes the financial risk of starting and managing a new venture
Entrepreneur
The movement of an economy from depending on the primary sector to depending on the secondary sector.
Industrialisation
An agreement that allows one business to trade under the name of another business to sell the other company’s products or services
Franchise
total number sales of a business / total number of sales in the industry x 100
Market Share
When a job is no longer required, the employee doing this job becomes unnecessary through no fault of their own
Redundancy
Value added
The movement of an economy from depending on the secondary sector to depending on the tertiary sector.
De-industrialisation
Are joint ownership organisations (producer, workers, consumer) and is a distinctive type of business organisation – often a significant amount of democratic control and profits shared/distributed in proportion to members’ investment.
Cooperatives
Long-term goals that a business hopes to achieve
Corporate Aims
The proportion/percentage/rate of a firm's workforce/employees that leave during a certain time period.
Labour Turnover
Is acting like an entrepreneur within an established company. It’s creating a new business or venture within an organization.
Intrapreneur
Economic resources are owned by both private and public sector.
Mixed economy
Two or more businesses/people agree to work together on a particular project/product or business enterprise
Joint Venture
A statement of the business’s core aims, phrased in a way to motivate employees and stimulate interest by outside groups
Mission Statement