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A level Biology > As Business > Flashcards

As Business Flashcards

1
Q

Opportunity cost

A

Benefit of second best option given up

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2
Q

Mixed economy

A

Economic resources owned by Public+private

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3
Q

Free market economy

A

Economic resources owned by private with little state intervention

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4
Q

Command economy

A

Economic resources owned by state

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5
Q

Sole trader

A

1 person puts permanent finance in business+has full control

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6
Q

Cooperatives

A

All members contribute to workload/responasibilities+have 1 vote in meetings+profits are equally shared

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7
Q

Share

A

Certificate that confirms part ownership of company+confirms dividends/shareholder rights to shareholder

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8
Q

Franchise

A

Business that uses name/logo/trading system of successful business

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9
Q

Holding companies

A

Business organisation that owns/controls a number of different businesses, but does not unite them into 1

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10
Q

Public corporations

A

Owned by state+managed with sociale objectives

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11
Q

Corporate aims

A

Long term goals that give sense of direction+allow success to be measured

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12
Q

Corporate objectives

A

Ways to acieve aim

market share/CSR/Profit maximisation/growth

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13
Q

Mission statement

A

Statement of businesses core purpose, phrased in a way to motivate employees+stimulate interest of outside groups

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14
Q

Vision statement

A

Statement on what the business wants to achieve in the long run

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15
Q

MBO

A

Method of coordinating staff by dividing overall aim into specific targets for each department

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16
Q

Stakeholder

A

Person affected/has interest

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17
Q

CSR

A

Considers society interests beyond legal requirement

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18
Q

Manager

A

Sets objectives
Organises resources
Motivates staff

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19
Q

Mintzberg (management roles)

A
  • Interpersonal roles (dealing/motivating staff (leader))
  • Informational roles (acts as a source/transmitter of information (spokesperson))
  • decisional roles (take decisions/allocates resources (negotiator))
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20
Q

Theory X

A

Managers believe that staff are workers dont like work

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21
Q

Informal leader

A

No formal authority but has some power over workers

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22
Q

Motivation

A

stimulates workers towards achieving a goal

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23
Q

McClelland

A

achievement motivation
affiliation motivation
authority motivation

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24
Q

Vroom

A

Valence-depth of want
expectancy-degree to which people expect that putting in the work will lead to a given level of performance
instrumentality-confidence that they will get what they want

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25
Mayo-Hawthorne effect
Changing working conditions will have little effect in motivation teamwork/participation/control over work/decisions=higher motivation
26
Empowerment
Workers are given more control/freedom over their own work
27
HRM
workforce planning Employee moral/welfare Recruitment/selection
28
Induction training
Introductory program to familiarise new employees
29
Employee appraisal
Process of assesing the effectivenes of workers by pre set objectives
30
Employee moral/welfare
satisfaction
31
Market orientated | Product orientated
Outward looking approach that bases product decisions on demand Inward looking approach based on what business has been doing for a long time
32
Asset led marketing
Approach based on firms strengths instead of what customer wants
33
Societal marketing
Approach based on demand+effects on society
34
Primary research
``` Obtaining first hand resources specifically for businesses need Qualitative: -focus groups-asked about attitude towards product -surveys Quantitative: -observatioons/recordings -test marketing -surveys ```
35
Probability sampling | Non probability sampling
- simple random (every member has equal chances) - stratified (target population is divided + random in each stratum) - quota (target population is already divided into different stratum. Every nth person) - convinience - judgemental - snowball
36
Product
End result of production process sold to satisfy customer needs
37
Full cost pricing | Contribution cost pricing
f. c.+v.c | v. c
38
Above the line
Paying for communication with customers | Advertisement
39
Below the line
``` Not directly paying, but based on short term incentives to purchase Sales promotion Personal selling Trade fairs Sponshorships ```
40
Operations manager
Efficiency Innovation Quality
41
Production
Converting inputs to outputs
42
Productivity
Ratio of outputs:inputs | less but more skilled workers/less but more advanced tech
43
Efficiency
Prodcuing output at the highest ratio of output:input
44
Effectiveness
Meeting obejectives by using resources productively to meet customer needs
45
CAD | CAM
- using computer programs to create 2D/3D representations of graphical objects - Use of computer software to control machinery
46
operations flexibility
ability to vary range of products/level of production following changes in customer demand
47
Innovation
new/improved ways of doing things
48
offshoring
relocation of a business process done in 1 country to the same/another company in another country
49
buffer
minimum inventory that should be held to ensure that prodcution still takes place if theres a delay
50
Capital expenditure
purchase of assets expected to last for more than 1 year | buildings
51
Revenue expenditure
Spending on all costs/assets other than fixed assets | wages/materials
52
Short term external sources of finance
Overdraft | Debt factoring
53
Medium term
Leasing | Hire purchase
54
Long term
``` Loan bonds/debentures shares grants venture capital ```
55
Debentures
Bonds issued by companies to raise debt finance with a fixed rate of interest
56
Margin of safety
Amount by which output exceeds BE | output-BE
57
Income statement
Records profit/loss/revenue/cost
58
Balance sheet
Accounting statement that records value of assets/liabilities/shareholders equity at 1 point in time
59
asset
item of monetary value owned by business
60
liability
financial obligation that business has to pay in future
60
liability
financial obligation that business has to pay in future

A level Biology (5 decks)

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