Busines Vocab 4

Question 1

Green consumerism

Answer 1

Products bought by customer being sustainable

Question 2

Greenwashing

Answer 2

Company lying about their products being sustainable

Question 3

Gross domestic product

Answer 3

The total value of goods and services produced in a contry in a year

Question 4

Gross profit

Answer 4

Revenue less cost of sales

Question 5

Gros profit margin ratio

Answer 5

Gross profit to revenue

Question 6

Hard HRM

Answer 6

Managing employees focusing on cutting costs

Question 7

Hierarchical structure

Answer 7

All members are subortinate to someone else

Question 8

Hire purchase

Answer 8

Purchasing an asset and agreeing to pay fixed payment over a time period until its finished

Question 9

Horizontal communication

Answer 9

Same level communicatinf with each other

Question 10

Horizontal integration

Answer 10

Integrating a business in the same industry

Question 11

Human resource managment (HRM)

Answer 11

A long term plan for the management of an organisations human resources

Question 12

Hyperinflation

Answer 12

Very hing and acceleratinf inflation

Question 13

Income elasticity of demand

Answer 13

A measure of the responsiveness of demand for a product following a change in consumer income

Question 14

Inflation

Answer 14

An increase in the avarage price level of goods and seervices

Question 15

intengible assets

Answer 15

Items of value that that do not have a physical presence

Question 16

Intengible attributes

Answer 16

The subjective opinions of customers about a product

Question 17

Integrated marketing mix

Answer 17

The key marketing decisions complement each other and work together to give customers a consisteng message about a product

Question 18

Intellectual capital

Answer 18

Te intengible capital of a business that includes human capital structural capital and relational capital

Question 19

Internal diseconomies of scale

Answer 19

Factors that cause unit cost of production to increase when a business increases its scale of operations

Question 20

Internal economies of scale

Answer 20

Causes reduction in avarage cost of production as the busines expands its scale operations

Question 21

Job describtion

Answer 21

A detailed list of key points about the jıob that is gonna be filled
Tasks responsibilities

Question 22

Job production

Answer 22

The production of one off item specially designed for a customer

Question 23

Job rotation

Answer 23

A scheme that allows employees to switch from one to other job

Question 24

Joint venture

Answer 24

Two or more businesses agreeing to work with each other

Question 25

labour intensive

Answer 25

Involving a high level of labour input compated with capital equipment

Question 26

Labour productivity

Answer 26

Average output per employee in a given time period

Question 27

Labour turnover

Answer 27

Rate at which employees are leaving the organisation

Question 28

Laiisez-faire management

Answer 28

Leaves much of the business decision making to the workforce

Question 29

Lean production

Answer 29

Producing with minimum of wasted resources while maintaining high quality

Question 30

Leasing

Answer 30

Obtaining the use of an aseet and paying a leasing charge over a fixed period.

Question 31

Level of hierarchy

Answer 31

A stage of the organisational structure where all staff have equal status and authority

Question 32

Level of production

Answer 32

The number of units produced during a time period

Question 33

Liability

Answer 33

A financial obligation of a business that it is required to pay in the future