Business Vocab 3

Question 1

Dynamic pricing

Answer 1

Offering products at a price that changes according to the leve of demand and customers ability to pay

Question 2

Economic growth

Answer 2

İncrease in countries productive potentisl measured by an increase in its real GPD

Question 3

Effectiveness

Answer 3

Meeting the objectives of the business by using inputs productively to meet customers needs

Question 4

Efficiency

Answer 4

Producing output at the highest ratio of output to input

Question 5

Employee appraisal

Answer 5

The process of assessing the effectiveness of an employee judged against pre set objectives

Question 6

Empowernment

Answer 6

Giving authority and oppurtunitiy to employees so they can take decisions and be accountable

Question 7

Enterprise

Answer 7

The action of showing initiative to take the risk to set up a business

Question 8

Enterprice resource planning (ERP)

Answer 8

The use of single computer application to plan purchase and organising the orders to improve efficiency

Question 9

Entreprenuer

Answer 9

Individual who has an idea for a new business

Question 10

Environmental audit

Answer 10

Environment affectimng the impact activities and decisions of business

Question 11

Equilibrium price

Answer 11

Demand being equal to supply at price level

Question 12

Ethical code ( code of conduct)

Answer 12

A dockument detailing companies rules and guidelines

Question 13

Excess capacity

Answer 13

When current levels of output are less than full capacity output

Question 14

Exchange rate

Answer 14

The price of one currency in terms of another

Question 15

Excahnge rate appreciation
Depreciation

Answer 15

A rise in external value
A fall in external value

Question 16

Exports

Answer 16

Goods and services sold to customers and business in other countries

Question 17

External diseconomies of scale
External economies of scale

Answer 17

Factors causing unit costs rise as an industry expands
Unit cost reduction that can ebnefit a busiess

Question 18

External reqruitment

Answer 18

When a busines aims to fulfill a vacancy with a suitable application from outside of the business

Question 19

Fixed cost

Answer 19

Costs that do not vary wşth output in the short run

Question 20

Flow production

Answer 20

Tyhe production of items in a continiually moving process

Question 21

Forward vertical integration

Answer 21

Vertical integration with a customer business

Question 22

Fringe benefits

Answer 22

Benefits given seperate from pay by an employer to some or all employees

Question 23

Gearing ratio

Answer 23

A ratio that measures the proportion of capital employed in the business that is financed by long term borrowing(non current liabilities)