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Business Grade 10 > Chapter 1:business environments > Flashcards

Chapter 1:business environments Flashcards

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1
Q

What are the 2
sectors in the business world

A

The Public and Private Sectors

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2
Q

What is the public sector

A

business that operate in the public sector are owned by government and have been established to provide collective goods

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3
Q

What is the other name for collective goods

A

Infastructure

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4
Q

Name 4 examples of collective goods ?

A

police force ,muncipalities(water and electricity) goverment hospitals and schools

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5
Q

How are businesses funded in the public sector

A

Businesses in the public sector are funded by taxes from individuals who work or businesses operating in the private sector

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6
Q

True or False : Business that operate in the private sector are established by private entrepreneurs

A

True

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7
Q

How are businesses started in the Private Sector ?

A

The entrepreneur has to provide capital to fund their business .It can be borrowed or their own money .

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8
Q

True or False: A business creates a competitive advantage in order to survive as their is high competition amongst business in the private sector

A

True

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9
Q

What is a competitive advantage

A

It’s what gives the business an upper hand against other businesses

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10
Q

What are the 2 sectors that the private sector can be divided into what are they

A

Formal and Infromal sectors

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11
Q

Name the 4 chateristics of the formal sector

A

They pay tax
included in the countries GDP
Fixed location
Has to register in the CIPC

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12
Q

What does CIPC stand for

A

Companies and Intellectual Property Commision

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13
Q

What does the CIPC do

A

This is where all businesses in the formal sector are registered

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14
Q

Name the 4 characteristics of the Informal sector

A

Don’t pay any company tax - only VAT from products brought
Not included in the GDP
NO Fixed location
Don’t register at CIPC

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14
Q

How many economic sectors are their

A

5 Five

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15
Q

What is a ‘business ‘

A

A business refers to the specific processes that add value to an economic society or and to the particular country in which it operates

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16
Q

What are the economic sectors

A

Primary sector
Secondary sector
Tertiary sector
Quaternary sector
Quinary sector

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17
Q

How does a business add value to the economy ?

A

create employment and this helps the people of the country to improve their general standard of living

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18
Q

What are 5 charterctics of a business

A
  1. has strong leadership to direct the business to achieve its goals
  2. Will statsify needs and wants of the target market by providing the required goods or services
  3. Will focus efforts to create a competitive advantage for the business that is meaningful enough to the target market to foster loyalty to the business
  4. use resources such as the factors of production in a sustainable way
    5.is responsible ,accountable and transparent corporate citizen and as such adds value to all stakeholders
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19
Q

Name the 8 important objectives of a business

A

Survival
Profablity and Growth
Productivity and Efficency
Creating and maintaining a competitive advantage
social responsibility
Technological development
Employee development and relationships

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20
Q

Explain the objective of survival

A

The ability if the business -in particular top management to plan for the future is crucial for survival .Eg vision

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21
Q

Explain the objective of Profitablity and growth

A

Long term objective of any business is to achieve financial success because finances help the business grow . That is why viability studies are done .

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22
Q

What 3 things does business have to do in order to grow

A
  1. generate healthy (and increased) profits through higher sales volumes and reduced expenses
  2. increase physical assets as this will allow for improved manufacturing expertise and abilities
  3. develop skills and empower employees to improve productivity
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23
Q

Explain the objective ,Productivity and efficiency

A

In order to improve productivity and efficiency we must make sure to allocate resources in the optimal manner to minimise wastage thereby improving profitablity

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24
What is efficiency
Efficenciency refers to the ablity of a business to satisfy customers needs and wants at the right place,time and price
25
What is Productivity
Productivity refers to the ability of the business to achieve maximum output with minimum input
26
Explain the objective of creating and maintaing a competitive advantage
A business works towards achieving a n advantage over its competitors to dominate market and increase profitablity .
27
What can a competitive advantage be based on ?
Quality Price Use of technology Service levels Location Superior use of resources
28
Explain the objective of employee development and relationships
Managers should ensure employees are confident that the managers have the skills and the required resources to achieve success because motivated and committed employees will help the business to increase productivity in innovative and resourceful ways to build and maintain a competitive advantage .
29
TRUE OR FALSE Employees are valuable assets
TRUE
30
TRUE OR FALSE relationships in the business can have only be function
FALSE Relationships in the business can be functional or dysfunctional
31
Characterics of functional (positive ) relationship between employees
1. Employees challenge each other in a positive way 2.Productivity is increased
32
Characterics of dysfunctional (negative ) relationship between employees
1. If employees aren't trained to tolerate differences then their is conflict in the workplace and productivity is potentially decreased
33
What 3 things can a business do to create a functional workplace
1. Employees should be trained to be tolerant of differences 2. Employees should be encouraged to communicate in a constructive manner about their ideas and even differences 3. Time management skills are crucial
34
Explain the business objective of Social Responsiblity
Social responsiblity is about the business acting in an accountable and ethical manner even
35
Explain the business objective of Technological development
The aim of the business is to increase its ability to reach the consumer in a quick and user -friendly manner in order to foster loyalty between the customer and the business .
36
What is Social responsibility
Social responsibility has the ability to build long term relationships with society and requires the business to be a good cooperate citizen . SO if you help community they will help /buy from you
37
What does CSR stand for
Corporate social citizen
38
Name the 3 business environments
Micro,Market and Macro
39
Name the 8 business functions in the micro environment
Production Financial Purchasing Marketing Human Resources Administration Public Relations General management
40
How many business functions are their traditionally
8
41
How do business functions work
The business functions are interrelated because they are all dependent on each other to ensure overall success of the business
42
What are the general managements basic tasks
POLC - PLAN , ORGANISE , LEAD , CONTROL
43
What is the general management responsible for
The general management is responsible for developing a stategic plan for business in order to improve the overall performance and profitability of the business
44
What is the vision of the business
describes where the business would like to be in the future .
45
What is the mission of the business
specifies the reason why the business exists .It describes who the is and what they do and what their values are .
46
What are the goals and objectives
GOALS are long term accomplishments the business wants to achieve while OBJECTIVES are short term targets which must be achieved to help business reach goals.
47
Explain the general mangement task of the planning ?
Planning entails looking at the future and deciding proactively how to tackle certain issues to achieve success . Important to always have a contingency plan
48
Explain the general mangement task of the Organising ?
Organising means management has to combine the factors of production in such a way that the objectives of the business are met
49
Explain the general mangement task of the leading ?
Leading employees means plans are implemented and employees are helped to understand what they have to do and how to achieve overall success of the business.
50
What does a good /effective leader do ?
An effective leader will balance a task orientation (getting the job done ) with employee orientation -treating people with dignity and respect .
51
Explain the general mangement task of the control ?
Control is crucial element of achieving success because actual results that were achieved are compared with the standards that were set during planning
52
What are the the 6 additional tasks of the general management
Communication Coordination Descion-making Delegating Discipline Motivating CCDDDM
53
Explain Communication as a management task
Communication is the transfer and receiving of information between different people . Communication is crucial to ensure employees know exactly what is expected of them ,but also inform management about problems .
54
Explain Coordination as a management task
Coordination of all departments are informed about what is expected of them to achieve synergy between work schedules of the various departments .
55
Explain Decision making as a management task
Decision making takes place in order to solve problems .Before a decision is taken all possible and relavant facts must be considered
56
Explain Delegating as a management task
Delegating is done to ensure a more meaningful distribution of work possible and to reduce burden on Explain Coordination as a management task management
57
Whats an Enviromental analysis ?
An analysis where we analysis the impact (both positive and negative ) of the different environments on the business operations
58
What do we use to analysis the Micro enviroment ?
SWOT analysis only strength and weaknesses
59
What do we use to analysis the Market enviroment ?
SWOT analysis only opportunities and threats PORTERS SIX FORCES
59
What do we use to analysis the Macro enviroment ?
SWOT analysis ( only opportunities and threats ) PESTILE analysis
60
What are PORTERS SIX FORCES
POWER OF CONSUMER POWER OF SUBSTITUE PRODUCTS POWER OF NEW COMPETITORS POWER OF SUPPLIER POWER OF COMPETITORS POWER OF COMPLEMENTARY PRODUCTS
61
What are the charcterics of the business environments ?
Complex Multi faced Dynamic
62
what is a Stakeholder
A person with an interest in the activities of the business e.g media ,government

Business Grade 10 (4 decks)

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