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Business A LEVEL > Definitions AL > Flashcards

Definitions AL Flashcards

1
Q

Free trade (protectionism)

A

No restrictions or trade barriers exist that might prevent or limit trade between countries

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2
Q

Tariffs (protectionism)

A

Taxes imposed on imported goods to make them more expensive

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3
Q

Quotas (protectionism)

A

Limits on the physical quantity or value of certain goods that may be imported

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4
Q

Voluntary export limits (protectionism)

A

An exporting country agrees to limit the quantity of certain foods sold to one country (possibly to discourage the setting of quotas/tariffs)

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5
Q

Protectionism

A

Using barriers to free trade to protect a country’s own domestic industries

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6
Q

Globalisation

A

The increasing freedom of movement, capital and people around the world

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7
Q

Multinational business

A

A business organisation that has its headquarters in one country,, but has operating branches, factories and assembly parts in other countries

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8
Q

Privatisation

A

Selling state-owned and controlled business organisations to investors in the private sector

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9
Q

External growth

A

Business expansion acheived by means of merging with or taking over another business, from either the same or a different industry, the same sector or different sector

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10
Q

Merger

A

An agreement by shareholders and managers of 2 businesses to bring both firms together under a common board of directors a with shareholders in both businesses owning shares in the newly merged business

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11
Q

Takeover

A

When a company buys more than 50% of the shares of another company and so becomes the controlling owner of it AKA acquisition

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12
Q

Su=y Gerry

A

the idea that ‘the whole is greater than the sum of two parts’- in integration it is often assumed that the new larger business will be more successful that the two formerly separate businesses were

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13
Q

Social audit

A

A report on the impact a business has on society- this can cover pollution; health and safety record; supply sources; customer satisfaction; etc

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14
Q

Information technology

A

The use of electronic technology to gather, store, process and communicate information

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15
Q

Innovation

A

Creating more effective processes, products or ways of doing things in a business

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16
Q

Computer aided design

A

Using computers and IT when designing products

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17
Q

Computer aided manufacturing

A

The use of computers and computer-controlled machinery t speed up the production process and make it more flexible

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18
Q

Environmental audits

A

These audits assess the impact of a business’ activities on the environment

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19
Q

Pressure groups

A

Organisations created by people with a common interest or aim who put pressure on businesses and governments to change policies so that an objective is reached

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20
Q

Economic growth

A

An increase in the country’s productive potential measured by an increase in its real GDP

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21
Q

GDP (Gross Domestic Product|)

A

The total value of goods and services produced in a country in one year- real GDP is this value adjusted to inflation

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22
Q

Business investment

A

Expenditure by businesses on capital equipment, new technology and research and development

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23
Q

Business cycle

A

The regular swings in economic activity, measured by real GDP, that occur in most economies, from boom (high demand and rapid growth) to recession (when total national output declines)

24
Q

Recession

A

A period of 6 months or more of declining real GDP

25
Q

Inflation

A

An increase in the average price level of goods and services - it results in the fall in the value of money

26
Q

Deflation

A

A fall in the average price level of goods and services

27
Q

Cyclical unenmployment

A

Unemployment resulting from low demand for goods and services in the economy during a period of slow economic growth/ recession

28
Q

Structural unemployment

A

Unemployment caused by the decline in important industries, leading to significant job losses in one sector of an industry

29
Q

Frictional unemployment

A

Unemployment that results from workers losing or leaving jobs and taking a substantial period of time to find alternative employment

30
Q

Balance of payments (current account)

A

This account records the value of trade in goods and services between one country and the rest of the world. A deficit means the value of goods and services imported exceeds the value of goods and services exported

31
Q

Exchange rate

A

The price on one country’s currency in terms of another

32
Q

Fiscal policy

A

Concerned with decisions about government expenditure, tax rates and government borrowing - these operate largely through the governments annual budget decisions

  • expansionary
  • contractionary
33
Q

Government budget deficit

A

The value of the government spending exceeds revenue from taxation

34
Q

Government budget surplus

A

Taxation revenue exceeds the value of government spending

35
Q

Monetary policy

A

Is concerned with decisions about the rate of interest and the supply of money to the economy

36
Q

Market failure

A

When the market fails to achieve the most efficient allocation of resources and there is under or over production of certain goods and services

37
Q

External costs

A

Costs of an economic activity that are not paid for by the consumer or producer, but by the rest of society

38
Q

Income elasticity of demand

A

This measure s the responsiveness of demand for a product after a change in consumer incomes.

Percentage change of demand for the product/ percentage change in consumer incomes

39
Q

Marketing plan

A

A detailed, fully researched written report on marketing objectives and the marketing strategy to be used to achieve them

40
Q

Promotional elasticity of demand

A

Measures the responsiveness of demand for a product following a change in the amount spent on promoting it

Percentage change in demand for the product/ percentage change in promotion spending

41
Q

Cross elasticity of demand

A

Measures the responsiveness of demand for a product following a change in the province of another product

Percentage change in demand for good A/ percentage change in price for demand B

42
Q

New product development (NPD)

A

The designs creation and marketing of new goods and services

43
Q

Test marketing

A

The launch of products on a small scale to test consumer’s reactions to it

44
Q

Research and development

A

The scientific research and technician development of new products and processes

45
Q

Sales forecasting

A

Predicting future sales levels and sales trends

46
Q

Sales force composite

A

A qualitative method of sales forecasting that adds together all of the individual predictions of future sales of all the representatives working for a business

47
Q

Delphi method

A

A qualitative long-range forecasting technique that obtains forecasts from a panel of experts

48
Q

Jury of experts

A

A qualititative method of sales forecasting which uses the specialists within a business to make forecasts for the future

49
Q

Globalisation

A

The growing trend towards worldwide markets in products, capital and labour, unrestricted by barriers

50
Q

Free international trade

A

International trade that is allowed to take place without restrictions such as ‘protectionism’ tariffs and quotas

51
Q

International marketing

A

The selling of products in markets other than the original domestic market

52
Q

Pan-global marketing

A

Adopting a standardised products across the globe as it the entire world were a single market - selling the same goods in the same way everywhere

53
Q

Global localisation

A

Adapting the marketing mix, including differentiation products, to meet the national and regional tastes and cultures

54
Q

Chapter 34

A

Contents of published accounts

55
Q

Chapter 32 (Cost centre)

A

A section of business, such as a department, to which costs can be allocated or charged

E.g. in a hotel: reception; bar; restaurant

Any part of the business where resources are going to be used

56
Q

Profit centre

A

Where both money is going to be spent but revenue will also be gained (take resources from the business but also generated profit)

E.g. bar; cantine; papelaria

“A section of a business to which north the costs and revenues can be allocated- so profit can be calculated.”

57
Q

The 4 types of overheads:

A

Production overheads

Selling and distribution overheads

Administration overheads

Finance overheads

Business A LEVEL (2 decks)

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