Exam review Flashcards
(46 cards)
What is the Primary Sector?
Refers to businesses involved in the cultivation or extraction of natural resources, e.g. farming, mining, quarrying, fishing, oil exploration and forestry.
What is the Secondary Sector?
The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
What is the Tertiary Sector?
Refers to the section of the economy where business activity is concerned with the provision of services to customers.
What is the Quaternary Sector?
A subcategory of the tertiary sector, where businesses are involved in intellectual, knowledge-based activities that generate and share information, e.g. information communications technology and research organizations.
What is Limited Liability?
A restriction on the amount of money that owners can lose if their business goes bankrupt, i.e. shareholders cannot lose more than they invested in the company.
What is Offshoring?
An extension of outsourcing that involves relocating business activities and processes abroad.
What is Autocratic Leadership?
Refers to leaders who adopt an authoritarian approach by making all the decisions rather than delegating any authority to their subordinates.
What is Democratic Leadership?
Refers to leaders who take into account the views of others when making decisions, meaning that decision-making is decentralized.
What are Paternalistic Leaders?
Treat employees as if they were family members, guiding them through a consultation process and acting in the perceived best interest of their subordinates.
What is Situational Leadership?
Refers to the belief that there is no single leadership style that suits all situations; the best style depends on situational factors.
What is Laissez-faire Leadership?
Based on having minimal direct input in the work of employees, allowing subordinates to make their own decisions.
What does Capital Intensive mean?
Means that the manufacturing or provision of a product relies heavily on machinery and equipment, e.g. automated production systems.
What is Ecological Sustainability?
Refers to the capacity of the natural environment to meet the needs of the current generation without jeopardising the ability of future generations to meet their needs.
What is Social Sustainability?
Examines social interactions and structures that are necessary for sustainable development.
What does Labour Intensive mean?
Means that the manufacturing or provision of a product relies heavily on labour, e.g. teaching and legal services.
What is SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats analysis.
What is the ANSOFF Matrix?
An analytical tool to devise various product and market growth strategies.
What is STEEPLE Analysis?
An analytical framework used to examine the opportunities and threats of the external environment on business activity.
What is the Boston Consulting Group Matrix?
An analysis method of a firm’s product portfolio regarding its market share and market growth.
What is a GANTT Chart?
A bar graph showing production managers what projects are being worked on and what stage they are in at any given time.
What is Force Field Analysis?
Type of analysis in which factors that can influence an outcome are listed and assigned weights to indicate their relative strengths.
What is a Bank Overdraft?
Borrowings from a bank on a current account which are payable on demand.
What are Fringe Payments?
The financial rewards paid in addition to a worker’s wages or salaries.
What is the Gig Economy?
A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.
