Key Words T3 Flashcards Preview

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Flashcards in Key Words T3 Deck (84):
1

Fiscal Policy

Using changes in taxation and government expenditure to manage the economy

2

Lay Off(staff)

Make employees redundant

3

Social security payments

Money taken by the brithish government from people's wages to pay for the system of payments to people who are unemployed or ill

4

Anti-competitive practice

Attempts by firms to prevent or restrict competition

5

Barriers to entry

Restrictions that mean it will be more difficult for new firms to enter the market

6

Merger

When two or more businesses join to make a new firm

7

Protectionism

The use of trade barriers to protect domestic producers

8

Infant industries

Businesses that are yet to be established

9

Dumping

Where a business sells goods in another country often below price

10

Trade barriers

Measures designed to restrict trade

11

Quota

Physical limit on the quantity of imports allowed into a country

12

Subsidy

Financial support given to a domestic producer to help compete with overseas firms

13

Interest

Price of borrowed money

14

Monetary policy

Using changes in interest rates and the money supply to manage the economy

15

Budget

An official statement that a government makes about how much it intends to spend and what the rates of taxes are for the next six months or year

16

Tax allowances

Part of income that is not taxed

17

Budgetary measures

Actions taken by the government to influence business and the economy

18

Urbanisation

Process of constructing more and more buildings on rural area

19

Capital intensive

Use of relatively more machinery than labour in production

20

Sustainable development

The idea people should satisfy their basic needs and enjoy improved living standards with ought compromising the quality of life of future generations

21

Capital employed

Amount of money invested in a business

22

Overtrading

Taking one more work than a business can afford to fund effectively

23

Inventory

Stocks of goods

24

Fixed assets

Resources that's re used repeatedly for a period of time by a business

25

Downturn

Period or process in which business activity, production e.t.c is reduced and conditions become worse

26

Undercapitalised

Starting a business with insufficient capital

27

Outcompeted

Perform more effectively in a particular field

28

Overdue

Money that has not been paid by the time expected

29

Communication channels

Routes along which information might travel in a business

30

Downward communication

Passing messages form the tip of the organisation to those at the bottom

31

Upward communication

Passing messages form the bottom of an organisation to those at the top

32

Horizontal communication

Exchange of information between parties of the same level in an organisation hierarchy

33

Internal communication

Communication between people inside the business

34

External communication

Communication between the business and those outside such as customers

35

Formal communication

Use of recognised channels when communicating

36

Informal communication

Use of non approved channels when communicating

37

Redeployment

Moving someone or something to a different place or job

38

Internal recruitment

Appointing workers from inside the business

39

External recruitment

Appointing workers from outside the business

40

Surplus

Amount of something that is more than what is needed or used

41

Exports

Goods and services sold overseas

42

Imports

Goods and services bought from overseas

43

Visible trade

Trade in physical goods

44

Invisible trade

Trade in services

45

Balance of trade

Difference between visible exports and visible imports

46

Transactions

Business deals or actions such as buying or selling something

47

Exchange rate

Value of one currency in terms of another

48

Commission

Extra amount of money that is paid to a person or organisation according to the value of the goods they have sold or the services they have provided

49

Unfair dismissal

When a worker is dismissed illegally by a business

50

Ombudsman

Someone who deals with complaints made by ordinary people against the government banks insurance companies and so on

51

Minimum wage

Minimum amount per hour which most workers are entitled to be paid

52

Training

Process that involves increases the knowledge of workers to be more effectively

53

Induction training

Training given to new employees

54

On the job training

Training that takes place while doing the job

55

Of the job training

Training that takes place away from the work area

56

Mentoring

Where people sir lots of knowledge advise and help new workera

57

Supervising

When you supervise someone or something

58

Job rotation

Where employees alternate between different jobs during their course of their employment

59

Job satisfaction

Pleasure, enjoyment or sense of achievement that employees get from their work

60

Job enrichment

Making a job more challenging and interesting

61

Remuneration

Money paid to employees for their work or service

62

Time rate

Payment system based on the amount of time employees spend at work

63

Gross pay

Pay before deduction sus as tax

64

Net pay

Take home pay, that is, pay after deductions such as income tax pension

65

Overtime

Rate of pay before the normal rate to compensate employees for working extra hours

66

Salary

Pay, usually to non manual workers

67

Piece rate

Payment system where workers receive an amount of money for each unit produced

68

Performance related pay

Payment system designed for non manual workers where pay increases are given if performance targets are met

69

Bonus system

Payment in addition to the basic wage

70

Commission

Payment based on the value of sales

71

Fringe benefits

Over and above the normal wage salary

72

Design brief

Set of instruction about what a new product should look like

73

Formal organisation

Internal structure of a business

74

Organisational chart

Diagram that shows the different job roles in a business

75

Payroll officer

Someone who is responsible for the administration of workers pay in an organisation

76

Accounts clerk

Someone who keeps records or accounts in an office

77

Span of control

Number of people a person is directly responsible for

78

Centralised

Type of organisation system where most decisions are made and the passed to the bottom of the organisation

79

Decentralised

Type of organisation system where decision making is pushed down the chain of command and away from the top

80

Contracts of employment

Written agreements between an employer and employee in which each has certain obligations

81

Trade unions

Organisation usually in a particular trade or profesión, that represent workers, especially in meetings with employers

82

Employment tribunal

Court that deals with cases involving disputes between employers and employees

83

Market orientated

Where a business focuses on the needs of consumers when developing products

84

Wholesalers

Persons or businesses that buy goods from manufacturers and sell them in smaller quantities