Unit 7 Chapter 4 Flashcards Preview

Business Year 2 - Keywords > Unit 7 Chapter 4 > Flashcards

Flashcards in Unit 7 Chapter 4 Deck (14):
1

Enterprise

The skill needed to make a new idea work

2

Innovation

The successful exploitation of new ideas

3

Regulation

The enforcement of principles or rules that result from the passing of a law or series of laws

4

Privatisation

The process of transferring organisations from state ownership to that of the private sector

5

Monopoly

Exists when there is a single supplier within a market

6

Infrastructure

Refers to the physical and organisational structure required to allow both society and an economy to operate effectively

7

Globalisation

The trend for many markets to become worldwide in scope

8

Cartels

Exist when two or more businesses collude to control prices and/or production levels to limit the extent of competition within a market

9

Anti-competitive practices

Actions taken by businesses to limit the extent of rivalry that exists within a particular market, or the use of unfair trading activites

10

Dominant market position

A position of economic strength enjoyed by a business which enables it to prevent effective competition being maintained within a market

11

Merger

The joining together of two business to form a new larger enterprise

12

Takeover

Occurs when one business buys a controlling interest in another

13

Collective bargaining

The process of negotiating the terms of employment between an employer and a group of workers

14

Trade union

Organisation of workers established to protect and improve the economic position and working conditions of its members