Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Chinese IGCSE > Vocabulary Test 3 > Flashcards

Vocabulary Test 3 Flashcards

1
Q

Barriers to entry

A

Factors which make it difficult or impossible for a business to enter a market and compete with existing producers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Cartel

A

A group of businesses which join together to agree on pricing and output in a market in an attempt to gain higher profits at the expense of customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Colluding

A

Where several businesses make agreements among themselves which benefit them, at the expense of either rival businesses or customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Market Structures

A

The characteristics of a market, such as the size of the barriers to entry to the market, the number of businesses in the market or whether they produce identical products, which determine the behaviour of businesses within the market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Anti-competitive/Restrictive Practices

A

Attempts by firms to prevent or restrict competition.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Contract of Employment

A

A written agreement between an employer and employee in which each has certain obligations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Discrimination

A

Favoring one person over another, usually on the basis of gender, age, race, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Employment tribunal

A

A court that deals with cases involving disputes between employers and employees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

National minimum wage

A

A wage rate set by the government below which it is illegal to pay people at work.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Unfair Dismissal

A

Where an employer terminates an employee’s contract without a fair reason to do so.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Appreciation of a currency

A

A rise in the value of a currency.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Base rate

A

The rate of interest around which a bank structures other interest rates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Consumer price index

A

A common measure of price changes used in the EU.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Deflation

A

A fall in the general price level, also used to describe a situation where economic growth is falling.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Depreciation

A

A fall in the value of a currency.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Downturn

A

A period in the economic cycle where GDP grows, but more slowly.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Economic/ trade or business cycle

A

Regular fluctuations in the level of output in the economy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Exchange Rate

A

The price of one currency in terms of another.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Fiscal Policy

A

Using changes in taxation and government expenditure to manage the economy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Government Expenditure

A

The amount spent by the government in its provision of public services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Gross Domestic Product (GDP)

A

A common measure of national income, output or employment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Index linked

A

The linking of certain payments such as benefits, to the rate of inflation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Inflation

A

A general rise in prices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Monetary Policy

A

Using changes in the interest rate and money supply to manage the economy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Recession

A

A less severe form of monetary depression.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Recover or Upswing

A

A period where economic growth begins to increase again after a recession.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Slump or Depression

A

The bottom of the economic cycle where GDP starts to fall with significant increases in unemployment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Taxation

A

The charges made by government on the activities, earnings and income of businesses and individuals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Boom

A

The peak of the economic cycle where GDP is growing at its fastest.

30
Q

Quality

A

Features of a product that allow it to satisfy customers’ needs. It may also refer to some standard of excellence.

31
Q

Quality Assurance

A

It is a process that involves guaranteeing that quality standards are met.

32
Q

Quality Chains

A

When employees form a series of links between customers and suppliers in a business, both internally and externally.

33
Q

Quality Circles

A

Groups of workers meeting regularly to solve problems and discuss work issues.

34
Q

Quality Control

A

Making sure that the quality of a product meets specified quality performance criteria.

35
Q

Statistical Process Control

A

The collection of data about performance of a particular process in a business.

36
Q

Total Quality Management (TQM)

A

A managerial approach that focuses on quality and aims to improve the effectiveness, flexibility and competitiveness of a business.

37
Q

Buffer stocks

A

Stocks held as a precaution to cope with unforeseen demand.

38
Q

Kanban

A

A card or object that acts as a signal to move or provide resources in a factory.

39
Q

Lead times

A

The time between placing the order and the delivery of goods.

40
Q

Re-order level

A

The level of current stock when new orders are placed.

41
Q

Re-order quantity

A

The amount of stock ordered when an order is placed.

42
Q

Stock Rotation

A

The flow of stock in and out of storage.

43
Q

Work-in-progress

A

Partly finished goods.

44
Q

Capacity Utilisation

A

The use that a business makes of its resources.

45
Q

Excess or Surplus Capacity

A

When a business has too many resources, such as labour and capital, to produce its desired level of output.

46
Q

Full Capacity

A

The point where a business cannot produce any more output.

47
Q

Mothballing

A

Leaving machines, equipment or building spaces unused, but maintained, so they could be brought back into use if necessary.

48
Q

Over-utilisation

A

The position where a business is running at full capacity and ‘straining’ resources.

49
Q

Rationalisation

A

Reducing the number of resources particularly labour and capital, put into the production process, usually undertaken because a business has excess capacity.

50
Q

Under-utilisation

A

The position where a business is producing at less than full capacity.

51
Q

Batch Production

A

A method that involves completing one operation at a time on all units before performing the next.

52
Q

Capital Intensive

A

Production methods that make more use of machinery relative to labour.

53
Q

Capital Productivity

A

The amount of output each unit of capital produces.

54
Q

Cell production

A

Involves producing a family of products in a small self-contained unit within a factory.

55
Q

Division of Labour

A

Specialisation in specific tasks or skills by an individual.

56
Q

Downsizing

A

The process of reducing capacity, usually by laying off staff.

57
Q

Efficiency

A

Producing a level of output where average cost is minimised.

58
Q

Flow production

A

Large-scale production of a standard product, where each operation on a unit its performed continuously on a production line.

59
Q

Job production

A

A method of production that involves employing all factors to complete one unit of output at a time.

60
Q

Kaizen

A

A Japanese term that means continuous improvement.

61
Q

Labour intensive

A

Production methods that make more use of labour relative to machinery.

62
Q

Lean Production

A

An approach to operations that focuses on the reduction of resource use.

63
Q

Outsourcing

A

Giving work to sub-contractors to reduce costs.

64
Q

Production

A

The transformation of resources into goods and services.

65
Q

Productivity

A

The output per unit of input per time period.

66
Q

Standardisation

A

Using uniform resources and activities to produce a uniform product.

67
Q

Administration

A

When a failing business appoints a specialist to rescue the business.

68
Q

External Factors

A

Factors beyond the control of the business causes it to collapse.

69
Q

Internal Factors

A

Factors that a business is able to control causes it to collapse.

70
Q

Overtrading

A

The situation where a business does not have enough cash to support its production and sales, usually because it is growing too fast.

Chinese IGCSE (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions