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20 Cards in this Set

  • Front
  • Back
Organisation:
A formal or structured arrangement where two or more people work together to accomplish some specific purpose or set goals
Market sale:
Is the percentage of total product sales made by a business in a given market.
Gross Domestic Product (GDP):
Is the total value of domestic output in a country in one year.
Mission Statement:
Outlines the aims or purpose of the organisation
Capital:
Is the owners investment (money) in the business.
Microbusiness:
A small business which has less than 5 employees.
Private Sector:
Contains those organisations owned and operated by private individuals.
Services Industries:
Businesses which provide services to clients. (E.g. medical accounting and legal advice.)
Entrepreneur:
Someone willing to combine and element of risk-taking with their own knowledge and skills to make a profit
Outsourcing:
To use another business to undertake some task or activity rather than doing it within the business. (E.g. providing specialist services such as I.T. training)
Downsizing:
Occurs when an orgainsation reduces its operations. This may result in the closure or premises (outlets) and a reduction in functional positions (jobs).
Privatisation:
The process of selling government-owned businesses to a private sector.
Stakeholders:
Individuals or groups who have a vested interest or stake in an organisations.
Macro:
Means 'large' in contrast with micro, meaning 'very small'.
Legalisation:
Is law made by parliament. Common law is law made by the courts.
Global Economy:
Refers to an economy that is not a restricted by geographic boundaries.
Merger:
When two businesses join together to form one united business.
Takeover:
When a business buys a majority or controlling share in another business.
Enterprise Bargaining Agreement:
Covers the pay and working conditions negotiated at a particular enterprise or business. The union may act on behalf of the employees during the negotiation phase.
Deregulation:
Is the removal of restrictive trade practises imposed by the government on certain industries.