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