Unit 1 - Business Organisation Flashcards Preview

IB Business Management HL 2016+ > Unit 1 - Business Organisation > Flashcards

Flashcards in Unit 1 - Business Organisation Deck (94)
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61

public limited company

business owned by shareholders with limited liability whose shares can be bought by or sold to the general public via a stock exchange

62

public-private partnership

government creates commercial partnerships with the private sector to provide certain goods or services

63

public sector

part of the economy under the control of the government

64

restraining forces HL

forces acting against change, e.g. disadvantages after the change

65

secondary sector

construction and manufacturing of products

66

shareholders

owners of a company

67

SMART objectives

objectives that are specific, measurable, achievable, realistic and time-specific

68

sole trader

self-employed person who runs the business on their own and has sole responsibility for its success or failure

69

stakeholders

individuals or organisations that have direct interest in the activities and performance of a business

70

stock exchange

market place for trading stocks and shares of public limited companies, e.g. LSE, NYSE

71

strategic alliance

two or more different organisations share costs, risks, control and rewards, but don’t form a separate legal enterprise, e.g. Star Alliance

72

strategy

medium- to long-term methods that businesses can use to achieve its goals

73

structural change

shift of the relative share of national output and employment that is attributed to each business sector

74

SWOT analysis

analytical tool used to assess internal strengths and weaknesses and external opportunities and threats

75

tactics

short-term methods that businesses can use to achieve their objectives

76

takeover or acquisition

form of external growth whereby on firm buys up another by purchasing enough shares to hold a majority

77

tertiary sector

provision of services

78

unemployment

number of people in a country who are willing and able to work but cannot find a job

79

unlimited liability

feature of sole traders and partners who are legally liable for all money owed to their creditors, even if it means that they have to sell their personal possessions to pay for this

80

vision statement

organisation’s long-term aspirations, i.e. where it ultimately wants to be

81

consumers

people or organizations who actually use a product

82

cooperative

for-profit social enterprise set up, owned and run by their members

83

customers

people or organizations who buy a product

84

ethical code of practice

documented beliefs and philosophies of an organization

85

GANTT chart HL

visual representation of all the tasks in a particular project plotted against the timescale

86

initial public offering

(IPO) occurs when a business sells all or part of its business to shareholders on a stock exchange for the first time

87

microfinance

type of financial service aimed at entrepreneurs of small very businesses

88

needs

basic necessities that a person must have to survive

89

optimal level of output

most efficient sale of operation for a business which occurs at the level of output where average costs of production are minimized

90

organizational planning tools HL

methods that businesses use to aid their decision-making, e.g. decision trees, GANTT charts