Flashcards on Business Studies

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What is the definition of entrepreneurship?

Entrepreneurship refers to the process of starting and managing one's own business venture.

What are the main functions of human resource management?

The main functions of human resource management include recruitment, selection, training, and development of employees.

Explain the concept of demand and supply.

Demand refers to the quantity of a product consumers are willing and able to buy at a specific price, while supply refers to the quantity of a product producers are willing to offer for sale at a specific price.

What is the purpose of market research?

The purpose of market research is to gather information about customers' needs and preferences, competitors, and market trends in order to make informed business decisions.

Define economies of scale.

Economies of scale refer to the cost advantage that a business can achieve by increasing the scale of production and spreading fixed costs over a larger output.

What are the different types of business ownership?

The different types of business ownership include sole proprietorship, partnership, corporation, and cooperative.

Explain the concept of branding.

Branding refers to the process of creating a unique name, symbol, design, or image that identifies and differentiates a product or business in the market.

What is financial management?

Financial management refers to the planning, organizing, directing, and controlling of the financial resources of a business to achieve its financial goals.

What are the principles of effective communication?

The principles of effective communication include clarity, conciseness, consistency, completeness, courtesy, and correctness.

Explain the concept of market segmentation.

Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and selecting one or more segments to target with a specific marketing strategy.

What is corporate social responsibility?

Corporate social responsibility refers to a business's commitment to contribute to sustainable development by considering the social, environmental, and economic impact of its operations.

Define the concept of inflation.

Inflation is the rate at which the general level of prices for goods and services is rising, resulting in a decrease in the purchasing power of a currency.

What are the sources of finance for a business?

The sources of finance for a business include equity finance (share capital and retained earnings) and debt finance (loans and bonds).

Explain the concept of international trade.

International trade refers to the exchange of goods and services between countries, allowing countries to specialize in producing goods they have a comparative advantage in and to access goods that are produced more efficiently by other countries.

What are the functions of marketing?

The functions of marketing include product development, pricing, promotion, and distribution of goods and services to satisfy customer needs and achieve organizational goals.

Explain the concept of corporate governance.

Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled, involving balancing the interests of various stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community.

What is the definition of entrepreneurship?

Entrepreneurship refers to the process of starting and managing one's own business venture.

What are the main functions of human resource management?

The main functions of human resource management include recruitment, selection, training, and development of employees.

Explain the concept of demand and supply.

Demand refers to the quantity of a product consumers are willing and able to buy at a specific price, while supply refers to the quantity of a product producers are willing to offer for sale at a specific price.

What is the purpose of market research?

The purpose of market research is to gather information about customers' needs and preferences, competitors, and market trends in order to make informed business decisions.

Define economies of scale.

Economies of scale refer to the cost advantage that a business can achieve by increasing the scale of production and spreading fixed costs over a larger output.

What are the different types of business ownership?

The different types of business ownership include sole proprietorship, partnership, corporation, and cooperative.

Explain the concept of branding.

Branding refers to the process of creating a unique name, symbol, design, or image that identifies and differentiates a product or business in the market.

What is financial management?

Financial management refers to the planning, organizing, directing, and controlling of the financial resources of a business to achieve its financial goals.

What are the principles of effective communication?

The principles of effective communication include clarity, conciseness, consistency, completeness, courtesy, and correctness.

Explain the concept of market segmentation.

Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and selecting one or more segments to target with a specific marketing strategy.

What is corporate social responsibility?

Corporate social responsibility refers to a business's commitment to contribute to sustainable development by considering the social, environmental, and economic impact of its operations.

Define the concept of inflation.

Inflation is the rate at which the general level of prices for goods and services is rising, resulting in a decrease in the purchasing power of a currency.

What are the sources of finance for a business?

The sources of finance for a business include equity finance (share capital and retained earnings) and debt finance (loans and bonds).

Explain the concept of international trade.

International trade refers to the exchange of goods and services between countries, allowing countries to specialize in producing goods they have a comparative advantage in and to access goods that are produced more efficiently by other countries.

What are the functions of marketing?

The functions of marketing include product development, pricing, promotion, and distribution of goods and services to satisfy customer needs and achieve organizational goals.

Explain the concept of corporate governance.

Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled, involving balancing the interests of various stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community.

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