Business Studies Review

Flashcards from lecture notes.

given me the definition of Effectiveness

Achieving business objectives like increasing customer satisfaction, sales, or profitability.

given me the definition of Efficiency

Minimising waste, using fewer resources, or saving time and money while still achieving the goal.

Local Government Regulations

Local councils control zoning and health regulations.

Employment Regulations

Include anti-discrimination laws and Work Health and Safety (WHS) laws.

Australian Consumer Law (ACL)

Ensures customers are treated fairly, receive products of acceptable quality, and aren't misled by businesses.

Environmental Protection Regulations

Require businesses to reduce their impact on the environment through proper waste management, emission controls, and sustainable practices.

Societal Attitudes

The values and beliefs held by the community.

Societal Behaviours

The actions people take based on societal beliefs.

Boom

High confidence, low unemployment, increased spending.

Contraction

Confidence drops, spending slows.

Recession

Prolonged downturn, high unemployment.

Expansion

Recovery begins, spending increases.

Inflation

The rising cost of goods and services which reduces purchasing power.

Unemployment

High unemployment reduces consumer spending but gives employers more hiring options.

Interest Rate Movements

Higher rates make loans more expensive, reducing spending and investment; lower rates encourage borrowing.

Artificial Intelligence (AI)

Helps with decision-making, forecasting trends, and automating customer service.

Automated Production Line

Involves machines completing tasks without human input, increasing output and consistency.

Computer-Aided Manufacturing (CAM)

Software controls machinery for precision manufacturing.

Computer-Aided Design (CAD)

Helps design products digitally, speeding up product development.

Overseas Competitors

International companies selling similar goods.

Overseas Markets

International locations where Australian businesses can sell.

Offshoring Labour

Moving operations overseas to save costs.

Exchange Rate Depreciation

AUD value drops; good for exporters, bad for importers.

Exchange Rate Appreciation

AUD rises; bad for exporters, good for importers.

Patents

Protect inventions.

Copyrights

Protect creative works.

Trademarks

Protect logos and brand names.

Effectiveness

Achieving business objectives like increasing customer satisfaction, sales, or profitability.

Efficiency

Minimising waste, using fewer resources, or saving time and money while still achieving the goal.

Local Government Regulations

Local councils control zoning and health regulations.

Employment Regulations

Include anti-discrimination laws and Work Health and Safety (WHS) laws.

Australian Consumer Law (ACL)

Ensures customers are treated fairly, receive products of acceptable quality, and aren't misled by businesses.

Environmental Protection Regulations

Require businesses to reduce their impact on the environment through proper waste management, emission controls, and sustainable practices.

Societal Attitudes

The values and beliefs held by the community.

Societal Behaviours

The actions people take based on societal beliefs.

Boom

High confidence, low unemployment, increased spending.

Contraction

Confidence drops, spending slows.

Recession

Prolonged downturn, high unemployment.

Expansion

Recovery begins, spending increases.

Inflation

The rising cost of goods and services which reduces purchasing power.

Unemployment

High unemployment reduces consumer spending but gives employers more hiring options.

Interest Rate Movements

Higher rates make loans more expensive, reducing spending and investment; lower rates encourage borrowing.

Artificial Intelligence (AI)

Helps with decision-making, forecasting trends, and automating customer service.

Automated Production Line

Involves machines completing tasks without human input, increasing output and consistency.

Computer-Aided Manufacturing (CAM)

Software controls machinery for precision manufacturing.

Computer-Aided Design (CAD)

Helps design products digitally, speeding up product development.

Overseas Competitors

International companies selling similar goods.

Overseas Markets

International locations where Australian businesses can sell.

Offshoring Labour

Moving operations overseas to save costs.

Exchange Rate Depreciation

AUD value drops; good for exporters, bad for importers.

Exchange Rate Appreciation

AUD rises; bad for exporters, good for importers.

Patents

Protect inventions.

Copyrights

Protect creative works.

Trademarks

Protect logos and brand names.

Financial Risk

The potential for profit or loss resulting from an event or activity.

Investment Risk

The chance that an investment's actual return will differ from the expected return. This can include the possibility of losing some or all of the original investment.

Risk Management

A systematic process for identifying, assessing, and mitigating risks. It involves understanding the potential negative impacts of events and taking proactive steps to reduce the organization's vulnerability.

Profit Management

The process of influencing a company's income and expenditure to improve profitability. It includes strategies for optimizing revenue, reducing costs, and improving overall financial performance.

Financial Forecasting

The process of estimating future financial outcomes for a business or project. It helps in planning and decision-making by providing insights into potential revenues, expenses, and profitability.

Accounting

The recording, summarizing, analyzing, and reporting of financial transactions of a business. Accounting is a systematic process used to provide financial information that is useful for making informed decisions.

Gross Domestic Product (GDP)

The total market value of all goods and services produced within a country's borders during a specific time period. It includes all private and public consumption, government outlays, investments, and exports less imports.

Inflation Rate

A sustained increase in the general price level of goods and services in an economy over a period of time. It erodes the purchasing power of money and reduces the real value of savings and investments.

Unemployment Rate

The percentage of the labor force that is unemployed and actively seeking employment. It is an important indicator of the health of an economy, with high rates signaling economic distress.

Monetary Policy

The actions taken by a central bank to manipulate the money supply and credit conditions to stimulate or restrain economic activity. Monetary policy can involve adjusting interest rates, reserve requirements, and conducting open market operations.