Untitled Flashcards Set

What are the three roles businesses fulfill in their economic and social actions?

Profit, Employment, Incomes

What is one of the legal structures for private sector businesses?

Partnership

What type of industry includes agriculture and mining?

Primary industry

What size classification includes businesses with less than 20 employees?

Small

Which influences are classified under MET GFC SLIP in the business environment?

Economic, Financial, Technological, Geographic, Social, Legal, Institutional, Market, Competitive Situation

What impact does a boom have on consumer spending?

Increases consumer spending.

How does COVID-19 affect unemployment rates?

Increases unemployment rates.

What is the main purpose of government policies related to economic growth?

To maintain steady economic growth while controlling inflation.

What is one effect of globalization on businesses?

Increases competition.

Which type of market structure has complete concentration by one firm?

Monopoly.

What is essential for businesses to cater to workplace diversity?

Implement diversity practices.

Name an institutional influence on businesses.

Regulatory Bodies like ASIC.

What are the internal influences on a business identified by MR BPL?

Management, Resources, Business Culture, Products, Location.

What management style adapts based on tasks and employee needs?

Situational Management Style.

What are physical resources in a business?

Tangible items like equipment, machinery, and buildings.

What aspect of business culture involves shared beliefs and behaviors?

Values.

What distinguishes a tertiary industry?

Services like transport and retail trade.

Which financial resource is necessary for meeting business obligations?

Funds.

What factor can determine the success or failure of a business?

Location.

What does the stage of decline in the business life cycle indicate?

Reduction in sales and profits.

What are the four main types of market competition?

Monopoly, Oligopoly, Monopolistic, Perfect.

What is dissolution in business terms?

The process of closing the business.

Which concept refers to when a business can no longer pay its debts?

Insolvency.

What economic factor may lead to cautious consumer spending?

Economic uncertainty.

What does the term 'entrepreneurship' refer to in the roles of business?

Turning passions into reality.

What is a characteristic of a medium-sized business?

20-199 employees.

What is a key influence on competitive situations in business?

Market concentration.

Name one external influence that significantly impacts business performance.

Economic factors.

What can be a result of technological advancements in business?

Increased productivity and efficiency.

Name a type of business classified by its geographical location.

National business.

What process involves ethical concerns in business practices?

Social responsibility.

What are the two types of influences discussed in the business environment?

Internal and External influences.

What is one challenge businesses face during the growth stage?

Managing cash flow.

What does stakeholder responsibility involve?

Acknowledging and addressing the needs of stakeholders.

What does 'acquisition' refer to in business?

When one company buys another.

How are mergers and acquisitions classified?

By their strategic goals.

What type of business is affected by economic cycles such as booms and recessions?

Consumer goods businesses.

What is the main goal of business growth?

To increase market share and profitability.

Define 'liquidation' in a business context.

The process of dissolving a company by selling its assets.

What does the term 'administrator' refer to?

A person appointed to manage the affairs of an insolvent company.

What can contribute to a business's decline?

Lack of innovation.

What is a common reason for voluntary cessation of a business?

Owner's decision to retire.

What impact does financial deregulation have on businesses?

Increased competition and access to new banking products.

What is one consequence of the global financial market?

Easier access to international finance.

How can social issues affect business practices?

Businesses must adapt to changing community values and expectations.

What is an example of a competitive situation in business?

Oligopoly with a few dominant firms.

What does the term 'bankruptcy' mean?

A legal status of a person or organization that cannot repay debts.

How does consumer confidence affect business performance?

Higher confidence leads to increased spending.

What is one major role of businesses in society?

To provide jobs and income.

What are the two key components of a business's internal influence?

Management and Resources.