Business Studies Grade 11 - All Terms

Flashcards covering key vocabulary terms and concepts from the Business Studies Grade 11 curriculum, aligned with the provided textbook content from all terms.

Redressing

To fix an undesirable or unfair situation.

Nepotism

The practice among those with power or influence of favoring relatives or friends, especially by giving them jobs.

Retrenchment

When a business cuts down the number of its employees to reduce costs.

Go-slow

A situation when workers go to work but deliberately work at a slower pace.

Trade union

An association that represents and protects the interest of workers.

Strike

A situation whereby workers refuse to work until their complaints/demands are addressed by their employers.

Stakeholders

A party that has an interest in a company and can either affect or be affected by the business.

Strategic alliances

An arrangement between two companies to undertake a mutually beneficial project

Regulators

A person or thing that regulates something

Lobbying

Seek to influence

Infrastructure

The physical structures and facilities of the business, for example, building

Government tenders

A person or company has to provide the goods or services and the government must pay the agreed price at the agreed time

Competition

Businesses that sell/provide similar goods or services.

Strikes

Workers refuse to work until employers meet their demands

Go-slows

Employees go to work as they normally would, but deliberately work at a slower pace.

Socio-cultural factors

The beliefs, norms, values, and interests that are shared by a particular society.

Contemporary legislation

Current laws put in place by the government to regulate the operations of businesses in the country.

Demographics

The characteristics of the population such as age, gender, race, educational background, income levels, and so on.

Psychographics

Consumers’ attitudes, interests, opinions, and lifestyles.

High employee turnover

When the rate at which employees join and leave the business is high.

Labour restrictions

Labour laws put in place by the government to prevent the exploitation of employees in the workplace.

Globalisation

When businesses expand their operations to other countries.

Ideologies

Ideas and ideals, especially one which forms the basis of economic or political theory and policy.

Triple bottom line

An accounting framework that focuses on people, planet and profit.

Economic crime

When money is obtained in an illegal manner for personal gain.

Corruption

Takes place through dishonest business dealings such as bribery.

Sexual harassment

Unsolicited advances of a sexual nature by colleagues usually in a managerial position.

Piracy

Goods that are illegally replicated and sold without permission from the registered owner.

Ethical misconduct

Unacceptable behaviour within a business.

Patent

The exclusive right given to the owner of an invention by government for a limited period of twenty years.

Copyright

The right that protects an owner’s intellectual property (IP) to prevent unlawful use thereof.

Trademark

A unique symbol that represents a specific brand/business.

Trade union

An employee organisation intent on improving working conditions.

Strike

Industrial action embarked upon when workers refuse to work.

Lock-out

A form of industrial action used by employers to prevent workers from entering the premises.

Industrial action

Action taken by employees when their demands are not met by their employer.

Workplace forum

An employee committee established by staff members to meet with the employer about matters in the workplace.

Inflation

A general increase in the prices of goods and services.

Primary sector

Deals with the extraction of raw materials and natural resources.

Secondary sector

Involves the process of transforming raw materials into finished or unfinished products.

Tertiary sector

Refers to industries that offer services to other businesses and consumers.

Forestry

The industry of growing, taking care and managing trees and forests.

Mining

The extraction of valuable minerals and metals such as coal, diamond, gold, silver, platinum, copper, tin and iron.

Forward link

When businesses sell goods and services to businesses in the same sector or to businesses in another sector.

Backward link

When businesses buy goods and services from businesses in the same sector or from businesses in another sector.

Manufacturing

The processing of raw materials or parts into finished goods through the use of tools, human labour, machinery and chemical processing.

Insurance

A contract by which businesses undertake to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium.

Interdependent

Businesses that are interdependent need each other to carry out their own responsibilities in order for businesses to operate effectively.

Interrelated

Businesses that are interrelated are connected with one another.

Continuity

Continue to exist even if a change of ownership takes place, for example, if a member or shareholder retires.

Securities

Shares and bonds issued by a company.

Limited liabilities

Type of legal structure for an organisation where the loss of the business will not exceed the amount invested in the business by the business owner.

Unlimited liabilities

The full legal responsibility that business owners and partners assume for all business debts.

Memorandum of Incorporation (MOI)

The document sets out the rights, responsibilities, and duties of shareholders and directors. Serves as a constitution of a company.

Sole trader/Sole proprietor

A business is owned and controlled by one person who makes all the decisions, and takes all the responsibility and profits from the business.

Partnership

An agreement between two or more parties that have agreed to finance and work together in the pursuit of common business goals.

Company

A company is a legal person who has the capacity and powers to act on its own.

Public Company

A public company is a voluntary association of ONE or more persons, governed by the Companies Act (No. 71 of 2008), incorporated in terms of the Memorandum of Incorporation (MOI).

Private company

A voluntary association of one or more people.

Personal liability company

A voluntary association of one or more people.

State-owned company (SOC)

A legal entity that is created by the government to take part in commercial activities on its behalf.

Prospectus

A document inviting the public to buy securities or shares.

Form of ownership

The legal position of the business and the way it is owned.

Profit companies

A company incorporated for financial gain for its shareholders.

Non-profit company

An association incorporated not for gain.

Directors

People elected to the board of a company by the shareholders to represent the shareholders’ interests.

Audit

A process where an organisation’s accounts are checked to make sure its financial operations are honest.

Continuity

Continue to exist even if a change of ownership takes place, for example, if a member or shareholder retires.

Citizenship

The status of a person of being a part of a country with all its rights, privileges, and duties.

Rights

The privileges of someone according to moral or legal entitlement to have or do something.

Responsibilities

The duty one has to answer to some obligations or to behave correctly in certain situations.

Civil society

The collective name given to organisations and associations that are not part of the government.

Non-governmental organisation (NGO)

People grouping themselves in an organisation to fulfil duties in society that the government is not meeting.

Community-based organisation (CBO)

People forming volunteer-based groups to provide services at a local level.

Creative thinking

The ability to think of original, diverse, or new ideas that can be applied to situations requiring solutions.

Routine thinking

A series of steps of doing things in the same way.

Business Practice

Any strategy or activity used by a business to manage and reach its operational objectives.

Problem-solving skills

Skills and abilities that individuals use to solve problems within a given time frame.

Force Field Analysis

A framework based on the assumption that there are forces for and against that infl uence a situation.

Generation of ideas

A creative process that involves the thinking and development of new ideas.

Conventional solutions

Expected solutions in response to situations. For example, adding a restaurant to a wine farm that offers wine tasting.

Non-conventional solutions

Solutions obtained through using creative thinking.

Innovative

An idea that has been turned into an everyday reality.

Retrench

Decrease the number of employees to reduce the operation costs in response to economic difficulty

Stress

Defined as a state of mental or emotional strain or tension resulting from adverse or demanding circumstances.

Management of stress

Techniques or therapies used to help individuals cope with their stress in order to lead productive lives.

Crisis management

The process that a business uses to deal with an emergency.

Change management

The process that a business uses to deal with change and development within the business.

Business related crisis

The processes that businesses use to manage unplanned situations that occur in its day-to-day operations.

Theories of change management

Concepts, theories, and methodologies that provide an in-depth approach to organisational change.

Contingency

A provision for a possible event or circumstance

Ideologies

Ideas and ideals, especially one which forms the basis of economic or political theory and policy

Disposable income

Income left over after the deduction of taxes and services

Skewed

Distorted in a way that is regarded as inaccurate, unfair, or misleading

Precautionary Measures

A measure taken with advanced consideration to protect someone or something against potential danger.

Territory

An area of land under the jurisdiction of a ruler or state

Perceive

To become aware of something, come to realise or understand

Hedging

Invest money in a way that its value overcomes inflation

Networking

Meet with people to build alliances

Power relationship

Ability to control environment and other behaviour