Business Studies and Economics Comprehensive Review

Vocabulary flashcards covering core business, management, marketing, accounting, banking, economics, and international trade terminology.

Leader

Someone who shows passion and personal investment in the success of his or her followers reaching their goals, earning followers through personal qualities rather than formal authority.

Coordinating

The managerial function of bringing people and departments together so that they work towards common aims.

Satisfiers (Hygiene Factors)

External conditions (such as good working conditions, wages, and job security) that prevent dissatisfaction but do not actively motivate employees when present.

Motivators

Internal factors (such as challenging work, recognition, responsibility, and promotion opportunities) that actively drive motivation and job satisfaction.

Multi-Active Cultures

Collectivist cultures that attach high importance to feelings, relationships, and connections, where individuals prefer multitasking and prioritize personal ties over strict rules.

Reactive Cultures

Cultures where individuals prioritize listening, rarely interrupt, avoid confrontation or loss of face, and accommodate the counterpart's position.

Linear-Active Cultures

Individualist, organized, and rational cultures where individuals plan ahead, do one thing at a time, act logically, and strictly follow rules and contracts.

Quaternary Sector

A knowledge-based economic sector encompassing information services (such as ICT, consultancy, R&D) and intellectual activities (such as higher education and research).

Franchise

A business model where a franchisor sells the right to an independent operator (franchisee) to use its established brand name, products, and operational systems.

Joint Venture

A collaborative business arrangement in which two or more separate businesses agree to start a project together, pooling capital, risks, and profits.

Kaizen

A continuous improvement method where workers meet regularly in small groups to identify problems and suggest incremental workplace solutions.

Cell Production

A manufacturing method where the production line is divided into independent teams or units, each responsible for producing a complete component of the finished good.

Push Strategy

A marketing strategy in which a company promotes its products to intermediaries, such as wholesalers and retailers, to encourage them to stock and sell the products to customers

Pull Strategy

A marketing strategy in which a company promotes its products directly to consumers to create demand, encouraging them to purchase the products from retailers.

Marketing

The process of identifying customer needs and wants, and satisfying them profitably by creating, communicating, delivering, and exchanging value for customers.

Market Challenger

A competitive firm that actively attempts to increase its market share by confronting the market leader or targeting weaker followers.

Market Follower

A company that follows the strategies and successful practices of market leaders rather than trying to become the market leader itself