Business Studies Grade 10 Overview

This set of flashcards is designed to help students prepare for their Business Studies exams by covering essential terms and concepts related to the micro environment and overall structure of businesses.

Micro Environment

The internal environment of a business that includes everything inside the business that is under its control.

Vision Statement

Describes what a business wants to achieve in the long-term, representing the dream of the organization.

Mission Statement

Describes what a business provides or produces and why it exists, outlining its aims and values.

Goals

Long-term plans of what the business wants to accomplish, serving as guidelines for achieving objectives.

Objectives

Short-term steps that guide the business towards achieving its goals.

Organisational Culture

Refers to the shared values, beliefs, norms, and standards that shape how work is done within a business.

Management

The process of planning, leading, organizing, and controlling the resources of an organization to achieve its goals.

Leadership

The ability to influence and motivate individuals towards achieving the objectives of the business.

Organisational Structure

Describes the levels of authority, responsibility, and tasks in an organization, often represented by an organogram.

Business Functions

The specific tasks carried out by departments within a business to achieve its goals, typically including management, purchasing, production, marketing, public relations, human resources, administration, and finance.