Thẻ ghi nhớ: tacn ftu | Quizlet

Low context culture:

refers to a culture whereby most communication take place through verbal language and rules are directly written out or stated for all to view.

On-the-job training:

occurs by watching a more experienced worker doing the job

Off-the-job training:

involves being trained away from workplace, usually by specialist trainers

The primary sector

of industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses

The secondary sector

of industry manufactures goods using the raw materials provided by the primary sector

High context culture:

is a culture by which the rules of communication are primarily and dominantly transmitted through the use of contextual elements. These include specific forms of body language, social or familiar status of an individual, the tone of voice employed during speech. High context culture usually do not have the rules that are explicitly written or stated.

Job description:

outlines the responsibilities and duties to be carried out by someone employed to do specific job

Job specification:

a document which outlines the requirements, qualifications, expertise, physical characteristics, etc,.. for a specified job

Internal recruitment:

when a vacancy is filled by someone who is an existing employee of the business

External recruitment:

when a vacancy is filled by someone who is not an existing employee and will be new to business.

Public sectors:

the sector of economy in which organisations are owned and controlled by state (government)

Private sector:

the sector of economy in which organisations are owned and controlled by individuals

Limited Liability:

the liability of shareholders in a company is limited to only the amount they invested

Unlimited Liability:

the owners of a business can be held responsible for the debts of the business they own. Their liability is not limited to the investment they made in the business

Private limited companies:

businesses owned by shareholders but they cannot sell shares to the public

Public limited companies:

business owned by shareholders but they can sell shares to the public and their shares are tradeable on the Stock Exchange

Lean production:

the production of goods and services with the minimum waste of resources

Job production:

the production of items one at a time

Batch production:

the production of goods in batches. Each batches passes through one stage production before moving onto the next stage

Flow production:

the production of very large quantities of identical goods using continuously moving process

Inbound logistic:

the area of logistic that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers

Outbound logistic:

the area of logistic that involves mananing the flow of finished products and information to business buyers and ultimate consumers (people like you and me)

Reverse logistic:

the area of logistic that involves bringing goods back to manufacturer because of defects or for cycling

Quality control:

the checking for quality at the end of the production process, whether it is the production of a product or service

Quality assurance:

the checking for quality standards throughout the production process, whether it is the production of a product or service

Product placement:

the practice of paying for a branded product to be used by a character in a movie -eg James Bond driving a BMW Z3

Product positioning :

establishing the market niche of a product- which may not be as the brand leader- and advertising to the appropriate segment of the audience

A current account :

an account at a bank against which checks can be drawn by the account depositors, a checking account

A savings account:

a deposit account that generally earns higher interest than an interest bearing- checking account. Savings account limit the number of certain types of transfers or withdrawals you can make from the account ech monthly statement cycle.

• Cost accounting -

calculating all the expenses involved in producing something, including materials, labour, and all other expenses

• Tax accounting -

calculating how much an individual or a company will have to pay to the local and national governments (and trying to reduce this to a minimum)

• Auditing -

inspecting and reporting on accounts and financial records

• Accounting -

preparing financial statements showing income and expenditure, assets and liabilities

• Managerial or management accounting -

providing information that will allow a business to make decisions, plan future operations and develop business strategies

• "creative accounting" -

using all available accounting procedures and tricks to disguise the true financial position of a company

• Bookkeeping -

writing down the details of transactions (debits and credits)

• Cash flow statement -

a statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing

• Income statement (or Statement of income, Profit and loss statement, or Profit and loss account) -

a statement showing the difference between the revenues and expenses of a period

• Balance sheet (or Statement of financial position) -

a statement showing the value of a business's assets, its liabilities, and its capital or shareholders' equity (money the business has that belongs to its owners)

• Business cycle model:

a model showing the increases and decreases in a nation's real GDP over time; this model typically demonstrates an increase in real GDP over the long run, combined with short-run fluctuations in output.

• Expansion:

the phase of the business cycle during which output is increasing

• Recession:

the phase of the business cycle during which output is falling

• Depression:

a deep and prolonged recession

• Peak:

the turning point in the business cycle between an expansion and a contraction; during a peak in the business cycle, output has stopped increasing and begins to decrease.

• Trough:

the turning point in the business cycle between a recession and an expansion; during a trough in the business cycle, output that had been falling during the recession stage of the business cycle bottoms out and begins to increase again.

• Recovery:

when GDP begins to increase following a contraction and a trough in the business cycle; an economy is considered in recovery until real GDP returns to its long-run potential level.

• Potential output:

the level of output an economy can achieve when it is producing at full employment; when an economy is producing at its potential output, it experiences only its natural rate of unemployment, no more and no less.

• Growth trend:

the straight line in the business cycle model, which is usually upward-sloping and shows the long-run pattern of change in real GDP over time

• Positive output gap:

the difference between actual output and potential output when an economy is producing more than full employment output; when there is a positive output gap, the rate of unemployment is less than the natural rate of unemployment and an economy is operating outside of its PPC (The production possibilities curve).

• Negative output gap:

the difference between actual output and potential output when an economy is producing less than full employment output; when there is a negative output gap, the rate of unemployment is greater than the natural rate of unemployment and an economy is operating inside its PPC.

• Ethical standard:

a rule for moral behaviour in a particular area

• Ethical behaviour:

doing things that are morally right

• Ethical lapse:

temporary failure to act in the correct way

• Ethical dilemma:

a choice between two actions that might both be morally wrong

• Ethical stance:

a stated opinion about the right thing to do in a particular situation

• Ethical issue:

an area where moral behaviour is important

• Business Ethics:

Standards of business behaviour that promote human welfare and

• Corporate Social Responsibility (CSR):

A company's commitment to improving or enhancing community well-being through discretionary contributions of corporate resources. There are five dimensions of CSR: Environment, Social, Economic, Stakeholder, and Volunteerism.

• Job insecurity:

The fear that you might lose your job

• Employability:

The extent to which a person has skills that employers want

• Downsizing:

Decreasing the number of permanent employees

• Core:

The central part of something (e.g. a company's workforce)

• Efficiency:

a situation in which a person, company, factory, etc. uses resources such as time, materials, or labour well, without wasting any

• Rationalization:

to make a company, way of working, etc. more effective, usually by combining or stopping particular activities, or by employing fewer people

• redundancy package:

all the payments and advantages that a company gives to workers who have lost their jobs because they are no longer needed

• restructuring:

to organize a company, business, or system in a new way to make it operate more effectively (noun)

• delocalization:

to move the location of an enterprise (noun)

• International trade:

Purchase, sale, or exchange of goods and services across national borders.

• Free trade:

a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade.

• Protectionism:

the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies.

• Trade barriers:

Government laws, regulations, policies or practices that either protect domestic products from foreign competition or artificially stimulate exports of particular domestic products.

• Tariff:

A duty (or tax) levied upon goods transported from one Customs area to another, for either protective or revenue purposes. Tariffs raise the prices of imported goods, thus making them generally less competitive within the market of the importing country, unless that country does not produce the items so tariffed.

• Quota:

Restriction on the amount (measured in units or weight) of a good that can enter or leave a country during a certain period of time.

• Absolute advantage:

Ability of a nation to produce a good more efficiently than any other nation.

• Comparative advantage:

Inability of a nation to produce a good more efficiently than other nations, but an ability to produce that good more efficiently than it does any other good.

• An infant industry:

a new industry, which in its early stages experiences relative difficulty or is absolutely incapable of competing with established competitors abroad.

• A strategic industry:

an industry which is essential for the promotion or stabilization of the growth of the locality in which that industry is situated.