Business Studies O-Level: Key Concepts

These flashcards cover essential vocabulary and concepts related to business studies, including revenue, profit, market share, and management practices.

Revenue

The total income generated by a business from its operations, before any costs or expenses are deducted.

Profit

The financial gain obtained when revenues exceed costs, calculated as total revenues minus total expenses.

Market Share

The percentage of an industry or market's total sales that is earned by a particular company over a specified time period.

Economies of Scale

Cost advantages that a business obtains due to the scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units.

Diseconomies of Scale

The factors that cause a business's average costs to rise as it increases production, often due to reduced efficiency of management and communication in large organizations.

Stakeholders

Individuals or groups that have an interest in the decisions and actions of a business, including employees, customers, suppliers, and investors.

Downsize

To reduce the number of employees in a business to improve efficiency and reduce costs, often leading to layoffs.

Quality Control

The processes involved in ensuring that the products or services provided meet specified requirements or standards.

Just-In-Time (JIT)

An inventory management system that aims to reduce waste by receiving goods only as they are needed in the production process.

Kaizen

A Japanese term meaning 'continuous improvement,' referring to activities that continuously improve all functions of a business.