Business Studies Grade 11 Exam Flashcards

These flashcards cover key concepts, definitions, and distinctions related to business studies for Grade 11 students in preparation for their upcoming exam.

What are the components of the micro, market, and macro environments in business?

Micro Environment: Business mission, management, suppliers, customers. Market Environment: Competitors, intermediaries, regulatory bodies. Macro Environment: Economic, social, technological, legal, and ecological factors.

What is the difference between a strike and a go-slow?

A strike is a collective refusal to work, while a go-slow involves employees working at a slower pace without complete stoppage.

What is lobbying in the context of business environments?

Lobbying refers to the efforts made by businesses to influence legislation or regulatory decisions that affect their operations.

What are the main reasons businesses have more control over the micro environment than the macro environment?

Businesses control their immediate internal environment, including management decisions, supplier choices, and operational directives, while the macro environment consists of uncontrollable external factors.

List the challenges businesses face in the macro environment.

Challenges include changes in economic conditions, demographic shifts, political instability, and new legal regulations.

Define brainstorming in the context of creative thinking.

A group thought process designed to generate a wide range of ideas to solve a problem.

What are the benefits of being involved in the macro environment for businesses?

Engagement in the macro environment helps businesses predict future developments, enhances workforce productivity, and contributes to sustainable resource management.

Explain the purpose of the Labour Relations Act.

The Labour Relations Act provides a framework for the relations between employers and employees, promoting fair practices and resolution of labor disputes.

What are the characteristics of a sole trader?

A sole trader is owned and managed by one person, has unlimited liability, and keeps all profits without needing to account formally to anyone, leading to straightforward decision-making.

What is the primary function of trade unions?

Trade unions protect workers' rights, negotiate better working conditions, and advocate for members in discussions with employers.