People in Business Revision

A set of flashcards covering key vocabulary from the Cambridge (CIE) IGCSE Business curriculum.

Motivation

The inner desire or willingness that drives a person to take action and achieve a specific goal.

Intrinsic Motivation

Motivation that comes from within a person, based on their values and beliefs.

Extrinsic Motivation

Motivation that comes from external factors, such as rewards or punishments.

Benefits of Motivated Employees

Includes increased productivity, lower labor turnover rates, higher quality output, and a positive organizational culture.

Maslow's Hierarchy of Needs

A motivational theory that proposes people move through levels of needs that motivate them.

Taylor's Scientific Management Theory

A theory stating that workers are primarily motivated by pay and benefit from tightly-defined tasks and supervision.

Herzberg's Two Factor Theory

A theory suggesting that job satisfaction and dissatisfaction arise from two different sets of factors: hygiene factors and motivators.

Physiological Needs

The basic needs for survival, such as food, water, and shelter.

Safety Needs

The need for job security, fair pay, and safe working conditions.

Love and Belonging Needs

The need for social relationships, teamwork, and feeling part of a community.

Esteem Needs

The need for recognition and respect from others.

Self-Actualization Needs

The need for personal growth and fulfillment, allowing individuals to achieve their potential.

Piece Rate Pay

A payment system that pays workers based on the amount of work completed.

Job Rotation

A non-financial incentive that involves moving employees between different tasks to reduce boredom and increase skills.

Job Enrichment

A method of providing employees with more meaningful and challenging tasks.

Autonomy

Giving employees the authority and resources to make decisions independently.

Training

The process of increasing the knowledge and skills of the workforce.

Induction Training

Training given to new employees to familiarize them with the organization and their job roles.

On-the-Job Training

Training that takes place while employees are working in their job roles.

Off-the-Job Training

Training that takes place outside of the workplace, such as workshops or seminars.

Dismissal

The termination of employment by an employer against the will of the employee.

Redundancy

When a job role is no longer needed by a business, leading to employee dismissal, usually with compensation.

Trade Union

An organization that represents the interests of workers in negotiations with management.

Collective Bargaining

The process by which a trade union negotiates with employers on behalf of its members.

Minimum Wage

The legally mandated lowest wage that an employer can pay an employee.

Employment Contract

A legal agreement between the employer and employee that outlines the terms and conditions of employment.

Hygiene Factors

Elements that do not lead to job satisfaction but whose absence can cause dissatisfaction.

Motivators

Elements that lead to job satisfaction and motivation.

Span of Control

The number of employees that a manager can effectively manage.

Chain of Command

The formal line of authority within an organization that outlines who reports to whom.

Hierarchical Structure

A structure in which roles and authority are clearly defined in a ranked order from top to bottom.

Flat Structure

An organizational structure with few or no levels of middle management between staff and executives.

Delayering

The process of removing layers of management to shorten the chain of command.

Leadership Styles

The different approaches that leaders may use to guide their teams.

Autocratic Leadership

A leadership style where the leader makes decisions unilaterally without input from others.

Democratic Leadership

A leadership style that involves employees in the decision-making process.

Laissez-Faire Leadership

A leadership style that provides minimal direction to employees, allowing for autonomy.

Communication

The successful transfer of messages between sender(s) and receiver(s).

Internal Communication

The exchange of messages among members of the same organization.

External Communication

The exchange of messages between an organization and external entities such as customers.

Formal Communication

Communication that follows the organizational structure and is often recorded.

Informal Communication

Communication that takes place outside the official channels.

Communication Barriers

Obstacles that prevent effective communication, such as language differences or distractions.

Feedback

Responses to a message that can affect understanding and communication clarity.

Conflict Resolution

The process of settling a disagreement in a way that is acceptable to all parties involved.

Evaluation of Communication Methods

Assessing the strengths and weaknesses of different methods of communication to determine the most effective one.

Visual Communication

The use of visual aids like charts and graphs to convey information.

Written Communication

Communication that involves written messages including reports, emails, and memos.

Verbal Communication

Communication through spoken words, such as face-to-face conversations or phone calls.

Barriers to Effective Communication

Factors that hinder the flow of information, leading to misunderstandings.

Legal Controls

Laws and regulations that govern employer-employee relationships.

Health and Safety Legislation

Laws that regulate the health and safety standards in the workplace.

Discrimination Laws

Legislation that prevents discrimination against employees based on characteristics such as race, gender, or age.

Fair Dismissal

Termination of employment based on valid and legal criteria.

Unfair Dismissal

Termination of employment without a valid reason or against legal regulations.