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Business (CHAPTER 26 - GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES…
Business
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CHAPTER 8 - RECRUITMENT, SELECTION AND TRAINING OF WORKERS
Recruitment
is the process from identifying that the business needs to employ someone up to the point at which applications have arrived at the business.
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A job description outlines the responsibilities and duties to be carried out by someone employed to do a specific job.
A job specification is a document which outlines the requirements, qualifications, expertise, physical characteristics, etc. for a specified job.
Internal recruitment is when a vacancy is filled by someone who is an existing employee of the business.
External recruitment is when a vacancy is filled by someone who is not an existing employee and will be new to the business.
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Induction training is an introduction given to a new employee, explaining the firm's activities, customs and procedures and introducing them to their fellow workers.
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Off-the-job training involves being trained away from the workplace, usually by specialist trainers.
Workforce planning is establishing the workforce needed by the business for the foreseeable future in terms of the number and skills of employees required.
Redundancy is when an employee is no longer needed and so loses their job. It is not due to any aspect of their work being unsatisfactory.
Ethical decision is a decision taken by a manager or a company because of the moral code observed by the firm.
An industrial tribunal is a legal meeting which considers workers complaints of unfair dismissal or discrimination at work.
A contract of employment is a legal agreement between employer and employee listing the rights and responsibilities of the workers.
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Chapter 3: ENTERPRISE, BUSINESS GROWTH AND SIZE
Entrepreneur
is a person who organises, operates and takes the risk for a new business venture.
Business plan
is a document containing the business objectives and important details about the operations, finance and owners of the new business.
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Business size
Measured by: number of employees; value of output; value of sales; value of capital employed.
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Merger
is when the owners of two businesses agree to join their firms together to make one businesses.
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Horizontal integration
is when one firm merges with or takes over another one in the same industry at the same stage of production.
Vertical integration
is when one firm merges with or takes over another one in the same industry but at a different stage of production, it can be forward (higher stage of production) or backward (lower stage of production).
Conglomerate integration
is when one firm merges with or takes over a firm in a completely different industry, this is also known as diversification.
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CHAPTER 18 - COSTS, SCALE OF PRODUCTION AND BREAK-EVEN ANALYSIS
Fixed costs are costs which do not vary with the number of items sold or produced. They have to be paid whether the business is making any sales or not.
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Economies of scale are the factors that lead to a reduction in average costs as a business increases in size.
Diseconomies of scale are the factors that lead to an increase in average costs as a business grows beyond a certain size.
Break-even level of output is the quantity that must be produced/sold for total revenue to equal total costs.
Break-even charts are graphs which show how costs and revenues of a business change with sales. They show the level of sales the business must make in order to break even.
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Break-even point
The break-even point is the level of sales at which total costs equal total revenue.
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CHAPTER 10 - MARKETING, COMPETITION AND THE CUSTOMER
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Niche market
is a small, usually specialized, segment of a much larger market.
Market segment
is an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences.
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