Business Studies Grade 11 Definition of Terms Notes

Business Studies Grade 11 Definition of Terms Notes:

List of Business Studies Grade 11 Definition of Terms

Strike	A work stoppage as a form of protest or to strengthen one’s bargaining position
Industrial action	These are actions that include strikes or go-slows
Open market	A market where there is no control over who may provide goods and services or over the prices that can be charged
Demographics	Statistical data relating to the population and particular groups within it. Often includes age, gender, income groups and occupation.
Psychographics	The classification of people according to their attitudes, aspirations and other psychological criteria.
Globalisation	Greater trade and collaboration between businesses or people in different countries which is enabled by technological advances and communication.
Physical environment	This is an environment that is comprising of the ecological elements such as natural disasters, air pollution, water pollution, deforestation, waste products or natural resources
Institutional environment	These are private-public partnerships which are formed between government and private enterprise
Redressing	To make amends or to set right
Nepotism	The practise of showing favouritism towards one’s family or friends in economic or employment terms
Retrenchment	Involuntary ending of a service contract of an employee by the employer due to operational requirements.
Go- slows	When employees work more slowly and with less effort than usual to try to persuade an employer to agree to higher pay
Trade union	An organized association of workers in a trade , group of trades, or profession formed to protect their rights and interest
Strike	A work stoppage as a form

TERM	DEFINITION
Control	The power to influence or direct people’s behaviour or the course of events.
Organisational structure	Framework for managers which shows the division of responsibilities and roles played by each stakeholder.
Organisational culture	Controls and influences the way in which the business is conducted
Vision	Reflects or predicts what the future will look like.
Mission statement	Shows what one does best every day in the business and how one should go about doing it.
Human resources	The personnel of a business organization regarded as a significant asset in terms of skills and abilities.
Suppliers	Factories/providers of goods/services that businesses would obtain/buy from in order to operate their businesses.
Competitors	Businesses which sell the same/similar products/services
Deforestation	Removal of trees to clear land to be used for another purpose, e.g. industrialization
Redressing	To make amends or to set right
Nepotism	The practise of showing favouritism towards one’s family or friends in economic or employment terms
Retrenchment	Involuntary ending of a service contract of an employee by the employer due to operational requirements.
Go- slows	When employees work more slowly and with less effort than usual to try to persuade an employer to agree to higher pay
Trade union	An organized association of workers in a trade , group of trades, or profession formed to protect their rights and interest