Term
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Definition
| A formal or structure arrangement where two or more people work together to accomplish a specific purpose or set of goals. |
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Term
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Definition
- involves human & physical.
- has a defined purpose
- be influenced by external factors such as the law or other organisations. |
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Term
| Why do organisations exist? |
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Definition
- enable people to achieve more as a cohesive group than they would as individuals.
- provide ongoing knowledge between past and future organisations.
- provide employment and career direction. |
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Term
| What are the types of business structures? |
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Definition
- sole trader = usually owned by one person, that is also running the business
- partnership = 2-20 people in the organisation
- corportation/company = PTY LTD (PRIVATE)
LTD (PUBLIC)
Limited legal liability |
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Term
| What are the types of business structures? |
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Definition
- sole trader = usually owned by one person, that is also running the business
- partnership = 2-20 people in the organisation
- corportation/company = PTY LTD (PRIVATE)
LTD (PUBLIC)
Limited legal liability |
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Term
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Definition
o Company: Exist as a separate legal entity. |
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Term
| What are objectives of a business? |
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Definition
- Main obj. is to make a PROFIT. The amount of money that remains after all the costs are deducted from the revenue of the business.
- contribution to the economy
- meeting employee expectations
- limiting the ecological 'footprint' or operations |
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Term
| What is a non-for-profit and purpose? |
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Definition
- undertake same activities as a business, but are motivated to provide goods and services as effectively and efficiently as possible without making profit.
-main objective isn't to make a profit.
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Term
| 4 measures of a business? |
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Definition
- the level of independence of operation
- the level of employment
- the market share
- the sources of finance |
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Term
| The level of employment for each business structure? |
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Definition
- Small = if fewer than 20 people
- Medium = if employ between 20-199 people
- Large = if employ over 200 people |
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Term
| What is the contribution of business' to the economy? |
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Definition
- meeting consumer needs = meet needs of consumers for a range of different products and services, every day you will businesses that will satisfy your needs, for food, clothing, transport and communication.
- providing employment = the significance of employment opportunities provided by business s perhaps best illustrated when they experience difficulty. |
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Term
| What is the contribution of business' to the economy? |
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Definition
- Technological and innovation developments = Business are dynamic in search for new innovation product ideas, systems and processes, often in relation to the use technology.
- Export income = while many businesses sell to the consumers in Australia, a large number sell their products and services to consumers overseas.
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Term
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Definition
| - a proportion of the market, often expressed as in a total sales revenue. |
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Term
| What is a micro business? |
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Definition
| - A small business that employs under 5 people. |
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