BASIC BUSINESS TERMINOLOGY

measure of the price of money in terms of the amount charged for borrowed funds 

analytical tool used to asses internal strengths/weaknesses external opportunities/threats

Policies that deal with taxation and government expenditure 

 may be referred to as supervisors, team leaders or leading hands. 

An organisation's long-term aspirations

describes the extent to which a person is held responsible for the success or failure of a task

the removal of government rules and regulations which constrain an industry

Means there are only a few layers of hierarchy and managers have a wide span of control

org structure based on the management functions within the organisation 

Which sector specialises in providing services to their customers e.g. banking & education

All non-natural resources used in the production process. E.g. money, machinery, factories

Various methods that businesses can use to achieve their mission or vision

The inputs (resources)necessary for the production process:land, labour, capital and enterprise

#of subordinates that are overseen by a manager.# of people directly accountable to the manager

Formal line of authority, shown in an organisation chart, through which orders are passed down

A levy on the purchase of goods and services e.g. GST, excise duties

Declaration of an organisation's overall purpose. I forms the foundation for setting objectives

Cost measured in terms of the best alternative foregone when a choice is made

government policies concerned with changing interest rates to control money supply

the consideration of ethical and environmental issues relating to business activity

 focus on production processes , e.g. oil, the processes are quite different

occurs when the general price level in an economy continuously rises