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 |
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