BS - Key Terms

Define the term 'motivation'

• Motivation is the reason why the employees earnsalary / wages

• Motivation is the key to success

• Motivation is a reason or are reasons for acting or behaving in a particular way

• Motivation is the reason why the employees want to work hard and work efficiently for the business

Identify the correct definition of the factors of production

• Factors of production are the factors affecting a profit to the business

• Factors of production are those resources needed to produce goods or services

• Factors of production are the economic resources that are used to produce goods and services

Opportunity cost is the ____ ____ ___________ given up by choosing another

Define 'span of control'

• The span of control is the structure in an organisation which allows instructions to be passed down from senior management to lower levels

• The span of control is the number of managers in a business

• The span of control is the difficulty in controlling the big business

• The span of control is the number of subordinates working directly under a manager

(Choose the three styles)

The three types of leadership styles are:

• Democratic

• Laire faire

• Autodemocratic

• Autocratic

• Laissez-faire

_____ _____ is a group of workers who has joined together to ensure their interests are protected

Define 'primary sector'

• The primary sector of industry involves the farmers who farm and extract raw food materials to provide nutrients and food for the population

• The primary sector of industry involves only the primary sector businesses

• The primary sector of industry extracts and uses the natural resources of the earth to produce raw materials used by other businesses

Define 'business plan'

• A business plan is plan made by the entrepreneur and the plan contains the steps by which the entrepreneur will set up the new business

• A business plan is a document containing the business objectives and important details about the operations, finance and owners of the new business

A __________ is when business buys out the owners of another business which then becomes part of the 'predator' business

Answer explanation

Count the number of blanks for the word.

Takeover is also called acquisition so the answer is aquisition

Define the term 'entrepreneur'

• An entrpreneur is a person who organises, operates and tasks rick for a new business venture

• An entrepreneur is a businessman who sets up a business or businesses, taking on financial risks in the hope of profit