[Link].
-10th (IG) Worksheet-2
Name: Section: Date:
Unit 2: People in Business
1. Motivation
Reason/drive/factor why employees want to work hard or efficiently for the business
2. Labour Productivity
Labour productivity is the amount of output produced per worker over a specific period of time.
3. Labour Turnover
The rate at which an employee leaves a business/ the proportion of staff leaving a business over a
period of time.
4. Organisational Chart
An organizational chart graphically represents organization's structure by detailing the roles,
responsibilities, and relationships between individuals within the organization.
5. Levels of Hierarchy
Refers to the levels of authority within an organisation. It describes the ranking of positions from
top to bottom
6. Span of Control
When the employment is ended against the will of the employee, usually for not working in
accordance with the employment contract or doing unsatisfactory work.
7. Chain of Command
The structure in an organization that allows instructions to be passed down from senior
management to lower levels
8. Delegation
Giving a subordinate the authority to perform particular tasks.
9. Autocratic Leadership
Where the manager expects to be in charge/control of the business and to have their orders
followed.
10. Democratic Leadership
A leadership style in which employees are involved in decision-making (group discussion and
participation) to make key decisions in a business
11. Laissez-faire Leadership
A leadership style where managers give freedom to employees to make their own decisions with
minimal direct supervision
12. Trade Union
A Group of workers who join together to ensure their interests/rights are protected
13. Internal Recruitment
When a job vacancy is filled from within the existing staff/employees of the business as a form of
promotion or reallocation
14. External Recruitment
Hiring a candidate to fill a job vacancy from outside the business organisation
15. Induction Training
Given to the new employees to learn about the business activities and processes and making them
familiar with organisation people and culture
16. On-the-job Training
Training at the place of work, watching or following an experienced employee.
17. Off-the-job Training
Training that takes place away from the workplace usually by a specialist trainer(s)
18. Dismissal
When the employment is ended against the will of the employee, usually for not working in
accordance with the employment contract or doing unsatisfactory work
19. Redundancy
When an employee is no longer needed by the business, and have to leave, not because of any
unsatisfactory work.
20. Effective coomunication
Effective communication ensures that clear messages are sent, received, understood and acted upon
in the way intended
21. Communication Barrier
Obstacles that prevent the message from being understood due to problems with the sender,
medium, receiver or feedback
22. Bonus
An extra payment to employees in addition to wages/salary, typically for performance or as an
incentive
23. Commission
A payment made to the salesperson/ employee based on/ relative to the number of sales they make
as a method to encourage selling
24. Job Enrichment
Giving employees more challenging and interesting tasks which provide them with greater
responsibility and opportunities to use their skills.
25. Job Rotation
Employees swapping around and doing each specific task for only a limited time, which increases
variety in the workplace
26. Formal Communication
Formal communication is channeled through the business's organisational structure and is likely to
be recorded in some way
27. Informal Communication
6
Informal communication is any communication that takes place outside of the official channels and
is unlikely to be formally recorded
28. Planning (Management Function)
Setting aims and targets for the organisations/department to achieve. It will give the department
and it’s employees a clear sense of purpose and direction.
29. Coordinating (Management Function)
Coordinating is the management function of ensuring that different departments and individuals in
a business work together towards achieving common objectives.
30. Controlling (Management Function)
Controlling is the process of monitoring and evaluating performance to ensure that objectives are
being met.
7
2
[Link].-10th (IG) JAYSHREE PERIWAL INTERNATIONAL SCHOOL Worksheet -3
Name:___________________Section: ________Date: _____________________
Unit 3: Marketing
1. Marketing
Marketing is identifying customer wants and satisfying them profitably.
2. Market Segmentation
Market segmentation is when a market is broken down into subgroups which share
similar characteristics.
3. Niche Market
A niche market is a small, usually specialized, segment of a much larger market.
4. Mass Market
Mass market is where there is a very large number of sales of a product.
5. Competitive Markets
A market situation where there are many buyers and sellers, no single business has
significant control over price, and firms compete mainly on factors such as price,
quality, and customer service.
6. Market Research
Market research is the process of gathering, analysing and interpreting information
about a market.
7. Primary Research
Primary research is the collection and collation of original data via direct contact with
potential or existing customers. (Also called field research).
8. Secondary Research
Secondary research uses information that has already been collected and is available
for use by others. (Also called desk research.)
9. Sampling
A method of selecting a group of people from a population to take part in market
research, so that information can be gathered without having to ask the whole
population.
10. Questionnaire
A questionnaire is a set of questions to be answered as a means of collecting data for
market research.
11. Focus Groups
A focus group is a group of people who are representative of the target market.
12. Interviews
Interviews involve asking individuals a series of questions, often face-to-face or over
the phone.
13. Product Life Cycle
The product life cycle describes the stages a product will pass through from its
introduction, through its growth until it is mature, and then finally its decline.
14. Brand Image
Brand image is an image or identity given to a product which gives it a personality of
its own and distinguishes it from its competitors ‘brands.
15. Price Elasticity of Demand (PED)
Price Elasticity of Demand measures the responsiveness of quantity demanded to a
change in price.
16. Distribution Channels
A distribution channel is the means by which a product is passed from the place of
production to the customer.
17. E-commerce
E-commerce is the ‘online’ buying and selling of goods and services using
computer systems linked to the internet and apps on mobile (cell) phones.
18. Marketing Strategy
A marketing strategy is a plan to combine the right combination of the four elements
of the marketing mix for a product or service to achieve a particular marketing
objective(s).
19. Joint Ventures
A joint venture is where two or more businesses start a new project together, sharing
capital, risks and profits.
20. Licensing
This is where the business gives permission for another company in the new market being
entered to produce the branded or patented products under licence.
[Link].-10th (IG) Worksheet-4
Name: Section: Date:
Unit 4: Operations Management
1. Productivity
Productivity is a measure of the efficiency of inputs used in the production process over a period of time. It is the
output measured against the inputs used to produce it. The formula is:
2. Labour Productivity.
It is a measure of efficient their employees are in producing output. The formula for it is:
3. Automation
Automation is the process of using machinery and IT equipment to control production so that production is
faster and error-free
4. Inventories
Inventories are the stock of raw materials, goods that are not completed yet (work-in-progress) and finished
unsold goods. Holding inventories allows a business to maintain production and satisfy customer demand
quickly.
1
5. Lean production
Lean production refers to the various techniques a firm can adopt to reduce wastage and increase
efficiency/productivity. It cuts out any activities which do not add value for the customer. Just-in-time (JIT)
6. Just-in-time (JIT) is a production method that involves reducing or virtually eliminating the need to hold
inventories of raw materials or unsold inventories of the finished product.
7. Kaizen:
Kaizen is a Japanese term meaning ‘continuous improvement’. It aims to increase efficiency and reduce
wastage by getting workers to get together in small groups and discuss problems and suggest solutions.
8. Job production
In job production a single product is made at a time specific to order and customized for each customer.
9. Batch production
Batch Production: similar products are made in batches or blocks. A small quantity of one product is
made, then a small quantity of another. Eg: cookies.
10. Flow Production
Flow Production produces large quantities of products in a continuous process on the production line. Eg:
a soft drinks factory.
2
11. Fixed Costs
Fixed Costs are costs that do not vary with output produced or sold in the short run. They are incurred
even when the output is 0. Fixed Costs are also known as overhead costs
12. Variable costs
.Variable Costs are costs that directly vary with the output produced or sold. E.g.: material costs.
3
13. Economies of scale
Economies of scale refers to the factors that lead to a reduction in the average costs as a business increases
in size.
14. Diseconomies of scale
Diseconomies of scale are the factors that lead to an increase the average costs of a business as it grows
beyond a certain size.
15. Break Even Charts
Break-even charts are graphs which show how costs and revenues of a business change with sales. They
show the level of sales the business must make in order to break even.
16. Break-even Output
Break-even output is the output at which total revenue equals total costs (neither a profit nor loss is made,
all costs are covered).
17. Margin of safety
Margin of safety is the amount by which current sales exceed the breakeven point.
18. Quality
Quality means to produce a good or service which meets customer expectations. The products should be
free of faults or defects.
19. Quality control
Quality control is the checking for quality at the end of the production process, whether a good or a
service. It uses quality inspectors as a way of finding any faults.
4
20. Quality assurance
Quality assurance is the checking for quality standards throughout the production process by employees,
whether it is the production of a product or a service.
21. Total Quality Management:
TQM refers to the continuous improvement of products and processes by focusing on quality at each and
every stage of production. It aims to get it right the first time and avoid defects – ‘zero faults’ is the TQM
goal.
22. Location decision
Location decisions refer to the strategic decision businesses undertake to choose the best geographical site for
their operations, considering factors like cost, market access, resource availability, and labor to maximize profit
and achieve business objectives.
23. Relocation
Relocation refers to change in the geographic location of the business operations due to change in the internal
or external environment.
5
Worksheet-6
[Link].-10th (IG) JAYSHREE PERIWAL INTERNATIONALSCHOOL
Name: Section: Date:
Unit 6: External influences on business activity
1 Business cycle
2. Growth
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10. Taxes
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11. Government spending
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12. Extemalities
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14. External bernefits
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15. Sustainable development
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20. Globalisation
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24. Depreciation of exchange rate
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