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Business Key Terms Year 1

This document provides an overview of key terms that will be covered in each unit of an A Level Business course. It lists the 6 units that make up the course and key terms associated with each unit, including: 1) Unit 1 on the nature of business covers terms like sole trader, privatization, and stakeholders. 2) Unit 2 on management and leadership covers terms like authority, delegation, and communication. 3) Units 3-6 cover decision making to improve performance in areas like marketing, operations, finance, and human resources. Key terms in these units include market research, budgeting, training, and diversity. Over 100 key terms in total are introduced that students will need to understand

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Kim Seng Onn
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73 views2 pages

Business Key Terms Year 1

This document provides an overview of key terms that will be covered in each unit of an A Level Business course. It lists the 6 units that make up the course and key terms associated with each unit, including: 1) Unit 1 on the nature of business covers terms like sole trader, privatization, and stakeholders. 2) Unit 2 on management and leadership covers terms like authority, delegation, and communication. 3) Units 3-6 cover decision making to improve performance in areas like marketing, operations, finance, and human resources. Key terms in these units include market research, budgeting, training, and diversity. Over 100 key terms in total are introduced that students will need to understand

Uploaded by

Kim Seng Onn
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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A Level Business

Year 1 key Terms – version I – May 2015

AQA A Level Business Year 1 Key terms


NB: Where a key term occur in more than one unit, there will generally be noted in the table
below in the unit that they are first mentioned.

Unit Key Terms


1. What is Business A good Profit Privatisation
A service Fixed costs Variable costs Market conditions
A product Total costs Demand
Mission statement Average costs Gross domestic product
Aims Sole trader Real incomes
Objectives Unlimited liability Interest rates
Profit Incorporation Fair trade
Cash-flow Shareholder Sustainable production
Stakeholders Limited liability Dividends
Revenues Market capitalisation
Takeover

2. Management, Leadership Uncertainty The external


Management Opportunity cost environment
leadership and Authority Scientific decision making Social responsibility
decision making Delegation Decision trees Communication
Empowerment Probability Stakeholder
Decentralisation Expected value engagement.
Programmed decisions Net gains Consultation
Non- Programmed decisions Ethics
Risk

3. Decision making Relationship marketing Market share Confidence interval


Business ethics Sales growth Big data
to improve Marketing objectives Internal influences Positioning
marketing Market growth External influences Marketing mix
performance Primary market research Competitiveness Consumer products
Secondary market research Target population Industrial products
Price elasticity of demand Sample Product life cycle
Income elasticity of demand Brand Product portfolio
Segmentation Patent analysis.
Market segment Trademark Social media
Targeting Globalisation Viral marketing
Niche marketing Market research Multichannel
Mass marketing Market mapping distribution.
Sales value Confidence level E-commerce
Sales volume

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A Level Business

Year 1 key Terms – version I – May 2015

Unit Key Terms


4. Decision making Operational management Unit/average costs Mass customisation
Labour intensive Capacity Inventory
to improve Capital intensive Capacity utilisation Part time
operational Supply chain Labour productivity Temporary staff
performance Operations objective Efficiency Vertical integration
Competitive advantage Lean production Corporate social
Total costs Quality responsibility.
Outsourcing

5. Decision making Financial objectives Budgets Short & long term


Income statements Variance analysis finance.
to improve Gross profit Cash flow forecasts Bank loan
financial Direct costs Break-even output Overdraft
performance Indirect costs Contribution Venture capital
Operating profit Trade credit Share capital
Profit for the year Margin of safety Mortgages
Investment Profitability Debentures
Non-current assets Profit margin Crowdfunding
Capital expenditure Internal & external sources
Capital structure of finance.

6. Decision making Human resource objectives Employer brand Trade union


Employee engagement Human resource flow Collective bargaining
to improve Employee involvement Recruitment & selection Trade union wage
human resource Training Redundancy premium.
performance Talent development Dismissal Works council
Diversity Redeployment Arbitration
Unit labour costs Division of labour Industrial dispute
Labour turnover Time and motion study Conciliation
Labour retention Commission
Human resource plan Piece rate
Job design Performance related pay
Job enrichment Variable pay
Empowerment Employee welfare
Organisational structure Appraisal
Organisational design Team-working

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