List of Business Studies Definition of Terms Notes Grade 11, Are you Grade 11 who taking Business Studies? if yes this page is Concern it Contain Different Definitions and terms available in Business Studies Subject Grade 11 level
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 |
| TERMÂ | DEFINITIONÂ |
| 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 |