Business and People Notes.

Business & People Asad
De-industrialisations: The reduction of importance of the secondary sector of business activity in a country.
Dividend: A payment made to shareholders from the profits made by a private or public limited company.
Sole proprietor: One person who owns the business.
Horizontal integration: Merger or takeover of another business at the same stage of production in the same industry.
Vertical integrations: Merger or takeover of another business not at the same stage of production in the same industry.
Footloose: A business is able to locate anywhere it chooses.
Sleeping partner: A person who has invested capital in the business but who does not take an active part.
Globalisation: The worldwide interdependence of business activity.
Multinational company: A company with facilities in several different countries.
Maslow’s Hierarchy of needs: A theory that can be used to explain what motivates workers.
Deduction: Money taken off a person’s gross pay for income tax.
Gross pay: Pay before deductions.
Net pay: Pay after deductions.
On the job training: Occurs at the place of work and while the worker is doing their job.
Off the job training: When the worker is not doing their job it may be at the place of work or somewhere else.
Coaching: When one worker supports another to develop that person’s knowledge and skills.
Redundancy: When employment is ended because the firm no longer needs the work that was done by an employee.
Chain of command: The link in the levels of authority from those at the top with the most authority to those at the bottom with the least.
Line of communication: The route a message travels between the sender and the receiver.
Line manager: This is the person who is directly responsible for other workers in the organisation.
Subordinates: The workers that a line manager is responsible for.
Span of control: The number of subordinates who report directly to the line manager.
Delegated: The process of...