Business Studies Recap (Unit 1-2)

4. — The reason why employees want to work hard and work effectively for the business.
5. — The line of authority that carries orders down from the top manager to the workers.
8. — When a manager gives a subordinate the authority to perform a task for them.
10. — A business structure where one person owns the firm and keeps all the profit.
12. — Appointing someone from outside the business to fill a vacant position.
13. — Increasing a product's worth by improving it during the production process.
14. — The industry sector focused on providing services rather than manufacturing goods.

1. — A company that has offices or factories located in several different countries.
2. — The situation where there are not enough resources to satisfy everyone's wants.
3. — Any person or group that has an interest in or is affected by a business.
6. — The value of the next best choice that you give up when making a decision.
7. — Anything that stops a message from being sent or understood correctly.
9. — A leadership style where the manager makes all decisions without consulting staff.
11. — When a worker loses their job because their role is no longer required by the business.
12. — The willingness to take risks and combine resources to start a new business venture.