Business Foundations

2. The people who work for the business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production
6. This type of advantage occurs when a firm, industry or economy has a lower cost price structure than its rivals
11. This type of management style is where the employees assume total responsibility for, and control of, workplace operations
12. The people who purchase goods and services from the business, expecting high quality at competitive prices
14. This statement expresses what a business hopes to become
15. This type of management style is where the manager tells staff what decisions have been made

1. The degree to which a business has achieved its stated objectives
3. This statement expresses the reasons for a business’s existence, its purpose and its method of operation
4. Businesses or individuals who supply materials and other resources to a business so that it can conduct its operations
5. Groups and individuals who interact with the business and have a vested interest in its activities
7. This type of management style is where the manager unites with staff to make decisions together
8. This type of management style is where the manager consults employees before making decisions
9. This type of management style is where the manager attempts to ‘sell’ decisions made
10. The proportion of total sales in a given market or industry that is controlled or held by a business, calculated for a specific period of time
13. How well a business uses resources to achieve objectives