A Level Edexcel Business Study Guide Rated A+

Delayering {Ans: Removing layers of management from the hierarchy of an organisation}Marketing {Ans: A management process involved in identifying, anticipating and satisfying consumer requirements profitably.}Mutual organisation {Ans: A business owned by its members, who are customers not shareholders}correlation {Ans: the relationship between two sets of variables.}economies of scale {Ans: the reduction in average costs enjoyed by a business}Teamworking {Ans: Organising people into working groups that have a common aim}Mark-up {Ans: The percentage added to unit cost that makes a profit for a business when setting the price}Recover or upswing {Ans: A period where economic growth begins to increase again after a recession}current ratio {Ans: Assesses whether or not a business has enough resources to meet any debts that arise in the next 12 months. It is found by dividing current liabilities into current assets.}Motivated {Ans: The desire to take action to achieve a goal}standardisation {Ans: Using uniform resources and activities or producing a uniform product}Horizontal Integration {Ans: The joining of businesses that are in exactly the same line of business}Consumer trends {Ans: The habits or behaviours of consumers that determine the goods and services they buy}monetary policy