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Definition
| An organisation that attempts to satisfy the needs and wants of the community by providing goods and or services |
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| The resources (such as labour, finance and equipment) that a firm uses to create outputs |
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| The process whereby managers are answerable to particular groups affected by the activities of the business |
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| And individuals standards of behaviour or moral position; which influences the choices and decisions and defines what is right and wrong based on the values of management. |
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Definition
| To decrease the scale of operations; for example, through the reduction in the number of staff employed |
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Definition
| Workers are retrenched when their services are no longer needed due to business downsizing, closing or outsourcing and therefore requires fewer workers |
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| Workers are made redundant when their labour is no longer needed. Their employment is terminated. |
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| The process of improving the features of a product |
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Term
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Definition
| An individual who is willing to take a risk to implement ideas through a business |
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