IGCSE BUSINESS STUDIES Topic : Employers association

Employers association Employers association are groups of employers who join together to give benefits to their member. Businesses join together to form their own association, and members pay an annual subscription fee in return for the benefits they would receive. Examples include National Farmers Union Society of British Aerospace Comapnies Federation of Samll Businesses National Federation of Builders Advantages...

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IGCSE BUSINESS STUDIES Topic : Worker participation

Worker participation Worker participation refers to the influence that workers had on decision-making at management level. Representative workers of influence achieved this through their work on the various management-employee committees. Advocate workers of influence used formal, individual meetings with management to influence their thinking. Informal workers of influence give input to management thinking in informal arenas such...

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IGCSE BUSINESS STUDIES Topic : Industrial actions

Types of Industrial Actions Strike: when employees refuse to work Picketing: When employees stand outside the workplace and prevent the smooth functioning of the firm. E.g. they may stop the movement of Lorries in and out of factory. Work to Rule: It is when workers purposely follow all the rules in order to delay the progress of work. Go slow: It is when the employees work at...

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IGCSE BUSINESS STUDIES Topic ; Types of training and its objective

What is training? Training involves improving the skills, knowledge and attitudes of employees so as to become more efficient and productive. Objectives of Training Improve the efficiency of workforce Make workers multi-skilled and flexible Introducing a new process or new machinery Reduce wastage of material and time Adapt to change Types of Training Induction Training It involves introducing a new employee to its work environment....

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IGCSE BUSINESS STUDIES Topic : Recruitment and Selection Process

Recruitment and Selection Process The recruitment process starts with a vacancy arising. Job analysis and description Once a vacancy arises the human resource manager will first identify and record the responsibilities and tasks which are related to the job. After analysing the responsibilities and tasks they are noted down which becomes the Job description for the job. It includes: ...

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IGCSE BUSINESS STUDIES Topic : Manpower Planning

Manpower Planning It involves the planning for the future and finding out how many employees will be needed in the future by the business and what types of skills should they possess. It depends on the following factors The number of people leaving the job The projected growth in sales of the business Technological changes Productivity level of the workers...

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IGCSE BUSINESS STUDIES Topic : Functions of Human Resource Department

Functions of Human Resource Department A typical Human Resource Department is carries out the following functions: Manpower Planning It involves the planning for the future and finding out how many employees will be needed in the future by the business and what types of skills should they possess. It depends on the following factors The number of people leaving the job The projected growth in sales of the business Technological...

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IGCSE BUSINESS STUDIES Topic : What is a Recession?

What is a Recession? Recession is defined as a period of reduced economic activity, a business cycle contraction. The U.S.-based National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in [the] economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and...

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IGCSE BUSINESS STUDIES Topic : Business Cycle or Trade cycle

Business Cycle The business cycle or economic cycle refers to the fluctuations of economic activity about its long term growth trend. The cycle involves shifts over time between periods of relatively rapid growth of output (recovery and prosperity), and periods of relative stagnation or decline (contraction or recession). These fluctuations are often measured using the real gross domestic product. There are four main...

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IGCSE BUSINESS STUDIES Topic : Social Cost and Social Benefits

Social Cost and benefits Every business activity which takes place has some benefits and costs attached to it. The benefits go both to the owners of the firm as well as to external stakeholders. In the same way the owners and the external stakeholders have to pay a cost for the activities of the business. Talking about… Private cost It is the cost of setting up the business. The owner(s) pay for the hire of machinery, buying of materials,...

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IGCSE BUSINESS STUDIES Topic : Cost Benefit Analysis

Cost Benefit analysis Cost Benefit Analysis is typically used by governments to evaluate the desirability of a given intervention in markets. The costs and benefits of the impacts of an intervention are evaluated in terms of the social benefits or social cost. The guiding principle is to list all of the parties affected by an intervention, and place a monetary value of the effect it has on their welfare.The process involves monetary value...

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IGCSE BUSINESS STUDIES Topic : Government macroeconomic objectives and policies

Economic Objectives of the Government Most of the governments round the world have four main objectives. These are Keep inflation under control Maintain a low level of unemployment Achieve a high level of growth rate Maintain a healthy balance of payments. Government Economic Policies Government influences the economy through its economic policies. These are Fiscal Policy It is related with taxes and government spending. This policy is...

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IGCSE BUSINESS STUDIES Topic : Governments control over business activity

Why government controls business activities? Businesses are usually profit motivated. Many times in order to gain more profit the business might neglect issues like environmental protection and production of harmful and dangerous products. Large business might take the advantage of their size and exploit consumers, employees and even use unfair tactics to overcome competition from small businesses. Business might use media to portray a...

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