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Business Studies 12

Business Studies revision for matrics based on the 2012 syllabus

Define: Affirmative Action The process to ensure that people from designated groups have equal opportunities in the workplace. It is also known as Employment Equity
Define: Apprenticeship A method of training people for a trade. The apprentice works on-the-job under supervision of a qualified artisan for a specific period and must also pass an exam on the theory of the particular trade
Define: Arbitration Similar to mediation, but follows a more formal procedure, and the ruling is legally binding on both parties
Define: Artisan A person who has served an apprenticeship and has the necessary skills required to perform practical work, such as plumbing, welding or hairdressing
Define: Assurance Life insurance - a type of insurance policy that will pay out a specified amount of money to the policy holder's family on death
Define: BBBEE Broad-Based Black Economic Empowerment
Define: BEE Black Economic Empowerment
Define: Broker Independent salesperson who offers advice on a range of financial products from different institutions
Define: CCMA The CCMA (Commission for Conciliation, Mediation and Arbitration) is an independent body, which carries out a range of workplace dispute resolutions and prevention functions
Define: Code of ethics A written document stating the principles and values the business upholds
Define: Collective bargaining The interactions between management and trade unions where representatives of labour and the employer negotiate shared agreements of the employment relationship such as salaries
Define: Critical success factors Those factors which must be present in a business to ensure its long-term sustainability. All eight business functions are critical success factors
Define: CV Curriculum Vitae - a written document detailing your personal details and previous working experience. Sometimes it is called a résumé
Define: Discriminate To make a distinction between people based on a particular reason such as race or gender
Define: Employee benefits These are at the discretion of the company, and can include pension fund payments, and medical aid
Define: Employment Equity Act The Employment Equity Act, Act No. 55 recognises that the disparities created by discriminatory laws and practices of the past will be corrected in the workplace. Another term for Employment Equity is Affirmative Action
Define: Family responsibility leave An employee has a right to take three days' paid leave per year when a child is ill, a child is born, or if a partner or close family member dies
Define: Free-market system A system in which organisations conduct their business with a minimum government interference
Define: Globalisation The process of buying and selling products and services (trading) in the international market
Define: HDI Historically Disadvantaged Individual/Human Development Index
Define: Hierarchy A ranking or ordering system
Created by: 621552373
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