Key terms 7

• Short termism - focus on immediate results and short term gains without considering long term consequences
• Strategy - plan designed to achieve long term goals or objectives
• Tactics - actions implemented to achieve short term objectives
• SWOT analysis - assessment tool used to identify a business’s strengths, weaknesses, opportunities and threats
• Core competencies - Capabilities/strengths that differentiates a business from its competitors
• Regulator - non/governmental entity responsible for overseeing and enforcing rules, regulations and standards within an industry or sector
• Infrastructure - physical and organisational structures, facilities, systems necessary for the operation if a society or enterprise including transportation, communication and utilities
• fiscal policy - gov policies related to taxation, spending and borrowing aimed at influencing economic conditions (inflation, unemployment, econ growth)
• Monetary policy - gov policies related to the control & regulations of money supply, interest rates and credit conditions often implemented by central banks to influence economic activity and stabilise financial markets
• Open trade - policy of unrestricted international trade and commerce , promoting the free flow of goods, services and capital across borders without barriers
• Protectionism - policy imposing restrictions, tariffs or trade barriers to protect domestic industries from foreign competition often motivated by job loss or economic sovereignty
• Migration - movement of people from one place to another either within a country of across international borders
• Corporate social responsibility - ethical and voluntary commitment of businesses to contribute to the well being of society and the environment beyond legal obligations
• Total contribution 


  The amount the goes towards covering your fixed costs
• Equity

  What the business owns after covering debts
• Income statement

  calculates profits and losses made by a business