Business Studies Grade 10

Grade 10

NSC Business Studies Lisa Akerman | Séan Topper | Yvette Russell | José Oliveira | Cathlyn Dracatos

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Studying Business Grade 10 Textbook

There is a seperate “Framework Workbook”, which is available for use in conjunction with this textbook.

Lisa Akerman Séan Topper Yvette Russell José Oliveira Cathlyn Dracatos

Studying Business Grade 10

PTY LTD

Published by: Excom Publishers (Pty) Ltd Registration Number: 2017/328968/07 Enquiries: orders@excompublishers.co.za www.excompublishers.co.za Cell: 083 785 7813

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NOTE: Use of pronouns: Any gender shall include the other gender, and the singular shall include the plural and vice versa.

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Chapter 1

Studying Business Grade 10 Team Dynamics and Conflict Management

Table of Contents 1

Introduction...........................................................................................................................1

Working Together.................................................................................................................1

Conflict Management...........................................................................................................6

Synergy................................................................................................................................7

Factors affecting relationships in teams...............................................................................8

Team Performance Criteria................................................................................................10

Conclusion..........................................................................................................................12 Chapter 2

Professionalism, Ethics and Contracts

17

Section A: Professionalism................................................................................................17

Aspects of Self-Management.............................................................................................19

Professionalism..................................................................................................................29

Definitions regarding self-identity.......................................................................................31

Section B: Ethics...............................................................................................................33

The King Reports...............................................................................................................38

Section C: Contracts........................................................................................................40

Introduction.........................................................................................................................40

What is a contract?.............................................................................................................40

Essential Requirements for a Contract...............................................................................41

Formats of a Contract.........................................................................................................42

Defective Contracts............................................................................................................43

Breach of Contract.............................................................................................................44

Types of Contracts.............................................................................................................45

Legal Terminology..............................................................................................................47

Cooling-off Period...............................................................................................................48

Conclusion..........................................................................................................................49 Chapter 3

Corporate Social Responsibility and Citizenship Roles

51

Introduction.........................................................................................................................51

Socio-economic issues and their impact on business and society.....................................51

Introduction to Citizenship Roles........................................................................................56

Chapter 4

Creativity and Problem Solving

61

Introduction.........................................................................................................................61 Creativity............................................................................................................................63

Problem solving..................................................................................................................71

Probortunities.....................................................................................................................74

Indigenous Thinking...........................................................................................................74

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Chapter 5

Business Environments and Sectors

79

Section A: Business Environments...................................................................................79

Micro Environment.............................................................................................................79

Market Environment...........................................................................................................82

Macro Environment............................................................................................................85

Section B: Sectors.............................................................................................................89

The private sector vs. the public sector..............................................................................90

The formal and informal sectors.........................................................................................91

Sectors of industry..............................................................................................................92

Chapter 6

The Entrepreneur as Leader and Manager

93

Introduction.........................................................................................................................93

Types of Entrepreneurial Businesses.................................................................................95

Entrepreneurial Qualities....................................................................................................96

Why is entrepreneurship important?..................................................................................98

Entrepreneurial Tools.........................................................................................................99

Critical qualities that makes a business successful..........................................................107

Important Factors to Consider before Starting a Business...............................................108

Chapter 7

Forms of Ownership

Choosing a Form of Ownership........................................................................................ 117

Different Forms of Ownership..........................................................................................122

Chapter 8

Business Functions

117

127

Introduction.......................................................................................................................127

General Management Function........................................................................................127

Marketing Function...........................................................................................................128

Human Resources (HR) Function....................................................................................130

Public Relations (PR) Function........................................................................................134

Financial Function............................................................................................................135

Purchasing Function.........................................................................................................135

Production/Operations Management Function.................................................................135

Administrative Function/Information Management...........................................................136

Risk Management Function..............................................................................................137

Interelatedness of Management Functions......................................................................137

Conclusion........................................................................................................................138

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Studying Business Grade 10

Table of Contents

Chapter 9

Financial, Purchasing, Production/Operations and Administrative/Information Management Functions 139

Section A: Financial Function..........................................................................................139

Capital..............................................................................................................................139

Task of the Financial Director (FD)/Chief Financial Officer (CFO) ..................................140

The objectives of the financial function............................................................................140

Financial statements........................................................................................................142

Sources of capital.............................................................................................................145

Budgeting.........................................................................................................................147

The National Credit Act – NCA (34 of 2005).....................................................................148

Section B: Purchasing Function......................................................................................149

Factors which contribute to the importance of the purchasing department......................149

Types of stock..................................................................................................................150

The ordering and receiving of the goods..........................................................................151

The management of stock................................................................................................152

Choice of Supplier............................................................................................................155

Consumer Protection Act – CPA (68 of 2008)..................................................................156

Section C: Production Function.......................................................................................156

Factors of Production.......................................................................................................157

Selection of the production system..................................................................................157

Production planning..........................................................................................................159

Automation.......................................................................................................................163

Factory health and safety.................................................................................................166

Quality control..................................................................................................................169

Production costs...............................................................................................................171

Section D: Administration Function /Information Management.......................................174

Handling of Information and Data ...................................................................................174

Statistics...........................................................................................................................177

Office Practice and Information Technology.....................................................................179

Centralisation and Decentralisation of the Administration Function /Information Management................................................................................................180

Chapter 10

Business Related Information

181

Introduction.......................................................................................................................181 Research..........................................................................................................................181

Research Ethics...............................................................................................................187

Plagiarism ........................................................................................................................188 Referencing......................................................................................................................190

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This is a talking textbook! ‘Bubbles’ are located throughout the book, which provide QR codes that can be scanned to give you more information and additional examples. Simply download a free QR reader onto your smartphone or device, or click on the active links in the eBook versions to access these 60-90 second interactive lessons, which will help you revise or catch up on missed concepts!

Introducing Bubbles

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Chapter 1

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Team Dynamics and Conflict Management

1. Introduction Teamwork is a natural instinct. Animals use it often - think about: ○ A pride of lions where the lionesses hunt together and the alpha male protects his pride; ○ Birds flying in formation in order to reduce air drag or resistance; and ○ Fish swimming in schools (one on its own would be far more vulnerable).

What is Teamwork?

For humans, teamwork is as old as humankind itself. Even prehistoric man worked together to hunt, protect themselves and form communities which were able to survive better collectively than independently.

TEAM TOGETHER EVERYONE ACHIEVES MORE Source: https://blogoth67.wordpress.com/2016/02/09/perles-deleves-41/

Modern man is able to harness the experience we have gained over the years and the benefit of watching animals in order to analyse group situations, evaluate the best methods to use and develop ways in which to solve conflict in group situations.

2. Working Together Although some groups instinctively work well together, and there are people with the type of personality that adapts easily and accommodates others, most of the groups that people are involved in are formal groups which have to work at getting along together. Different people have different ideas, beliefs and personalities and this can cause conflict, which, if not addressed, will cause major problems.

Conflict: A disagreement or clash between ideas, principles or people.

Encarta Online Dictionary

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2.1 Allocating team roles One of the main causes of conflict in teams is when there is a lack of clarity in roles such as more than one person wanting to be the leader or other members not knowing what they are supposed to do.

A simple and commonly used classification of group roles is the LTCD method: ○ Leader: The person in charge who directs the group; ○ Thinker: The person who has the ideas and is innovative and creative; ○ Carer: The person who looks after team members, motivates them and ensures that everyone is involved and happy; and ○ Doer: The person (or people) that gets most of the work done. These are usually followers who will take instructions from the leader. If it is a large task, there will be several doers who will do different sections of the work.

Exercise 1.1: Team Roles Choose a sports team that you have played in recently, or another team you have been part of, and complete the following table: (Note: There may be more than one Thinker and Carer, and several Doers.)

Name of Team (e.g. Hockey U15 )_____________________________________ Role

Name/s

Reason (justify)

Leader

Thinker

Carer

Doers

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LTCD is obviously an over-simplified classification, and works best when there are only a few people in the team, or, as in a sports team, where there are clearly defined roles. In larger teams it gets far more complex and in Grade 11 you will learn about different role classification systems which are more appropriate to these more complex situations. The LTCD method is easy to apply, however, and you can practise the basic principles of role allocation by using this for the tasks and projects you are going to do in teams during Grade 10.

2.2 Identifying and working towards common goals If a team of oxen were all pulling in different directions, or a team of acrobats did not coordinate their movements and timing there would be chaos (and injuries!). In the same way it is essential for any team to work towards common goals. Once the team leader has been appointed (or voted in), it is his or her job to lead the team in setting goals. This could be split into the following: a)

Primary goal – this is the main aim of the team and will be linked to the reason why the team was formed in the first place. For example, a team of builders aiming to complete a hotel by a set date, or an athletics team aiming to have a specific number of athletes qualifying for the Olympics.

b)

Secondary goals – there may be more than one secondary goal and they are often sub-sets of the main goal. For example, the builders aiming to make the hotel both aesthetically pleasing and energy efficient, or the athletics team aiming to win certain competitions leading up to the Olympics as well as aiming to win a certain number of medals in the Olympics.

In order to achieve team goals, the individual members have to put that ahead of their personal goals. In some instances, personal and individual goals may be aligned (e.g. winning individual Olympic medals would add to the team medal count), but in others they could clash (e.g. a specific athlete compromising his training for the relay event in order to train for an individual event).

2.3 Understanding team processes Team processes refer to the different steps a team goes through from start to finish. In the process of this interaction, the team follows certain stages which are explained in the table below. Even informal teams, without pre-planning, will instinctively go through most of these stages:

Forming

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Team Processes

During the forming stage, unrelated members are either allocated, or spontaneously come together to start a team.

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Storming

Storming is the most volatile stage, where team members are finding their roles as well as testing those of fellow members. Ideas, discussion, disagreement and dissension are all rampant and part of the creative process. Members’ past experiences should be noted as a potential future resource.

Norming

Norming is the “calm after the storm”, when the team starts to gel and begins to work towards a common goal. Team roles are either assigned by a leader or assumed, unworkable ideas discarded and some agreement reached that all members are happy to proceed with. Team briefing will occur where the leader allocates roles, specifies aims and sets up working methods. If there are several possible ideas, one will be prioritised and analysed to see if it is viable. If not, the process will be repeated until a workable solution is found.

Performing

In the Performing stage, the actual work is done.

Members may move off to complete their allocated tasks, or break into sub-teams to debate sections on the task further. Barriers and problems are addressed and solved to enable the team to proceed. Productivity is determined by the cohesion and buy-in of the group members. This stage is potentially the longest lasting of all, depending on the nature of the task at hand.

Adjourning

Adjourning is the disbanding of the group which either occurs when the task is completed, or the realisation is reached that it will not be successful.

y Mourning y Transforming

If unsuccessful, a process of mourning may occur.

Members may have formed close bonds, and will need to reflect and ask questions before letting go.

If successful, this mourning process will be followed by a period of celebration and achievement-reflection.

In many cases, the team will start transforming and working on a new project, sometimes with different members, or with new goals such as a sports team at the end of a season. Next season will bring new players and challenges.

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2.4 Allowing for diversity and creativity If all team members have similar personalities, interests and abilities it could lead to too much agreement and no challenging of ideas. This will result in a lack of creativity. Teams with a diversity of members will have more heated discussions, better brainstorming and far more creative ideas. Different abilities will also mean that the various aspects of the task will be done at a higher standard. Can you imagine a rugby team with only fly-halves or a netball team where everyone is only good at shooting goals?

Exercise 1.2: Team Diversity Imagine that you were asked to put together a team of your classmates to do research for Business Studies on the effect of Wildlife tourism on the South African economy and it had to be presented in a poster format. What types of skills would you like to have in the team? Now identify one learner in your class that has each of these skills, and justify your choices. (NOTE: You are not allocating LTCD roles, but looking at skills.)

Skill

Name/s

Reason (justify)

You are not going to be doing this task now, but keep the principle of getting diverse skills and abilities in mind whenever you are asked to do a task where you have choices in putting your team together.

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3. Conflict Management Where there is diversity, there will be conflict. But conflict is not necessarily a bad thing, as can be seen from the following classification: ○ Functional Conflict – this is non-aggressive conflict which stimulates creativity and allows ideas to flow, for example people disagreeing but being prepared to look at different ideas about the way to compromise. As in brainstorming, even bad ideas may be the spark for good ideas which will ultimately work.

Types of Conflict

○ Dysfunctional Conflict – this is an aggressive type of disagreement where parties refuse to compromise and it hampers the work on the task, as well as their relationships.

Both types of conflict must be resolved. Functional conflict is resolved by picking up the creative ideas and compromising on the plan to go forward. Dysfunctional conflict needs to be addressed in the following way: The process has FOUR steps, whereby each step requires more intervention than the previous one. If, however, the conflict is resolved at any one given step, then it is not necessary to proceed to the others.

Conflict Resolution Steps: Negotiation

Conciliation

Mediation

Arbitration

NEGOTIATION

CONCILIATION

MEDIATION

ARBITRATION

Disputants

Disputants

Disputants

Disputants

The two parties sit down and try to come to a compromise by themselves.

If negotiation is unsuccessful, a third person gets involved, but only to facilitate the discussion i.e. make sure both parties get a chance to speak.

If conciliation does not work, the third person gets more involved and will give advice, but the ultimate decision is still up to the original parties involved.

If mediation has not solved the problem, the decision is taken out of the hands of the original parties, and the third person has to make a judgement call.

E.g. Father and son disagree on a curfew time, but sit down and discuss it together.

E.g. Two friends have been fighting due to a misunderstanding, and a third friend joins the discussion to make sure both have all the information and the misunderstanding is cleared up.

E.g. Two business partners are fighting about whether or not to sign a new contract. A friend who is a lawyer gives them some more insight, and they are then able to agree.

E.g. Two floor managers in a factory cannot agree on the placement of a large new piece of equipment and the Production Manager steps in to make the decision which is then binding on both departments.

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Conciliator

Mediator

Arbitrator

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Exercise 1.3: Conflict a)

Give TWO examples of situations in which you have experienced conflict – one functional and one dysfunctional.

b)

Explain how each of these conflict situations was resolved. Identify which of the Conflict Resolution steps were used in each case.

Type of Conflict

Example

Conflict resolution

Functional Dysfunctional

Conflict Resolution Steps

Source: http://complaintreport.in/2016/08/04/indian-arbitration-laws/

4. Synergy The ultimate aim of teamwork is to get to SYNERGY – which means that the team collectively works better than the members would have done separately. It is often given as: 1 + 1 = 3. In other words, with my artistic ability and your research skills we can do a better project than either of us could have done on our own. Sports teams are also a good example of synergy, as no one member of the team (however good he or she is) can win a match on his or her own. (NOTE: Synergy is a contraction of the words "Synchronised Energy".)

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5. Factors affecting relationships in teams Businesses exist for a reason. Most of the time they aim to make a profit, but there are those that do charity work, community services (e.g. schools, churches) or exist in order to provide essential services, such as the SPCA. Very few people are multi-talented enough to run a business entirely on their own – making the products (or providing the services), selling, doing the books and administration, handling the finances. So teamwork becomes essential in order to run a successful business, whatever its aims and objectives may be.

Whenever people are working together in a team, the following factors will influence whether or not they attain synergy:

Prejudice

Prejudice: A pre-formed opinion (usually unfavourable) based on inaccurate stereotyping, irrational feelings and insufficient information.

Encarta Online Dictionary Individuals that are prejudiced tend to generalise and assume that people with certain characteristics follow a specific mould. For example, they may assume that all blondes are less intelligent, all Americans are outgoing or all Japanese are quiet. This is, of course, not true! People of the same nationality or religion will still have different personalities, views and beliefs.

By being prejudiced, you close your mind to accepting others and may in the process lose out on important friendships and contacts. For example, if you refuse to work in a team with your set group of friends, you may lose out on the benefit of something important such as someone with superb computer skills, a good general knowledge or a wide network of contacts.

Beliefs People’s beliefs are grounded in their upbringing, nationality and religious views. For example, some societies believe it is unacceptable to eat the meat of domestic animals – in other societies it is totally acceptable. Other issues based on beliefs such as abortion, cloning, the slave trade and drug trafficking all affect the way people work within a business situation.

Values Values such as honesty and integrity are an important part of formulating a business’s vision and mission.

In some cases, businesses will be set up with strong moral values and they will go to great lengths to maintain their integrity by being honest with clients and the public. Although this resulted in lost sales for a period of time, it boosted the public’s confidence in the company’s integrity over the long term. There will also always be those businesses that are based on values that are totally different to society’s norms: illegal trading, smuggling, slave trade and others who trade in black market goods.

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Diversity Embracing diversity is probably one of the most crucial factors in why we, as a ‘Rainbow nation’, have been able to transform into a workable democracy without civil war. However, managing diversity is not about eradicating differences, it is about celebrating them, and using them to stimulate creativity. A diverse group will bring far more ideas to a brainstorm, have more contacts in their network and ultimately come up with better solutions to problems than a uniform group with similar backgrounds and ideas.

Exercise 1.4: Diverse Greetings How diverse is your family and the community in which you live? Do you have friends or family of different races, genders, languages, religious backgrounds etc.? How tolerant or understanding are you of people who are different? Do you become irritated with older people who are slow at doing things? Do you reach out to people who are different? Speaking to people from different cultures or learning more about what makes the world so wonderfully diverse is a good way to start understanding how others think and what they feel. Do the quick fun activity below: Which of the following languages and dialects can you identify?

Greeting

Language

Greeting

Sawubona

Howdy

Goeiemôre

Guten Tag

Jambo!

!Gäi//goas*

G’day mate

Lumela

Namaste

Marhaba

Language

Learning to greet someone in their own language is a simple way to start demonstrating your embrace of inclusivity, and it may lead to further conversations on cultural differences and diversity.

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6. Team Performance Criteria In order for a team to work together successfully, it is important that the team embarks on the process in a planned and intentional way. Many teams are unsuccessful because they just dive into the task and work on an ad hoc basis which leads to important aspects being forgotten, deadlines being missed and an inability to reach goals – in fact, goals are often not set at all! This approach is tantamount to climbing into the car and driving without any planning till you reach a place that you like (or you are too tired to continue) and stopping there for a holiday. The problem is that you will not have the correct clothing (e.g. for swimming) and may have difficulty in finding accommodation. If you had taken a bit of time to plan, pack and phone for reservations, many of the problems would have been avoided.

The criteria for successful teams are as follows:

6.1 Planning This is the process of discussion, brainstorming and thinking through the task at hand in order to decide what needs to be done, by whom and which resources will be needed. If the team is not already constituted, it may include setting up a team with the necessary skills to accomplish the task.

Some of the issues that will have to be addressed include: ○ Size of team and skills needed; ○ Goalsetting (these may be short- or long term, depending on the task); ○ Timing (starting date, interim deadlines and date of completion); and ○ Other resources required (stationery, equipment, premises etc.).

6.2 Execution The plan must be put into action, and the team processes discussed earlier in this chapter are a good guideline to follow. Important aspects to consider in this phase are: ○ Cohesion of the team members and their ability to work together; ○ Commitment, work ethic, trust and integrity of each team member; ○ Leadership ability of the leader; ○ Flexibility of the team to cope with problems or obstacles (e.g. conflict); and ○ The ability of the team members to align their individual goals with team goals.

6.3 Review It is important to check the progress of the team on a regular basis against the goals which have been set. ○ During the process: This could include time-lines, budgets, the motivation of the members of the team or the usage and effectiveness of resources. ○ At the end of the task: Wrap-up or consolidation of the task; the success (achievement of goals); and the drawing up of a ‘snag-list’ or lessons learnt in order to avoid similar problems in future tasks.

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6.4 Documentation Depending on the type of task, documentation will form an integral part of the process. In school projects the Educator may give very specific guidelines on this, but in business it often requires minutes, budgets, memorandums and other documents to inform other interested parties (e.g. the Head of Department) of the process and decisions taken by the team.

Source: https://www.nbcnews.com/news/sports/south-africa-triumph-rugby-world-cup-final-n1075616

Exercise 1.5: Evaluating a Team Choose a specific school project (in any subject) in which you worked in a team and evaluate it on the following rating scale. Be honest. A low rating will not affect your marks – it is the lessons learnt that are important.

Guide to rating: 1

No specific attention was paid to this, it happened on an ad-hoc basis.

2

Some forethought given to the process, but not adequate.

3

The group put in an average amount of effort.

4

The group worked in an intentional and meaningful way.

5

The process was superb, with strong leadership and a team with diverse skills that achieved well on this aspect.

Project: Subject: Team Members: Criteria:

Rating 1-5

Give an example to justify your rating:

How would you change this aspect in a future project?

Planning Execution Review Documentation

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Mini-Assessment Grid for Team evaluation exercise: Rating: Not done: 0 Done: 1

Example: Not done: 0 Not relevant: 1 Suitable example: 2

Change in future: Not done: 0 Superficial: 1 – 2 In depth: 3 – 4

TOTAL

Headings completed

/2

Planning

/7

Execution

/7

Review

/7

Documentation

/7

Total Mark

/30

7. Conclusion As you have learnt in this chapter, it is important to plan and think carefully about the teams in which you are working or playing. A lack of cooperation can end up with the task not being accomplished or worse!

In Grades 11 and 12 you will learn more skills related to the management of teams such as the principles of Project Management, as well as more detail regarding the different roles that are performed by the various team members and problem-solving/conflict resolution skills for when your team hits a crisis.

Source: https://depositphotos.com/7438851/stock-photo-team-of-ants-constructing-bridge.html

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Exercise 1.6: Remote team collaboration The Covid-19 pandemic resulted in many countries ( including South Africa) introducing a national lockdown, which meant that many businesses had to adapt, where possible, to their employees working from home (remote working). Working separately but still managing and participating in the team dynamic was a huge adjustment for both managers and employees alike, but many companies found it worked so well that they are considering flexible working options on a more permanent basis.

Break into groups, read the following case study and list the benefits of remote working for: ○ a business ○ an employee or employees.

Within your group you are likely to find that many of you have had the experience of your parents working from home, either during lockdown or on an ongoing basis. You can draw from these experiences as you progress through this chapter. (Suggestion: Be alert to, and make a note of, the benefits or remote working as you read further. You will need this for a later discussion.)

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How To Make Your Remote Team Collaboration Work During Covid Pandemic

By Aakanksha Shukla

If there’s a topic that’s being highly discussed right now, it’s remote work. More specifically, it is remote team collaboration. The spread of Covid-19 has forced many businesses to adopt “work from home” policies, and for some, it’s a striking change that has led to employee confusion, lost productivity, and general anxiety. This has sparked immense debate about the pros and cons of working remotely. Overall, most organisations are attempting to stay positive and adapt to the change.

Project Management Difficulties with Remote Teams Virtual team management comes with real challenges, and you’ll need to learn to solve them in order to thrive.

1. Struggles with Communication Arguably, communication is THE biggest challenge for companies transitioning to remote work. If you can find a strong method for communicating, then many of the other problems that come from working from home will resolve themselves. Now is the time to utilise or fine-tune communicationbased software like instant messaging, conferencing programs and task management tools. You’ll also need to clarify responsibilities more than you do in an office environment. Clarify what’s expected of each employee in terms of availability and communication on a daily, or even hourly, basis.

2. Building Trust with Remote Employees Another issue that many managers and company leaders face is monitoring their employees when they could be thousands of miles away. How do you ensure that all of the jobs are accomplished and that remote workers are actually working, not goofing off and playing video games? The answer depends a bit on the employees’ responsibilities. Some might just need to turn in their tasks at the

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end of the day – others might need to be available for customer support for a certain number of hours per day.

3. Maintaining A Productive Schedule Since most people are working from home, the traditional nine-to-five schedule is kind of obsolete, right? Well, not necessarily. Just because everyone isn’t required to be in the office for the same hours doesn’t mean that work schedules can be willy-nilly. You’ll need to set expectations when it comes to “in-office” hours for those working from home. They could be more flexible, or they could be the same as usual, depending on your particular needs as a company.

4. Tackling Conflict from Far Away The last potential issue we want to address is handling problems from afar. Conflicts can occur within any team, regardless of location – but a lack of face-to-face communication can make things even trickier. Messages get misinterpreted. A lack of communication leads to annoyance or even frustration. As a manager or a leader in the company, it might be difficult to spot conflicts as they arise and put an end to them before they disrupt work.

This means that in a remote work situation, it’s up to the leaders to keep an eye out for signs of anger, a lack of productivity, or personal disagreements. Monitor threads and message chains to watch for warning signs, and when you can, check-in with individuals to make sure all is going smoothly. If a conflict does arise, do your best to stop it in its tracks. Schedule a video conference call to allow for a more personal space in which people can air their grievances and opinions. Remote work can often make people feel less connected with their co-workers, so when you’re addressing problems, it’s important to reinstate that feeling of comradery.

In Conclusion We know that good remote team collaboration is a solution that can benefit many different companies – the key is handling work-from-home situations in the correct manner. Focus on addressing problems before they arise, using the right tools, and looking for the benefits of this situation rather than just the drawbacks. Millions of people are working from home right now, and if you ask many, we could see a big shift in the increase of remote work post-pandemic.

Adapted from: https://www.e2msolutions.com/blog/remote-team-collaboration-in-pandemic/ [Downloaded: 14 June 2020]

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Business Studies Dictionary for this Chapter: Terminology

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Definition in your own words

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Studying Business for Grade 10 The Grade 10 Studying Business book introduces and strengthens the theoretical concepts that will be used throughout the FET phase. It exposes students to the fundamentals of business within the South African and global contexts. This is done through practical case studies and discussions, which encourage students to become creative thinkers in a rapidly changing world environment.

The Studying Business textbook is updated with contemporary case studies and new activities that encourage learners to reflect on and interact with the new world view brought about by the Covid-19 pandemic and how post-Covid-19 businesses must adapt in an ever-changing economic climate.

Bubbles Inside

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‘Bubbles’ are short, interactive online lessons that allow learners to revise concepts and get additional examples and explanations.

Simply scan the QR codes or click on the active links in the eBook version. Bubbles are very useful for revising basic concepts and invaluable for learners who are studying online.

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Introducing Bubbles