Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

NCFE L3 Business > 03 External Environment Factors > Flashcards

03 External Environment Factors Flashcards

1
Q

What are market forces?

A

The actions of buyers and sellers that cause the prices of goods and services to change without being controlled by the government: the economic forces of supply and demand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is monopoly?

A

The exclusive possession or control of the supply of our trade in a commodity or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is oligopoly?

A

A state of limited competition, in which a market is shared by a small number of producers or sellers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is perfect competition?

A

The exclusive possession or control of the supply of or trade in a commodity or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is imperfect competition?

A

A state of limited competition, in which a market is shared by a small number of producers or sellers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a business-to-consumer market?

A

Advertising products directly to customers for purchase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a business-to-business market?

A

Advertise and sell their goods or services to other businesses instead of marketing directly to consumers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is an industrial market?

A

Sells products or services used in industrial or production projects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a services market?

A

Advertises and sells services instead of products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a professional services market?

A

Facilitates the advertising and sale of services from specialized professions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is private property?

A

Allows people to own tangible and intangible assets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a positive aspect of private property?

A

Gives the owner of resources an incentive to maximize their value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is a negative aspect of private property?

A

Means people with money stay in control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is private enterprise?

A

Allows individuals to control businesses independent of the state.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a positive aspect of private enterprise?

A

Allows customers to determine the success of a business, provides employees with wages, ensures investors are responsible for providing capital.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a negative aspect of private enterprise?

A

Means that businesses can go out of business, make people redundant or laid off.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is market competition?

A

Allows individuals to compete to provide superior goods and services.

18
Q

What is a positive aspect of market competition?

A

Promotes innovation and offering the best products and services at the best prices.

19
Q

What is a negative aspect of market competition?

A

Can force prices down, which means that companies might cut quality to maintain margins.

20
Q

What is profit as an incentive?

A

Allows individuals to benefit financially from their endeavors.

21
Q

What is a positive aspect of profit as an incentive?

A

An incentive to produce goods and services. Promotes innovation, increases efficiency and motivates individuals to take risks and seek new opportunities.

22
Q

What is a negative aspect of profit as an incentive?

A

Open to corruption where those in control keep all profits to themselves.

23
Q

What is consumer sovereignty?

A

Allows individuals to freely buy and sell.

24
Q

What is a positive aspect of profit as an incentive?

A

Allows market economy to gravitate towards equilibrium — a place wheresupply and demandare equal.

25
Q

What is a negative aspect of profit as an incentive?

A

Can be difficult to tax, i.e.. Government has introduced tax protocols on cash side hustles (e.g. Vinted, etc).

26
Q

What are policy and regulatory changes?

A

Legislation developed by the sector and government.

27
Q

What is a supply chain?

A

The sequence of processes involved in the production and distribution of products and services

28
Q

Name some examples of internal policies.

A
  • Employee conduct
  • Equality and diversity
  • Attendance and time off
  • Dress code
  • Computer use - internet access, social media use
  • Substance abuse
29
Q

Name some benefits of policies and processes for an organisation and its staff.

A
  • Top-down
  • Guidance
  • Effective management tool
  • Ensures consistency and equality
  • Accountability and liability protection
  • Communicates employer expectations
30
Q

Name some limitations of policies and processes for an organisation and its staff.

A
  • Stifles innovation and creativity
  • Cost of enforcing policies and procedures
  • Slows down decision making
31
Q

Name some of the importance’s of policies and processes.

A
  • Maintains internal control
  • Creates consistency
  • Creates awareness of risk
  • Maintains regulatory compliance
  • Time and cost efficiencies.
32
Q

Name some potential consequences of not following policies and processes for the organisation.

A
  • Service failure
  • Quality issues
  • Missed deadlines
  • Loss of reputation
33
Q

Name some potential consequences of not following internal policies and processes for the individual.

A
  • Breach of trust
  • Breach of contract
  • Breakdown in working relationships
  • Failure to meet targets
  • Disciplinary procedures
34
Q

How can policy and regulatory change affect a business?

A

Regulatory bodies often update the rules that businesses must abide by. The updates made to laws and regulations are regulatory changes.

35
Q

What is a regulatory policy?

A

‌‌Regulatory policy is about achieving government’s objectives through the use of regulations, laws, and other instruments to deliver better economic and social outcomes and thus enhance the life of citizens and business.

36
Q

What is an example of a regulatory change?

A

Keeping up with changes can help companies stay ahead of the competition. A change in the tax code can impact the way a company competes with other companies in its industry, for example. A change in environmental regulations could impact the way a company’s products compare to those of its competitors.

37
Q

What is a supply chain?

A

A supply chain is a complex logistics system and interconnected journey that raw materials, components, and goods take before their assembly into finished products, sales, and distribution to end customers or consumers.

All supply chains begin with a supplier, and even they may have sub-suppliers who gather the raw materials, a haulier and a customer, whether this is an organisation themselves or their own customers.

38
Q

What are the 5 core modes of transport and give an example of each?

A
  • Road: trucks
  • Water: vessels
  • Rail: trains
  • Air: planes
  • Other: pipes
39
Q

What are the different contexts of a supply chain?

A

HR vs ILN vs SCT

40
Q

Is there any variation or difference in supply chains?

A

SCM’s supply chain difference completely to the needs of NA College, who provide a service rather than a product.

41
Q

Who are the key personnel and what are their roles?

A
  • Admin staff
  • Production staff
  • Hauliers
  • Shipping / port agents
  • Warehouse staff
  • Airport staff
  • Truck drivers / pilots / ships crew
  • Logistics planners
42
Q

What is the impact if things going wrong?

A
  • Delays
  • Backlog
  • Allocation of parts
  • Political sanctions

NCFE L3 Business (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions