1.5 Flashcards
What are pressure groups?
Organisations formed to put forward a particular viewpoint, such as promoting organic farming.
Pressure groups aim to influence public policy and decision-making.
Define stakeholders in a business context.
All those groups with an interest in the success or failure of a business.
Stakeholders can include employees, customers, suppliers, investors, and the community.
What is e-commerce?
Selling online rather than in a physical one-to-one transaction.
What does m-commerce stand for?
Commerce using apps/smartphones rather than websites/PCs.
Define social media.
Interactive channels of communication, via words, photos or videos, such as blogs, Facebook and Instagram.
What is digital communication?
Messages or conversations conducted via email, text or social media.
What are payment systems?
Ways of paying electronically such as PayPal.
What is consumer law?
Acts of parliament that are intended to protect customers from misleading or dangerous practices by companies.
Consumer law encompasses various regulations and legislation aimed at safeguarding consumer interests.
Define consumer rights.
Laws that empower the consumer to demand certain minimum standards from every business supplier.
Consumer rights are essential for ensuring fair treatment and quality products/services.
What is legislation?
Laws passed by acts of parliament; breaking these laws may result in a fine or even a prison sentence.
Legislation can cover a wide range of topics, including consumer protection, criminal justice, and business regulations.
What does ‘red tape’ refer to?
The term given to laws that (some people say) tie the hands of businesspeople, making it hard to act entrepreneurially.
Red tape is often criticized for creating unnecessary bureaucracy that can hinder business operations.
What is consumer spending?
The total spent by all shoppers throughout the country.
Consumer spending is a key indicator of economic health.
Define exports.
Goods produced in one country but sold overseas, for example a British-made Mini sold in France.
Exports contribute to a country’s GDP.
What is a recession?
A downturn in sales and output throughout the economy, often leading to rising unemployment.
Recessions can be triggered by various factors including financial crises and reduced consumer confidence.
What is consumer incomes?
The amount households have available to spend after income taxes have been deducted.
What does economic climate refer to?
A measurement of the current economic outlook, which might be promising or worrying.
Define exchange rate.
The value of one currency measured by how much it will buy of other currencies.
What is inflation?
The rate of increase in the average price level.
What is an interest rate?
The annual cost of a loan to the borrower.
What does taxation entail?
Charges placed by government on goods, imported goods and the incomes of individuals and companies.
What is unemployment?
When someone of working age wants a job but cannot get one.
What is the economic climate?
A measurement of the current economic outlook, which might be promising or worrying.
How can the economy be described in terms of temperature?
The economy can run cold or hot.
