1.5 definitions Flashcards
red tape
law that tie the hands of business people
pressure groups
organisations formed to put forward a particular viewpoint
stake holder
all those groups with an interest with the business
payment systems
vital way of transferring funds from customer to business
digital communication
digital means to communicate
social media
media campaigns to promote their products
e-commerce
shopping on the internet
what is the economy
a collection of business transactions that takes place throughout the country throughout the year. The economy is made up of lots of companies buying and selling with each other, lots of firms selling directly to customers and lots of money raised and spent by the government
exports
goods produced in one country but sold overseas
recession
a downturn in sales and output throughout the economy often leading to rising unemployment
unemployment
when someone of working age wants a job but cannot get one
economic climate
a measurement of the current economic outlook, which might be promising or worrying
taxation
charges placed by governments on goods imported goods and the incomes of individuals and companies
exchange rate
the value of the pound measured by how much foreign currency can be bought
what is legislation
laws passed by acts of parliaments, breaking these laws may result in a fine
who is the national minimum wage for
aged 24 and under
who is the national living wage for
25 and over
advantages of minimum pay
better motivation and productivity
disadvantages of minimum pay
increase costs
what are the laws on recruitment and when was it set
equality act 2010
must not discriminate foe age , gender, sexual orientation
what are the laws on discrimination and when was it set
equality act 2010
all employees must be paid the same for the same job
what is the health and safety legislation and what must companies do
to make sure the work place is safe
risk assessments mean fewer accidents so more proactive and less expensive
what is the impact of legislation
rules
helps firms do what is right
too valuable
responses to legislation
hire new staff
cut back on areas
