2 Influences On Business Flashcards
Information and communications technology (ICT)
It is the computing and communications systems that a business might use to exchange information with stakeholders
Intranets
They are communication networks which can only be accessed by an organisations employees
Extranets
Similar to intranets but can also be accessed by other organisations such as suppliers
Software robots
Advanced computer programs that can operate a range of administrative activities previously carried out by employees
Cloud computing
A general term for the delivery of specialist computing services, such as the storage of very large amounts of data, provided by businesses using the internet
E-commerce
An act of buying or selling a product using an electronic system such as the internet
M-commerce
Buying and selling of products through wireless handheld devices such as smartphones
Digital communication
The transmission of information electronically between computing devices
Webchat
A simple means of communicating in real time using only web browsers such as Firefox or internet explorer
Apps (or applications)
Pieces of software designed for a specific purpose and for use on smartphones and tablets
Social media
Methods of online communications such as websites and applications. They share information and help to develop social and professional contacts
Ethical
refers to whether a business decision is thought to be morally right or wrong. An ethical decision is made on the basis of what is judged to be morally right.
Profit
measures the difference between the values of a business's revenue sales and its total costs.
Fair trade products
are those for which customers pay higher prices and offer better trading terms, such as payments with orders. The aim is to improve the living standards of people in poorer countries where the products are produced.
Social responsibility
is an approach to managing businesses in which the interests of all groups in society are taken into account when making decisions.
The environment
is the natural world in which we live. It is the landscape and its natural features such as the seas, rivers, forests and mountains.
External costs
of production arise when a business's activities result in harmful effects on other people not directly involved in production.
None-renewable resources
are those
of which only a limited
amount exists such as
coal and oil.
Global warming
is the
gradual heating of Earth’s
surface, oceans and
atmosphere.
Pressure group
a group of people with a common interest who influence public opinion and decisions by businesses and governments.
Environmental responsibility
refers to the taking of decisions by businesses, consumers, governments and other groups with the intention of protecting the environment.
Sustainability
refers to methods of production which can be continued in the long term without damage to the environment.
Recycling
is the reuse of raw materials used in making products, often for many times. Examples include the reuse of glass, paper and metals.
Environmental reporting
is the publication of a business's environmental performance to the general public.
The economy
is made up of millions of individual consumers, many thousands
of businesses and governments. All take decisions on what to buy and produce.
Consumers
Individuals who buys goods and services from businesses.
Economic climate
describes the state of key factors within a country such
as the level of goods and services produced and the number of jobs available.
Interest rates
refer to the cost of borrowing money or the reward for saving money, expressed as a percentage.
Overdraft
is a flexible loan which businesses can use, whenever necessary, up to an agreed limit.
Consumer spending
refers to the value of goods and services bought by consumers over a time period, usually a month or a year.
Income elastic products
are those
whose sales are sensitive
to changes in consumers
incomes.
Globalisation
is the
trend for markets to
become worldwide in
scope.
Multinational company (MNC)
produces goods and services in more than one country. They are also called transnational corporations (TNCs).
Import
Goods or services which enter a country.
Export
Products and services produced by a country and sold to other countries around the world.
International trade
The buying and selling of goods and services between different countries.
Service industry
A job which involves payment for a service, eg a hotel receptionist is paid to check-in/check-out people from the hotel.
Call centres
A place that is equipped to deal with a large volume of phone calls at the same time.
Exchange rate
The value of one currency against another.
Profit margin
The difference between sales revenue and total costs expressed as a percentage.
Disposable income
Money available for spending and saving once taxes have been deducted
distribution centre
A distribution centre stores products in a warehouse or other large building, to be distributed to retailers and wholesalers
Halal
Any action or thing which is permitted by Muslim law.
Kosher
The word means fit or proper. Foods permitted by and prepared in accordance with Jewish dietary laws.
Protectionism
Protectionism is the process of protecting domestic industries by adding tariffs or taxes onto imports.
Tariffs
A tax added to the cost of imports.
