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Business Studies > 2. Influences on Business > Flashcards

2. Influences on Business Flashcards

1
Q

ICT

A

This is the computing and communications systems that a business might use to exchange information with stakeholders.

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2
Q

Stakeholders

A

Individuals and organisations that are affected by and affect the activities of a business

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3
Q

Intranets

A

Communication networks which can only be accessed by an organisation’s employees

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4
Q

Extranets

A

Similar to intranets but can also be accessed by other organisations such as suppliers

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5
Q

Software robots

A

Advanced computer programs that can operate a range of administrative activities previously carried out by employees

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6
Q

Digital communication

A

The transmission of information electronically between computing devices.

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7
Q

Webchat

A

Simple means of communicating in real time using only web browsers such as Firefox or Internet Explorer

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8
Q

Apps

A

Pieces of software designed for a specific purpose and for use on smartphones and tablets

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9
Q

Social media

A

Methods of online communication such as websites and applications. They share information and help to develop social and professional contracts

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10
Q

Cloud computing

A

A general term for the delivery of specialist computing services, such as the strorage of very large amounts of data, provided by businesses using the internet

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11
Q

E-commerce

A

The act of buying or selling a product using an electronic system such as the internet

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12
Q

M-commerce

A

The buying and selling if products hrough wireless handheld devices such as smartphones

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13
Q

Global warming

A

Gradual heating of the Earth’s surface, oceans and atmosphere

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14
Q

Non renewable resources

A

Limited energy sources that will run out like coal and oil

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15
Q

Recycling

A

Reuse of raw materials used in making products, often for many times

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16
Q

Pressure group

A

Group of people with a common interest who influence public opinion and decisions by businesses and governments

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17
Q

Sustainability

A

Methods of production which can be continued in the long term without damage to the environment

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18
Q

Environmental responsibility

A

The taling of decisions by business, consumers, governments and other groups with the intention of protecting the environment

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19
Q

External costs of production

A

These rise when a business’ activities result in harmful effects on other people not directly involved in production.

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20
Q

Environment

A

Natural world in which we live. It is the landscape and its natural features such as the seas, rivers, forests and mountains.

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21
Q

Environmental reporting

A

The publication of a business’s environmental performance to the general public.

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22
Q

Ethics

A

This is 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.

23
Q

Profit

A

This is the difference between a business’s revenue and its total costs.

24
Q

Markets

A

Buyers and sellers

25
Q

Competition

A

When more than one business is attempting to attract the same customers

26
Q

Monopoly

A

When a business faces no competition in a particular market

27
Q

Market share

A

The percentage of sales in a particular maket recorded by a business

28
Q

Uncertainty

A

There is a lack of information about a situation, so the outcome is unpredictable

29
Q

Risk

A

The possibility of something going wrong

30
Q

Business plan

A

A document setting out what a business does and what it hopes to achieve in the future

31
Q

Diversification

A

When a business starts selling new products in new markets

32
Q

Redession

A

When the value of an economy’s output of goods and services falls for 6 months or longer

33
Q

Entrepreneur

A

Someone who is willing to take risks involved in starting a new business

34
Q

Social responsibility

A

An approach to managing business in which the interests of all groups in society are taken into account when making decisions

35
Q

Consumer spending

A

This refers to the value of goods and services bought by consumers over a time period, usually a month or a year

36
Q

Overdraft

A

This is a flexible loan which businesses can usem whenever necessary, up to an agreed limit

37
Q

Interesr rates

A

The cost of borrowing money or the reward for saving money

38
Q

Income elastic products

A

Sales that are sensitive to changes in consumers’ incomes

39
Q

Economy

A

Made of millions of individual consumers, many thousands of businesses and governments

40
Q

Consumers

A

Individuals who buy goods and services from businesses

41
Q

Economic climate

A

This describes the state of key factors within a country such as the level of goods and services produced and the number of jobs available

42
Q

Tariff

A

A tax on foreign goods imported into a country

43
Q

Exchange rate

A

The price of one currency in terms of an another

44
Q

Imports

A

Goods and services purchased from overseas customers in the domestic market

45
Q

Growth

A

Occurs when a business sells increased quantities of its products

46
Q

Legislation

A

A set of rules that governs the way society operates. It’s another term for ‘laws’

47
Q

Consumer laws

A

Laws that have been introduced to prevent businesses from treating their customers unfairly

48
Q

National Living Wage

A

An hourly rate of pay which is set by the government. All employees above a certain age must recieve at least this rate of pay

49
Q

Dicrimination

A

The treating of one person different from another without having good reasons to do so

50
Q

Motivation

A

Refers to the range of factors which infouence the way a person behaves at work

51
Q

Part-time employee

A

This works for a proportion of the working week - for example, three days each week, rather than five

52
Q

Trade union

A

A group of workers who act together to improve their pay and working conditions

53
Q

Contract of employment

A

A legal document stating the hours, rates of pay, duties and other conditions under which a person is employed

Business Studies (1 decks)

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