2.1 Flashcards
Define ethics
Ethics is a business can be defined as moral principles that govern business behaviour or the conducting of an activity.
Define environment
Environment can be defined as relating to natural world and the impact of human activity on it’s condition.
A part-time employee
Works for a proportion of the working week-for example,three days each week,rather than five.
What is a trade union
Is a group of workers who act together to improve their pay and working conditions.
What is a contract of employment
Is a legal document stating the hours,rate of pay,duties and other comditions under which a person is employed.
What is a Market
These exist where there are buyers and sellers
What is competition
When more than 1 business is attempting to attract the same customers.
What is a monoply
When a business does not face any competition in a particualar market
What is market share
This is the percentage of sales in particular market recorded by a business.
What is an uncertainty
This occurs when there is lack of information in a situation this means the outcome will be difficult to predict
What is a business plan
This is a document setting out what a business does and what it hopes for in the future.
