3.7.4 political and legal change

Question 1

how does the UK government support enterprise?

Answer 1

enterprise allowance
funding for lending
supporting innovation
reducing regulation which may constrain business activity

Question 2

what is the role of a regulator?

Answer 2

regulators ensure that businesses comply with rules

Question 3

what is infrastructure?

Answer 3

the physical structures that allow the economy to function
e.g roads / railways

Question 4

what are some benefits of international trade?

Answer 4

increased revenue and employment opportunities

Question 5

what is WTO?

Answer 5

world trade organisation - lowers trade barriers between countries making it easier to trade internationally

Question 6

what are the 3 main ways a business is restricted under UK law?

Answer 6

1. employment law (health and safety)
2. consumer protection & competition
3. planning & environmental protection

Question 7

what does the Competiton and Enterprise acts do?

Answer 7

prevent cartel activity to ensure there is no abuse of a dominant market position

Question 8

how does a change in law affect the business?

Answer 8

strategies may need to be altered and activity adapted