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Business Studies A Level > 4. External Influences > Flashcards

4. External Influences Flashcards

Term 4 Miss Blackwell External Influences Complete

1
Q

National Minimum Wage

A

The minimum pay per hour, workers of school leaving age are entitled to, by law.

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2
Q

Who reviews the National Minimum Wage?

A

The Government

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3
Q

The minimum wage rate is _______ for each age group

A

different

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4
Q

National Living Wage

A

This is a new minimum wage rate for those aged 25 and over, as of 2017.

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5
Q

Describe 3 consequences as a result of a lack of compliance with legal factors

A

Fines
Have to reimburse any underpayments
Bad publicity - deters future employees and customers

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6
Q

What is a contract?

A

A contract is a legally binding agreement between 2+ parties.

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7
Q

What can the aggrieved party do if the contract is broken?

A

Recover damages using the fine paid by the contract breaker

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8
Q

What is the law that relates to the correct indication of the amount of a product being sold?

A

Weights and Measures Act

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9
Q

What is the penalty for breaking the Weights and Measures Act?

A

Vendor receives a fine

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10
Q

Explain the Data Protection Act

A

Personal info must be stored securely and for a limited time. Cannot sell on information

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11
Q

What is the maximum penalty for breaking the Data Protection Act

A

£500,000

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12
Q

Explain the Health and Safety Act

A

Relates to the minimum safety requirements (temp, safe floor + air, guards on machinery) Policy MUST be communicated to employees - who cannot misuse equipment

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13
Q

What is the sanction for breaking the Health and Safety Act?

A

Criminal prosecution/fine

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14
Q

What is the law: “Smoking in the workplace”

A
  • Must go outside
  • Agreed policy in place
  • Liable for fine/prosecution if fail to comply
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15
Q

What is the law (with 2 names) known as that refer to the rights of the consumer?

A

Consumer Rights Act

Sale of Goods Act

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16
Q

What are the 3 main principles of the Consumer Rights Act?

A
  1. Goods must fit their description
  2. Goods/services must be of a satisfactory quality
  3. Fit for purpose
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17
Q

Consumer Rights:

Full Refund

A

Within 30 days regardless of the business’ refund policy

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18
Q

Consumer Rights:

Beyond 30 days

A

Seller does not have to refund, could offer an exchange, partial refund or a repair

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19
Q

Consumer Rights:

6 years

A

The amount of time to complain about goods

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20
Q

What is meant by “Intellectual Property”?

A

Intangible property that is the result of creativity

e.g song melody

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21
Q

Trademark

A
  • Apply for: won/lost

- Used to indicate the source of a good and protect a business name/slogan/logo

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22
Q

Copyright

A

The legal ownership of material such as books, music and films which prevents these being copied by others

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23
Q

Do you have to apply for copyright?

A

No, it is an automatic right

Don’t have to apply

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24
Q

What is Planning Legislation required for?

A

Building something new
Making a major change
Changing the use of a building

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25
Q

What do you receive if you do not get Planning Legislation?

A

An enforcement notice

26
Q

What are the 2 options to do with an enforcement notice?

A

Ignore it - illegal

Can appeal against it

27
Q

What is the purpose of planning legislation?

A

To be fair to neighbours and rectify issues before it begins

28
Q

State 2 environment related legislations

A

COSHH

Environmental Protection Act

29
Q

What is involved with COSHH?

A

Businesses must prevent harm to health, plan for emergencies, train employees and maintain measures in the aim of preventing harm to employees, contractors and others

30
Q

What is involved with the Environmental Protection Act?

A
  1. Waste management license
  2. Clean air (smoke, noise, dust and steam)
  3. Litter (offence to leave it)
  4. Genetically modified materials - risk assessment required
31
Q

What does FCA stand for?

A

Financial Conduct Authority

32
Q

What does the FCA do?

A

Regulates the conduct of 58,000 businesses
Aims to make markets and the overall economy work well
Regulates pensions, loans, credit cards

33
Q

How does the FCA encourage competition?

A

The FCA arms customers with the info that they need to shop around. More shopping around forces businesses to compete on factors other than price

34
Q

What are the FCA’s 3 operational objectives?

A
  1. Protect consumers
  2. Protect financial markets
  3. Promote competition (works with the CMA)
35
Q

What are examples of technology within businesses?

A 
Computer hardware/software
Computer calculation
Internet connectivity
Wireless charging
Automation
Devices e.g. tablets
36
Q

What are the advantages to the business of using technology?

A 
\+ Faster systems
\+ Easier communication
\+ Reduced costs in the long term due to reduced inefficiencies
\+ Remote working possible
\+ Reduced need for physical storage
\+ Customer convenience
37
Q

What are the disadvantages to the business of using technology?

A
  • High initial costs: training and data protection
  • Job losses
  • Reliability?
  • Demotivated employees: may resist change
38
Q

International Trade

A

Selling across borders

39
Q

Why do we want to trade internationally?

A 
For variety (e.g. pineapples)
To specialise (focus on what we do best)
To grow (expansion into other markets)
To reduce costs (EOS)
To avoid conflict (co-operation//conflict)
40
Q

What are the 2 types of financial support available to businesses trading internationally?

A

Insurance and Export Insurance

41
Q

Insurance

A

An agreement by which a company undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for a specified payment.

42
Q

Export Insurance

A

Insurance paid by the UK government to UK exporters to protect against the risk of non-payment by overseas buyers.

43
Q

Free Trade

A

Trade without barriers (tariffs and quotas)

44
Q

What are the advantages of free trade?

A

+ Lower price for consumer
+ Business - output increases (EOS)
+ Business - access to greater variety of raw materials at lower cost

45
Q

What are the disadvantages of free trade?

A
  • Environment: more pollution
  • Workers - job losses
  • Domestic businesses: more competition from abroad
46
Q

Trading Blocs

A

A group of countries within a particular geographical region that protect themselves from imports from non-members

47
Q

Give 2 examples of trading blocs

A

The EU and NAFTA (North American Free Trade Agreement)

48
Q

What are the disadvantage of operating within a trading bloc to a business?

A

+ Access to a potential market of millions of people
+ Increases a business’ stability (selling to countries within the bloc)
+ No tariffs

49
Q

What are the disadvantage of operating within a trading bloc to a business?

A
  • Tariffs are decided by the bloc and countries cannot negotiate a tariff with other countries outside of the bloc
  • Scale of competition within the bloc may be too great for domestic businesses
  • Have to abide by regulations
50
Q

Emerging Market

A

A country that is achieving rapid growth as well as industrialisation

51
Q

What does BRICS stand for?

A 
Brazil
Russia
India
China
South Africa
52
Q

What are the opportunities for emerging markets?

A

+ Can take advantage of a lack of legal constraints
+ Move production here, cheaper labour
+ Can move production closer to the market being served
+ Access to markets with potentially high disposable incomes

53
Q

What are the threats for emerging markets?

A
  • Reduces the need for jobs in the domestic market
  • Lower wages - lower product price (risk to UK businesses)
  • Emerging markets become self-sufficient - demand falls
54
Q

The Digital Revolution

A

The movement from analogue and mechanical technical technology to digital technology

55
Q

Examples of digital technology that I know of?

A

Specsaver’s frame styler tool

Zara’s self service checkouts

56
Q

Ways to use digital technology?

A
  1. Digital storage methods
  2. Communication
  3. Internet
57
Q

Information Age

A

A time when large amounts of information are widely available

58
Q

What are the opportunities linked to the digital revolution?

A

+ Feedback from customers can be accessed more easily, more info collected = more reliable info
+ Banks - online banking
+ Market research

59
Q

What are the threats linked to the digital revolution?

A
  • Review sites - reputation damage
  • Protective systems are required to prevent against fraud
  • Customers/employees may be reluctant to adapt
60
Q

Why are some businesses affected by the digital revolution more than others?

A 
Market
Type of product
Type of customer
Business' budget
Response of rivals

Business Studies A Level (17 decks)

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