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Business > 6-Domestic Environment > Flashcards

6-Domestic Environment Flashcards

1
Q

Social Responsibility

A

Business’s duty to treat all those it comes into contact with honestly and fairly.Business has an obligation to make a positive contribution to people and environment.

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2
Q

Stakeholders businesses are socially responsible for

A 
Investors e.g. worldcom
Suppliers e.g. Body shop
Customers e.g. Nurofen
Local community e.g. IKEA
Employees e.g. LIDL
Government e.g. National Irish Bank
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3
Q

Community Development

A

Local people come together to identify main problems for their area and develop a plan to solve these problems
E.g. Rathgormack Co. Wexford

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4
Q

SOLAS (Fás)

A

training and employment programme that helps long term unemployed people return to work.
Helps them develop technical and personal skills.
Training in practical industries
Courses in local colleges
Advice and support
Advertise jobs

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5
Q

Rural Development Programme (LEADER)

A

Funded by the EU and helps rural communities develop
Aims to reduce poverty and promote social inclusion-broadband and tourism
Advice + grants

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6
Q

Advantages of being socially responsible

A

Increased sales e.g. body shop
reduced costs e.g. volkswagen
Attract and retain employees e.g.Google
easier to raise capital e.g. Green Investment Funds

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7
Q

Effects of environment on business costs

A

increased wage bill
increased manufacturing costs
lower legal costs
lower energy bill

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8
Q

Benefits of a code of ethics

A

improved repuation
employee guidance
encourages ethical behaviour

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9
Q

Code of ethics

A

formal written document that sets out rules employees and managers must follow when making decisions.What is right/wrong.Should be part of staff training. e.g. employees keep information confidential and treat customers with respect

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10
Q

Challenges of a code of ethics

A

Resistance to change
Enforcement
Training

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11
Q

Local Enterprise Office

A 
help small local businesses with aim of creating a strong local economy e.g. Fingal LEO
Advice 
Grants
Workshop
Mentor
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12
Q

Area Partnership Company

A 
help local people set up a business in their area e.g Dublin Inner City Partnership
Grants
Workshops
Premises
Mentor
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13
Q

Importance of community development (social)

A

Community spirit

Less migration

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14
Q

Importance of community development(Economic)

A

Job creation
Taxes
Entrepreneurship encouraged
Local spending

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15
Q

Environmental responsibilities

A

1) Climate Change
2) Waste management
3) Pollution
4) Sustainable development

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16
Q

Effects of environment on business

A

Increased sales
Increased costs
Damage to reputation
Increased regulation

17
Q

Characteristics of an environmentally conscious business

A

Sensitive to environment
Open to change e.g. Spar audit
Sustainable development e.g. Velvet
Consult others e.g. Tesco

18
Q

Sustainable Development

A

meet needs of present without compromising ability of future generations to meet their needs e.g. Velvet

19
Q

Effects of environmental decisions on revenue

A

Increased sales
Easier to raise capital
New markets

20
Q

Economic Variables

A 
Inflation
Interest rates
Unemployment
Exchange rates
Levels of tax
21
Q

Inflation

A

annual percentage increase in general level of prices

measured using CPI

22
Q

Impact of high interest rates on business

A

higher loan repayments
borrowing discouraged
higher mortgage repayments

23
Q

impact of inflation on business

A

wage demands
industrial relations issues
expensive products
increased costs

24
Q

Interest rates

A

cost of borrowing expressed as a percentage

determined by ECB

25
Q

Exchange rates

A

shows how much euro is worth in other currencies

26
Q

What happens if the value of euro increases?

A

exports go down

imports increase

27
Q

Unemployment

A

% of labour force without a job

28
Q

Impact of unemployment on business

A

less disposable income
competitive job market
crime
increased government expenditure

29
Q

Impact of high taxation on business

A

reduced profit
less disposable income
higher priced goods

30
Q

Negative impact of business on economy

A

price increases
environmental damage
pressure on infrastructure
closures

31
Q

Positive impact of business on economy

A

jobs
support other businesses
competitive prices
creation of wealth

32
Q

Government role in creating business climate

A 
Expenditure
Agencies
Tax 
Grants 
Regulation
33
Q

business climate-expenditure

A

support irish businesses e.g. hospital equipment
better infrastructure
wages

34
Q

government taxation-business climate

A

reduce VAT-lower priced goods,more sales
Reduce employer PRSI-encourgaes to employ more
Reduce corporation tax:profits
Reduce PAYE/USC:more disposable income

35
Q

Government agencies

A

IDA
Enterprise Ireland
Failte Ireland
Bord Bia

36
Q

Competition act

A

prevents larger competitors buying/bullying small competitors

37
Q

How does the government affect the labour force?

A

Taxation:gone up and USC introduced
Expenditure:on education-well educated workforce
Regulation
Employer

Business (12 decks)

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