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Business Studies > 6. Influences On Business > Flashcards

6. Influences On Business Flashcards

1
Q

What is ethics

A

The moral principles that govern a person or business behaviour

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2
Q

What are examples of unethical business activity

A

Child labour
Paying low wages
Providing unsafe working conditions
Discriminating against workers

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3
Q

What is the impact of having ethical business practices

A

Higher cost of production
Reduced profits
Increase reputation
Change in sales

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4
Q

What is sustainable production

A

Making goods without depleting natural resources

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5
Q

What are examples of sustainable production

A

Solar and wind energy
Recycling waste to make products
Saving water
Properly disposing of waste

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6
Q

What are 3 types of pollution

A

Air pollution
Noise pollution
Pollution of sea and rivers

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7
Q

What is the economic climate

A

The state of the economy a business operates in

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8
Q

What is income

A

The money people receive from work and assets

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9
Q

How does income affect business sales

A

Periods of high income allow people to spend more as they have more disposable income

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10
Q

What is the gross domestic product (GDP)

A

The measure of the amount of goods and services in the country

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11
Q

What is economic growth

A

When the GDP in a country is rising

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12
Q

What is a recession 

A

A period of when the GDP is falling

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13
Q

What is the impact of recession on business activity

A

Incomes decrease so businesses will cut production which could cause businesses to lay off workers

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14
Q

What is the impact of increases in income 

A

Overall sales, revenue and profit will increase
The GDP will rise
Businesses will have finance to produce high-quality products

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15
Q

What’s the impact of decreases in income

A

Businesses who produce lower priced items may have increased sales
Overall, sales revenue and profit will decrease
Employment levels will change because businesses may not need excess workers or have the finance to maintain salaries

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16
Q

How do businesses respond to changes in the economic climate

A

By prioritising some functions of a business over others

17
Q

What is globalisation

A

The process by which business activity around the world has become increasingly interconnected

18
Q

What does globalisation involve

A

-Buying and selling of goods made in different countries
-The movement of workers from country to country
-Movement of finance from country to country

19
Q

What reasons have caused globalisation to increase

A

Improved transport systems and lower costs of transport
Free trade agreements

20
Q

What are free trade agreements

A

There are no barriers to trade including tariffs quotas and regulations


21
Q

What organisation encourages countries to remove trade barriers

A

The world trade organisation (WTO)

22
Q

What is the impact of globalisation on business

A

Growth of multinational companies (MNC’s)
Increased competition
International branding and reputation

23
Q

What is the advantages of the growth of MNCs to MNC

A

Increasing sales
Lower risk
Lower costs
Tax avoidance

24
Q

What are the advantages to a country of hosting a MNC

A

There’s a demand for host country businesses
The gaining of income through Taxes
More skilled workers

25
Q

What are the advantages to UK businesses locating in another country

A

Lower costs of labour
Lower costs of land
More skilled workers

26
Q

What’s the disadvantages to UK businesses of locating in another country

A

Transport costs
Loss of sales
Increased impact on the environment

27
Q

What is branding

A

The image reputation and values of a business

28
Q

How are brands built

A

Through logos and communication to the world e.g. advertisement

29
Q

What considerations do businesses need to take when promoting their brand

A

- Language of country
- Legal factors
- Name of the product

Business Studies (7 decks)

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