Buisness Flashcards
What is a representative
A person who conducts business on behalf of the company/corp
What is a regulatory business
Businesses that enforce lawful regulations
What is not-for-profit
A business aiming to do something other than to make a profit
What is the economy
The financial health of the country
What does GDP stand for
Gross Domestic Product
What is GDP(Gross domestic product)
Gross domestic product is the total value of all goods and services within the economy
What is a primary sector
Any industry involved in the extraction and production of raw materials
What is a Direct competitor
A business in the same sector and selling the same/similar products
What is a Indirect competitor
A business within the same sector but selling different products and goods
What is a phantom competitor
A business that is in a different sector all together
What is a consumer
A person or business that uses the goods or services
What is a supplier
A person or company that provides goods and services
What could a supplier do to effect a business
Raising or lowering prices
Changing delivery times
Changing credit terms
4 legislations that impact business
Employment rights act 1996
The consumer rights act 2015
The intellectual property acts 2014
Health and safety at work act 1975
What does the employment rights act 1996 do
It covers unfair dismissal
Redundancy pay
Protects wages
Zero contract hours
