Business in Society (Chapter 10) Flashcards
What are some Characteristics of High Economic Activity?
- Low unemployment
- Increasing wages
- More choice in goods and services
- Businesses compete on service and value
What are some Characteristics of Low Economic Activity?
- Higher unemployment
- Decreasing wages
- Less choice in goods and services
- Businesses compete on price
What are 2 potential effects resulting from High Economic Activity?
Inflation and Increasing interest rates
What are 2 potential effects resulting from Low Economic Activity?
Deflation and Decreasing interest rates
What is the definition of the Consumer Sentiment Index?
An indicator of the impact of economic activity on spending and consumer confidence. Generally confidence reflects economic conditions, as economic activity increases so does consumer sentiment.
What is the definition of Social Norms?
Rules of society for behaviour that are considered acceptable and expected within the standards of the culture. Norms also describe the lifestyle choices of people in a community, how they interact and their habits.
How is government policy influencing advertising practices of Alcohol?
Alcohol advertising is restricted from 8:30pm - 5:00am and from 12:00pm - 3:00pm on school days. The aim of this is to stop all advertising that will encourage children to drink and to stop the promotion of irresponsible and excessive drinking.
How is government policy influencing advertising practices of Tobacco?
Governments have strict laws about marketing and promotion to protect children from being encouraged to smoke. Laws and tobacco taxes are also designed to discourage adults from smoking. It is illegal to publish or broadcast a tobacco advertisement.
How is government policy influencing advertising practices of Fast Food?
There are rules regarding advertising during children’s television times which has an impact on how and when fast food can be advertised. Advertisements cannot be directed at children and must promote a healthy lifestyle. Fast food businesses are also required to display nutritional and kilojoule information.
