Business issues and and influences Flashcards
Define innovate
To introduce new products or techniques (innovations)
What are barriers to entry?
Factors preventing businesses from competing in a market
What is restrictive practice?
Usually illegal arrangements between businesses aimed at keeping competition out of a market
What are social costs?
Coasts that affect the whole community, such as pollution
Define resource depletion
Using up limited resources
Define global warming
Rise in temperatures believed to cause pollution causing catastrophic consequences
What is corporate social responsibility?
A business policy that covers environmental and ethical issues
Define sustainable production
Ensuring that anything taken from the environment during production is replaced
Define ethical
Acting in a more moral way
Define ethical investment
Only investing in those businesses that have ethical standards
What are pressure groups?
Organisations that campaign for particular causes or changes
Define economic activity
Level of demand and output in the economy as a whole
Define recession
When economic growth is wither zero or negative for a period of time
What is economic growth?
Increases in output and demand in the economy
