business unit 2 Flashcards
what are interest rates
are the cost of borrowing and the reward for saving
what are ethics
the rule that require a business to operate in a way that is fair and honest
why are businesses sustainable
to improve reputation
ensure they can continue to operate long into the future
benefits of e commerce
cost reduction, increased customer reach, and improved customer engagement.
benefits of m commerce
possible for business to access more ccustoomers at a time
benefits of social media marketing
allows business to target individuals based on likes and dislikes
benefits of digital communnication
cost savings, improved communication, and better customer service
e commerce definition
commercial transactions conducted electronically on the internet.
m commerce definition
commercial transactions conducted electronically by mobile phone.
definition of digital communication
the exchange of information and messages electronically, using digital media and networks
definition of sustainability
using resources in a way that can continue indefinitely without harming the environment or people
definition of globalisation
the process by which businesses or other organizations develop international influence or start operating on an international scale.
what is SPICED
strong, pound imports cheaper , exports decline
what is WPIDEC
weak pound imports dearer exports cheaper
minimum wage
minimum amount of money a worker can be paid an hour depending on their age
drawbacks of raising minimum wage
raising minimum wage will increase costs and could lead to business having to reduce its workforce
what is the 2010 equality act
protects individuals from discrimination by employers in relation to certain protected charcteristics .
health and safety at work act 1974
sets out duties of the employer and employee in creating a safe working environment
trade descriptions act 1968
this act prevents businesses from misleading customers . this act helps to protect consumers from being tricked into spending money or recieving poor quality goods or services
definition of monopoly
a market which is dominated by 1 seller or producer. monopoly occurs when a firm has a market share of 25%+
definition of competitive market
a situation where multiple businesses compete for the same customers
definition of footfall
the number of people who go into a shop or business in a particular period of time
