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GCSE Business > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Impacts of ICT on businesses

A

The Location of Employees - Wider locations

Data collection and analysis - Digitalised

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2
Q

What is E-commerce

A

Goods and services sold using an electronic system such as the internet.

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3
Q

What does e-commerce include?

A

Businesses selling on websites.

Individuals selling to others through websites such as eBay.

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4
Q

What is M-commerce?

A

A part of e-commerce which happens when a product is bought over a mobile device.

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5
Q

What constitutes digital communication?

A 
Email
Texts
Webchat
Teleconferencing/Video-conferencing
Apps
Social media
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6
Q

What does digital communication mean for customers?

A

A better relationship with the business as they are easier to purchase from and contact.

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7
Q

What does digital communication mean for suppliers and employees.

A

Improved communication and ease. For employees it makes it easier to get paid, for suppliers it is easier to receive orders and be paid.

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8
Q

What are ethics?

A

Ethics refers to wether a business decision is thought to be morally right or wrong.

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9
Q

Examples of ethical marketing.

A

Designing products with reduced environmental damage.
Avoiding targeting children with potentially harmful products, e.g. fast food.
Not using a dominant market position to set unacceptably high prices

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10
Q

Examples of ethical business operations.

A

The business may not buy resources from unethical suppliers.

Manufacturing recyclable products

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11
Q

Examples of ethical Human Resources

A

Offering employees opportunities such as high quality training
Paying wages sufficient enough to allow a decent lifestyle

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12
Q

Examples of ethical finance

A

Paying taxes in full

Investing in the local community

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13
Q

Sources of air and noise pollution.

A

Agriculture
Manufacturing industries
Transport
Power stations

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14
Q

Examples of environmental considerations for businesses

A

Traffic congestion
Air and noise pollution
Use of scarce resources
Global warming

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15
Q

Examples of how businesses and consumers can show environmental responsibility.

A

Sustainability-Production
Disposing of waste
Recycling
Creating and using different methods of transport, eg Car share,

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16
Q

What decisions can consumers take to help protect the community.

A

Recycle products at home
Reduce amount of waste
Buy environmentally friendly products
Complain to businesses about harmful practices.

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17
Q

Advantages of environmentally friendly and ethical practices.

A

Advertising points
The ability to charge a higher price for their products
Win new customers

18
Q

Disadvantages of ethical and environmentally friendly policies.

A

Increases costs

Ensure that they stick to their claims.

19
Q

What are interest rates?

A

Interest rates are the cost of borrowing money, expressed as a percentage.

20
Q

What would a fall in interest rates mean to consumers?

A

Less inclined to save as they’d receive less of a return.

More willing to borrow to buy expensive items as the cost of borrowing would be down.

21
Q

What do rising interest rates mean to businesses?

A

Increasing costs due to increasing loan repayments.

22
Q

Impact of falling interest rates to businesses.

A

Borrowing costs will be reduced, therefore improving businesses profits.
Businesses with large savings would receive reduced returns.

23
Q

Effects on business of low unemployment.

A

Lower unemployment means more people will be spending money meaning increased sales revenue and profit, enabling growth to create more jobs and repeat. (Cycle of prosperity)

24
Q

Effects on business of high employment rates.

A

The possibility of higher sales

Increased employment costs-Skilled workers become scarse and therefore you have to pay more for them.

25
Q

What is consumer spending

A

The value of goods and services bought by consumers over a period of time, usually a month or a year.

26
Q

What is Globalisation?

A

The process through which world economies have become steadily more interconnected.

27
Q

How has Globalisation affected the way in which many businesses operate?

A

Volume of international trade has increased.
People have emigrated to live and work, money has flowed between different countries.
Multinational companies have grown in importance.

28
Q

Why has the pace of globalisation increased in recent years?

A

Incomes have risen, people can afford products from multinational companies.
Cost of transporting products have fallen.
Electronic communications have allowed even small businesses to sell to global markets.

29
Q

Effects of globalisation.

A

Increased international trade
People have moved more freely across borders
Development of multinational companies

30
Q

Benefits of globalisation.

A

Rapid growth
Inward investment
Cheaper resources

31
Q

Drawbacks of globalisation.

A

New and fierce competition

Threat of takeover

32
Q

Ways UK businesses compete internationally.

A

Improving the design of their products
Good quality
Lower price

33
Q

What is an exchange rate?

A

An exchange rate is the price of one currency expressed in terms of another.

34
Q

Effects of exchange rate changes in export and import prices.

A

Rise: Fewer £ are needed to purchase foreign goods, good for business as cuts costs. Imports=Cheaper. Exports=More Expensive.

Fall: British Exports=cheaper for foreigners, drives up sales. Foreign imports=More expensive.

35
Q

Exchange rates’ effects on businesses sales.

A

Fall: Boosts international sales as it makes them cheaper.
Rise: Imports cheaper, meaning that imported products are cheaper to the British.

36
Q

What is legislation?

A

The law is a framework of rules controlling the way in which society is run.

37
Q

List the Employment laws.

A

The National Minimum wage and the National living wage.
Equality act, 2010
Other

38
Q

What is the Minimum wage and Living wage?

A

Workers aged 25 or over must receive the National Living Wage of at least £7.20 per hour.
For workers under 25, the national minimum wage continue to apply. These range from £3.30 to £6.70 depending on age and status.
All employees must receive the appropriate rate of pay as a minimum.
Part time and full time.

39
Q

What is the Equality Act?

A 
Employees cannot be treated differently in the workplace on the basis of:
Age
Disability
Race
Gender reassignment
Marriage and civil partnership
Religion or belief
Pregnancy and maternity
Gender
Sexual orientation
40
Q

Describe some other employment laws.

A

All pregnant employees are entitled to 52 weeks maternity leave
All employees have the legal right to a paid holiday.
Working hours are subject to a legal limit.
Employees have the legal right to choose wether or not they wish to belong to a trade union.
Employees must be given a contract of employment.
Staff are legally allowed to have time off for a variety of reasons such as trade union activities or a dependant person eg Child is ill.

GCSE Business (3 decks)

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