Chapter 6 - External Influences On Business Activity Flashcards
Privatization
The act of selling state-owned and controlled business organizations to investors in the private sector.
Nationalization
The transfer of privately owned businesses to the state ( government ) ownership and control.
Minimum Wages
Employers are not allowed to pay less than the set minimum wage per hour ( sometimes per week/month ).
Consumer Protection Laws
1 - Sale of Goods Act
2 - Trade Descriptions Act
3 - Consumer Protection Act
Monopoly
A market in which there is only one supplier with no close competitors.
Collusion
Businesses agree to work together and restrict competition by fixing prices and sharing contracts between themselves.
Pressure Groups
1 - Greenpeace
2 - Fairtrade Foundation
3 - Amnesty International
4 - Extinction Rebellion
Pressure Group Goals
1 - Publicity through media coverage
2 - Influencing consumer behaviour
3 - Lobbying of government
Demographic
Relating to the structure of the population.
Globalisation
The increasing freedom of movement of goods, capital, and people around the world.
Information Technology (IT)
The use of electronic technology to gather, store, process, and communicate information.
Impact On Business Of Technological Change
1 - New Products
2 - New Process
3 - Reduced Costs
4 - Better Communication
5 - More Information IT
Threats Of New Tech
1 - Costs
2 - Workforce Relations
3 - Reliability
4 - Data Protection
5 - Management
6 - Competition
How To Effectively Introduce Technology
1 - Analyse
2 - Involve
3 - Evaluate
4 - Plan
5 - Monitor
Job Enrichment
Aims to use the full capabilities of workers by giving them the opportunity to do more challenging and fulfilling work.
