Chapter 6 - External Influences On Business Activity

Question 1

Privatization

Answer 1

The act of selling state-owned and controlled business organizations to investors in the private sector.

Question 2

Nationalization

Answer 2

The transfer of privately owned businesses to the state ( government ) ownership and control.

Question 3

Minimum Wages

Answer 3

Employers are not allowed to pay less than the set minimum wage per hour ( sometimes per week/month ).

Question 4

Consumer Protection Laws

Answer 4

1 - Sale of Goods Act
2 - Trade Descriptions Act
3 - Consumer Protection Act

Question 5

Monopoly

Answer 5

A market in which there is only one supplier with no close competitors.

Question 6

Collusion

Answer 6

Businesses agree to work together and restrict competition by fixing prices and sharing contracts between themselves.

Question 7

Pressure Groups

Answer 7

1 - Greenpeace
2 - Fairtrade Foundation
3 - Amnesty International
4 - Extinction Rebellion

Question 8

Pressure Group Goals

Answer 8

1 - Publicity through media coverage
2 - Influencing consumer behaviour
3 - Lobbying of government

Question 9

Demographic

Answer 9

Relating to the structure of the population.

Question 10

Globalisation

Answer 10

The increasing freedom of movement of goods, capital, and people around the world.

Question 11

Information Technology (IT)

Answer 11

The use of electronic technology to gather, store, process, and communicate information.

Question 12

Impact On Business Of Technological Change

Answer 12

1 - New Products
2 - New Process
3 - Reduced Costs
4 - Better Communication
5 - More Information IT

Question 13

Threats Of New Tech

Answer 13

1 - Costs
2 - Workforce Relations
3 - Reliability
4 - Data Protection
5 - Management
6 - Competition

Question 14

How To Effectively Introduce Technology

Answer 14

1 - Analyse
2 - Involve
3 - Evaluate
4 - Plan
5 - Monitor

Question 15

Job Enrichment

Answer 15

Aims to use the full capabilities of workers by giving them the opportunity to do more challenging and fulfilling work.

Question 16

Protectionism

Answer 16

The use of barriers to free trade to protect a countries domestic industries.

Question 17

Tariff

Answer 17

A tax imposed on an imported product.

Question 18

Quota

Answer 18

A physical limit placed on the quantity of imports .

Question 19

Voluntary Export Limits

Answer 19

Agreed limits to the quantity of certain goods sold by one country to another ( possibly to discourage the setting of tariffs/quotas).

Question 20

Free International Trade

Answer 20

Trade with no restrictions or barriers that might prevent or limit trade between countries.

Question 21

Role Of Technology In International Trade

Answer 21

1 - BlockChain
2 - Artificial Intelligence And Machine Learning
3 - New Digital Platforms
4 - Mobile Payments

Question 22

Greenwashing

Answer 22

Giving a false impression or providing misleading information about how a company’s products are environmentally sound and sustainable

Question 23

Environmental Audit

Answer 23

Assesses the impact of the activities and decisions of a business on the environment.

Question 24

Sustainability

Answer 24

Activities that meet the needs of the present without compromising the ability of the future generations to meet their needs.

Question 25

Green Consumerism

Answer 25

The trend for consumers to only buy products that are produced sustainability without environmental damage.

Question 26

Social Audit

Answer 26

A report on the impact a business has on society.