Chapter 8: External Influences On Business Activity Flashcards
Define monopoly
Monopoly: theoretically a situation in which there is only one supplier, but this is very rare: for government policy purposes this is usually redefined as a business controlling at least 25% of the market.
Define social audit
Social audit: a report on the impact a business has on society – this can cover pollution levels, health and safety record, sources of supplies, customer satisfaction and contribution to the community.
Define information technology
Information technology: the use of electronic technology to gather, store, process and communicate information.
Define innovation
Innovation: creating more effective processes,products or ways of doing things in a business.
Define computer aided design
Computer-aided design: using computers and IT when designing products.
Define computer aided manufacturing
Computer-aided manufacturing: the use of computers and computer-controlled machinery to speed up the production process and make it more flexible.
Define environmental audits
Environmental audits: assess the impact of a business’s activities on the environment.
Define pressure groups
Pressure groups: organisations created by people with a common interest or aim who put pressure on businesses and governments to change policies so that an objective is reached.