Chapter 8: External Influences On Business Activity Flashcards

1
Q

Define monopoly

A

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.

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2
Q

Define social audit

A

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.

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3
Q

Define information technology

A

Information technology: the use of electronic technology to gather, store, process and communicate information.

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4
Q

Define innovation

A

Innovation: creating more effective processes,products or ways of doing things in a business.

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5
Q

Define computer aided design

A

Computer-aided design: using computers and IT when designing products.

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6
Q

Define computer aided manufacturing

A

Computer-aided manufacturing: the use of computers and computer-controlled machinery to speed up the production process and make it more flexible.

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7
Q

Define environmental audits

A

Environmental audits: assess the impact of a business’s activities on the environment.

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8
Q

Define pressure groups

A

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.

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