Competition & the Environment Flashcards
What is perfect competition?
Market with lots of sellers.
What is a monopoly?
Market dominated with one seller.
What are patents?
Rights to use of an invention for a number of years.
What is a market share?
% of total sales accounted for by one firm.
What is a monopolist?
Firm that accounts for at least 25% of market share.
What is privatisation?
Public corporations sold to private owners.
What is a cartel?
A group of firms working to fix prices.
Give five ways competition in a market can be increased.
- New firms entering the market.
- Privatisation
- Selling new products
- Cutting prices
- Increasing advertising
Give five ways competition in a market can be decreased.
- Take over/Merger
- Using the marketing mix
- Taking out a patent
- Collusion
- Internal growth
What is child labour?
Use of young children for low cost production.
What are ethics?
What is morally correct and wrong.
What are human rights?
The concept that people should have basic rights and freedom.
What are sweat shops?
Factories where people work excessively.
What is pirating?
Illegally copying of films and music.
What is an ethical business?
Businesses that behave morally correctly.
What are non-renewable resources?
Resources that can only be used once.
What are carbon emissions?
CO2 released into the atmosphere.
What is global warming?
Rise in average temperature of the atmosphere.
What does the term green mean?
Consumers and businesses that make production sustainable.
What are renewable resources?
Resources which are reusable.
What is sustainable production?
Production involving use of renewable and recycled resources.
What are carbon permits?
Permits which allow businesses to produce certain amounts of CO2.
Give four social costs of production.
- Using up non-renewable resources.
- Spoiling the landscape.
- Causing congestion on roads.
- Causing pollution.
Give five ways in which businesses can become more sustainable.
- Switching off lights.
- Proper disposal of waste.
- Using recyclable materials.
- Encouraging staff to use public transport.
- Using renewable power resources.
