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OCR A Level Business > External Influences > Flashcards

External Influences Flashcards

1
Q

Demand

A

Amount of goods/services customers are willing/able to buy at any price

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2
Q

Supply

A

Amount of goods/services sellers are willing/able to sell at any given price

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3
Q

Monopoly

A

Market dominated by one seller

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4
Q

Organic growth

A

Expansion within a business

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5
Q

Reasons for international trade

A

Variety
Specialise
Avoid conflict
Grow

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6
Q

Free trade

A

Trade without tariffs or quotas made on products

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7
Q

Advantages free trade

A

Access more raw materials
Lower prices through increased competition

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8
Q

Disadvantages free trade

A

Job losses with foreign competition
More cost for businesses in other countries

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9
Q

Trading bloc

A

Group of countries within a region that has reduced/removed trade barriers

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10
Q

Advantages trading bloc

A

Access to potential markets
increase business stability selling in another country

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11
Q

EU

A

Economic and political union of most European countries

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12
Q

Benefits of UK Business being in the EU

A

Straightforward regulations to follow
No additional import costs
No additional paperwork + border checks

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13
Q

Advantages to a business of the UK not being a member of the EU

A

Domestic goods, less competition
Paperwork checks
Imports and exports

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14
Q

Subsidy

A

Payment to taxpayers

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15
Q

Indirect tax

A

Tax on spending, paid to tax authorities, not the consumer e.g.tobacco, stamp duty

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16
Q

Direct tax

A

Tax on income and profits paid directly by bearer to tax authorities e.g.VAT, NI

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17
Q

Monetary policy

A

action taken by bank or gov to influence how much is in the economy and how much it costs

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18
Q

Fiscal policy

A

used to influence the level of spending in an economy

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19
Q

Business cycle

A

Observed patterns of increased and decreased in economic growth

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20
Q

Main pauses of business cycle

A

Boom
Slump
Recession
Recovery

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21
Q

Sustainability

A

Responsibility to conserve natural resources protect global ecosystems

22
Q

Market size

A

number of potential customers that could buy from your business

23
Q

Market growth

A

The percentage growth in the size of the market, measured over a specific period.

24
Q

Oligopoly

A

market is shared by a small number of producers or sellers

25
Q

Monopolistic competition

A

when companies offer competing products or services that are similar, but not perfect, substitutes

26
Q

Market forces

A

supply and demand

27
Q

Physical markets

A

buyers can physically meet the sellers and purchase their products in exchange of money

28
Q

Non physical markets

A

buyers purchase through the Internet

29
Q

Online market

A

you can buy to be delivered to you e.g clothes

30
Q

Digital market

A

buy online to download e.g music

31
Q

Barriers to enter

A

large start up costs
existing businesses may start pricing war
inability to gain economies of scale

32
Q

Barriers to exit

A

high redundancy costs
contracts with suppliers
leases with landlords

33
Q

Market dominance

A

measure of market share compared to competitors

34
Q

Mergers

A

2 companies join together to form a nee larger business

35
Q

Acquisition

A

control of another company is achieved by buying a majority of its shares

36
Q

Globalisation

A

increase in the flow of goods, services, capital, people, and ideas across international boundaries

37
Q

Global branding

A

process of creating a brand image that’s consistent in markets all over the world

38
Q

Difference between global strategy and globalisation

A

globalisation integrates economies, cultures etc, strategy refers to companies plan for competing in international markets

39
Q

International trade

A

buying and selling of exports and imports between countries

40
Q

Exchange rate

A

price in one currency expressed in terms of another currency

41
Q

Emerging markets

A

financial markets of developing countries

42
Q

Political factors

A

tariffs
trade control
bureaucracy

43
Q

Gross domestic product

A

total value of a country’s output over a given period of time

44
Q

Social factors affecting a business

A

population
cultural norms
health and safety

45
Q

Technological factors influencing a business

A

production techniques
logistics
marketing

46
Q

Digital revolution

A

advancement of technology from electronic devices

47
Q

Difference between law and ethics

A

law is rules and regulation, ethics is guidelines to inform

48
Q

Advantages to business + stakeholder behaving ethically

A

attract customers to its products and services

49
Q

Disadvantages to business + stakeholders behaving ethically

A

reduce ability to maximise profit

50
Q

Legal factors

A

taxation
advertising
consumer

OCR A Level Business (8 decks)

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