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Business Studies > External Influences > Flashcards

External Influences Flashcards

1
Q

What is demand

A

Amount of good/services that a customers are willing and able to buy at any given price

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2
Q

What is supply

A

Amount of good/services that a sellers are willing and able to sell at any given price

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3
Q

What is equilibrium price

A

Demand is equal to supply

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4
Q

What happens if there’s access demand in the market

A

Price would increase

Quantity would increase to try and meet demand

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5
Q

What happens if there is excess supply

A

Price will decrease

Quantity demanded will increase then

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6
Q

What are the factors of demand and supply

A 
Price 
Income 
Wealth 
Advertising, promotion offers and PR
Taste and fashion 
Demographic change 
Government action 
The price of other products (substitutes and complements)
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7
Q

What happens to demand as price increases

A

Demand decreases

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8
Q

How would you should the increase in demand due to a drop in price on a supply and demand graph

A

Arrows on current demand line pointing downwards

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9
Q

How does income affect demand

A

High income higher demand

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10
Q

Which way does the demand curve shift due to an increase in demand

A

right

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11
Q

Explain what is mean by an increase in demand

A

Increase in quantity demanded at every given price

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12
Q

Define wealth

A

Abundance of valuable possession or money

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13
Q

How will wealth impact demand

A

High wealth positive impact
High consumer confidence
Demand shift to the right

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14
Q

How will an increase of advertising and promotion activities affect demand

A

Increase

More exposure for business

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15
Q

How will taste and fashion affect demand

A

Somethings ‘fashionable’ more people buy

Increase demand

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16
Q

Define advertising

A

Drawing attention to a product or service to promote sales

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17
Q

Define taste and fashion

A

Popular or latest style of clothing, hair or behaviour

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18
Q

Define demographic change

A

Describes the size, composition and structure of populations and how they change

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19
Q

How will an increase in population affect demand (demographic change)

A

More people to supply products to

Increase

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20
Q

Define government action

A

Intervention by a gov to influence financial markets

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21
Q

Give an example of how gov action can decrease demand

A

Illegal to smoke in car with under 18s
Decreased proportion of adults smoking
Decrease demand

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22
Q

Define a substitute

A

Act or serve in the place of another

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23
Q

Define a complement

A

Products that are joint in demand

Bought together

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24
Q

What are the supply factors

A 
Price 
Costs 
Taxes 
Subsidies 
Price of other products
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25
Q

How does price affect supply

A

Increase supply

can sell at a higher price ,more profits to get more supply

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26
Q

How does costs affect supply

A

As costs go down, supply goes up can afford to buy more

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27
Q

How do taxes affect supply

A

Will increase costs (has to pay more money to gov in tax)

Supply decreases

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28
Q

How does subsidises affect supply

A

Increases a companies annual income

Increase supply

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29
Q

Define subsidy

A

Payment from gov for every unit supplied

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30
Q

How does the price of other products affect supply

A

Increase supply of the other product

E. Price of Mars increases but price of twice stays the same

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31
Q

What is elastic demand

A

QD is sensitive to price will go up/down

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32
Q

What makes a product elastic

A

They have many substitutes

Are a luxury

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33
Q

What is an in elastic product

A

QD isn’t sensitive to a change in price

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34
Q

Give an example of inelastic products

A

Train tickets

Cigarettes

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35
Q

Give an example of elastic products

A

Newspaper

Sofa

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36
Q

Define competition

A

Rivalry amongst sellers

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37
Q

Define market

A

Any situation where buyers and sellers meet

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38
Q

Why have none physical markets grown

A

Offer Convenience

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39
Q

Why do physical markets continue to exist

A

Try before buy

Personalisation

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40
Q

Define market price

A

Price range in market at which consumers prepared to pay

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41
Q

Define markup

A

Difference between cost of producing an item+the price it’s sold

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42
Q

Define competitive market

A

Lots of sellers

Competition bases on price

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43
Q

Define monopoly

A

Dominated by one seller

25%+ market share

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44
Q

Define oligopoly

A

Few firms

Similar prices

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45
Q

Define monopolistic competition

A

Many firms
Different prices
Non price differences

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46
Q

Example of oligopoly

A

Mobile networks

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47
Q

Define collusion

A

Rival companies cooperate for mutual benefit

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48
Q

Market size

A

Collective value of goods/services that buyers purchase

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49
Q

Market growth

A

% growth in size of the market, measured over specific period

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50
Q

How could a business increase market share

A 
Be aware of customer needs+meet them
Sell more 
Have clear marketing plan 
Advertise 
Merge
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51
Q

Barriers to entry

A

Factors that prevent firm from entering the market

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52
Q

What are the barriers to entry

A 
Large start up costs 
Breaking customer loyalties 
Inability to gain EoS
Existing business starts price war
Legal- patents
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53
Q

Barrier to exit

A

Factors which prevent a firm leaving a market

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54
Q

What are the barriers to exit

A

Difficulty selling off capital
Redundancy costs
Contract with suppliers

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55
Q

Define market dominance

A

Measure of market share compared to competitor

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56
Q

Define market power

A

Ability of firm to influence/control terms+conditions on which goods are bought and sold

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57
Q

Define acquisition/takeover

A

Control of another company is achieved by buying majority shares

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58
Q

Benefits to the business of a merger

A 
Reduce competition 
Market share 
Economies of scale
New management with different skills 
Combined resources
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59
Q

Disadvantages of mergers

A

Diseconomies of scale
Redundancies
Higher prices

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60
Q

Who are the CMA

A

Competition and market authority

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61
Q

What can the CMA do

A

Stop mergers and acquisitions going ahead

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62
Q

What can the European Regulatory commission do

A

Block UK mergers

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63
Q

What action can the CMA take in regards to legislation

A

Enforce consumer legislation

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64
Q

What sanctions can the CMA apply

A

Fine 10% global turnover for anti competitive behaviour

Individual disqualified from position

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65
Q

Name some separate regulation bodies apart from the CMA

A

Ofgem

OfCom

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66
Q

Organise growth

A

Within the business

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67
Q

Examples of organic growth

A

New products
Open more stores
Invest in machinery

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68
Q

Why would a firm want to enter a market

A

Growth- more customers

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69
Q

Why would a firm want to exit a market

A

Current market is shrinking
Want to enter a new market
Lack of sales

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70
Q

Globalisation

A

World coming together to trade in each other’s markets

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71
Q

Factors that have facilitated globalisation

A

Reduction in trade restrictions
Cost of production abroad
Ease of transportation
Increase movement of people

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72
Q

Other technological factors that have facilitated globalisation

A

Internet
Rise of e commerce
Smart phones

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73
Q

Multinationals

A

Operates in one country and manufactures and sells in a variety of others

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74
Q

Why are companies keen to become multinational

A

Economies of scale
Lack of legal constraints
New markets with less competition
Low wages

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75
Q

what are the benefits of multinations

A

employment LEDCs
local people get skills
invest in infrastructure
use local resources

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76
Q

what are the negatives of multinationals

A 
low skilled jobs 
unsafe
local businesses suffer 
income goes to domestic market 
loss of jobs in domestic market
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77
Q

what is global strategy

A

companies that are keen to operate on global scale must consider how to build a competitive global advantage
i.e choose best locations to produce products in

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78
Q

what is a global brand

A

recognized throughout much of the world

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79
Q

what are some of the opportunities of globalization

A 
cheaper lab 
more customers
less legal restrict
cheaper raw materials 
new markets with high disposable income
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80
Q

what are the threats of globalization

A

less reliance on uk for products
high unemployment in UK
Pollution
ethical issues

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81
Q

why are some businesses more affected by globalization than others

A

businesses who produce
small businesses find it challenging
businesses with global appeal benefit
business without USP struggle

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82
Q

what is the European single market

A

refers to EU as one territory without internal boarders

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83
Q

what four freedoms is the EU market based upon

A

goods,services,people,capital

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84
Q

define free trade

A

trade without tariffs, quotas or other restrictions

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85
Q

benefits of the single market

A

not subject to tariffs or quotas

more easily available labour

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86
Q

European union

A

economic and political union aimed at reducing trade barriers and harmonizing economic policy

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87
Q

tariff

A

duty paid on imports

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88
Q

quota

A

limit on quantity of goods imported over a given period

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89
Q

why should Britain leave the European Union

A

free from EU laws and regulations

encourage domestic trade

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90
Q

why should Britain stay in the European union

A

lose trade benefits

struggle to fill vacancies especially in low skilled work

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91
Q

what are the political factors which affect businesses

A 
Brexit 
EU 
competition policy 
privatization 
minimum wage legislation
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92
Q

how does political uncertainty affect a business

A

less investment and low consumer confidence

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93
Q

demographics

A

characteristics of human population and population groups

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94
Q

how has age in the UK affected demand

A

aging population

increase demand for retirement homes

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95
Q

how has ethnic diversity in the UK affected demand

A

more ethnically diverse

higher demand for international foods

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96
Q

what are the social factors which affect a business

A

social habits
change in employment patterns
change role of women
attitudes to work

97
Q

define ethics

A

morally right or morally wrong

98
Q

give examples of moral issues businesses will face

A

child labour
untested medicine
selling arms
paying large amounts for cancer treatment

99
Q

what are the advantage to a business of behaving ethically

A

attract new customers
new and better employees
positive publicity
sales+ profits

100
Q

what are the disadvantages of trading ethically

A

costly
lower output
ethics is subjective
false expectation for customers if say ethical

101
Q

what are the objectives of a business

A

profit,increase market share, growth,service,survial

102
Q

give an example of an objective which conflicts with ethics

A

keeping production in uk (ethical) but wanting to increase profits

103
Q

how could a business increase its ethical profile

A

manufacture where based-pollution
buy one donate one
train locals
give money to charities

104
Q

what environmental issues influence a business

A 
air pollution 
water
land
noise 
congestion
105
Q

name 3 ways business are changing their operations to be more environmentally friendly

A

ban on plastic straws
5p bags
“latte levy”

106
Q

why does a business need to consider environmental issues

A

causing widespread pollution

pressure from the public

107
Q

what other objective will clash when trying to be more environmentally friendly

A

costs e.g having to use more expensive packaging instead of plastic

108
Q

what are the benefits to a business of being more environmentally friendly

A

easier to adapt if legislation was introduced

better reputation

109
Q

sustainability

A

preventing negative impacts from economic systems and production on the earth

110
Q

how can a business behave in a sustainable manner

A 
skype>transport
recycling scheme
dispose chemical right 
water+energy saving 
buying from sustainable farmers
111
Q

how would climate change levy’s make a business behave in a more sustainable manner

A

control their energy to keep costs low

112
Q

how would congestion charges make a business behave in a more sustainable manner

A

reduce amount of traffic entering london

less carbon emmissions in city

113
Q

what are the positive effects of behaving in an environmentally friendly way

A

buying from sustainable farmers USP
accounting-turn lights of reduce costs
HRM- attract employees

114
Q

define GDP

A

total value of output produced in an economy a year

115
Q

define economic growth

A

annual percentage change in GDP

116
Q

what is included in GDP

A

public transport
healthcare
glass+steel

117
Q

what happens if GDP is going down

A

economy shrinking

118
Q

what is the impact of GDP decreasing

A

job cuts

fall house prices

119
Q

what happens if GDP rises

A

the economy is expanding

120
Q

what is the impact of rising GDP

A

more wealth

new jobs

121
Q

how does the government increase GDP

A

offer subsidies/lower taxation
improve infrastructure
invest in education

122
Q

how does the gov facilitate economic growth

A

resource
increase productivity
increase output
growth

123
Q

define standard of living

A

amount of goods and services a person can buy with their income in a year

124
Q

inflation

A

persistent general tendency of prices to rise in the economy

125
Q

consumer price index

A

measure that examines weighted average of prices of a basket of consumer goods/services

126
Q

what is the target level of inflation

A

2%

127
Q

why does high inflation make uk exports uncompetitive

A

identical products made round world
uk high inflation increqses prices
makes them less attractive from abroad

128
Q

how does inflation reduce multinational investment

A

look to produce in cheapest location

use country lowest rate of inflation

129
Q

why does inflation create uncertainty

A

estimated profits from an investment can change over time due to inflation

130
Q

define exchange rate

A

value of one currency in terms of another

131
Q

what is a strengthening exchange

A

pound increase in value

132
Q

what is a weakening exchange rate

A

pound decreases in value

133
Q

define import

A

sale leads to money going out of the UK

134
Q

define export

A

sale leads to money going into UK

135
Q

how do you get the UK amount from a different currency

A

divide the amount by exchange rate

136
Q

how does foreign investment influence the demand of the pound

A

business wanting to locate uk demand pounds

more wanting to higher demand

137
Q

how does hot money influence the demand of the pound

A

uk interest rates are high

foreign banks surplus foreign currency to demand pounds

138
Q

how does the desire for foreign customers to buy uk exports effect the demand for the pound

A

uk exports would be cheaper so buy more

higher demand for pound

139
Q

define interest rate

A

reward for saving and cost of borrowing expressed as a percentage

140
Q

how would low interest rates effect a business

A

increase sales people spend more
loans cheaper
(opposite for high)

141
Q

how would lower interest rates effect borrowers

A

pay back less on loans
they can spend more
(opposite for high)

142
Q

how would lower interest rates effect borrowers

A

spend more less reward for saving

143
Q

what is the link between interest rates and exchange rate

A

high interest rate=strong pound as sterling high in demand as more foreign investment (better return on uk savings account)

144
Q

what is the relationship between interest rates and inflation

A

MPC raise IR
demand pound decrease (more reward saving)
inflation decreases

145
Q

define unemployment

A

people who are willing and able to find work are unable

146
Q

why does the government want low levels of unemployment

A

waste of human resources

147
Q

why is unemployment bad for society

A

social problems and benefits have to be paid for
could be spent in other areas
health+education

148
Q

how does unemployment effect tax

A

more employed more tax

149
Q

why is unemployment bad for the individual

A

damage self esteem

alcohol+drug addiction

150
Q

how does high levels of employment create a more productive economy

A

increase GDP
greater output
cause growth

151
Q

balance of payments

A

difference between valuenof exports and imports

152
Q

what happens if exports exceeds imports

A

trade surplus

153
Q

what happens if imports exceeds exports

A

trade deficit

154
Q

why would a weak pound be good for creating a trade surplus

A

exports cheaper

more attractive

155
Q

what is tax used for

A

influence purchasing behaviour

spend on gov service

156
Q

indirect taxes

A

tax on expenditure

indirectly paid by suppliers not consumers

157
Q

direct tax

A

on income and profits

paid directly by the bearer

158
Q

income tax

A

taken out of income

progressive

159
Q

national insurance

A

state pensions+ treatment under NHS

160
Q

VAT

A

automatically included in price

20%

161
Q

stamp duty

A

tax paid to gov when buy a house

162
Q

how would the gov control house price inflation

A

increase stamp duty

163
Q

co-orpation tax

A

levy on profit of firm

164
Q

corporation tax rate in UK

A

19%

165
Q

corporation tax rate in NI

A

12.5%

166
Q

how does low corporation tax attract business to the UK

A

can keep more profits

167
Q

purpose of tax

A

revenue generated public services
control economic activity
influence expenditure to encourage behaviours

168
Q

benefits of subsidies to a business

A

lower cost
lower prices
survival during start up

169
Q

supply side policies

A

intend to increase output of economy

170
Q

give examples of supply side policies

A

improve skills
cut corporation tax
reduce welfare benefits

171
Q

define business cycle

A

pattern of increases and decreases in economic growth over the long term

172
Q

monetary policy

A

manipulation of demand in economy using interest rates

173
Q

fiscal policy

A

government control through taxation and public spending (focuses on demand)

174
Q

what are the four stages of the business cycle

A

boom
recession
slump
recovery

175
Q

what are the characteristics of a boom

A

high confidence,spending,income,inflation+investment

low unemployment

176
Q

what are the characteristics of a recession

A

falling confidence,spending
inflation slows
invest in essentials
unemployment rising

177
Q

what are the characteristics of a slump

A

low confidence,spending,income
high unemployment
low inflation

178
Q

what are the characteristics of a recovery

A

rising confidence,spending,income
unemployment rising
inflation stable

179
Q

which kind of business would thrive during a recession/slump

A

aldi and lidl

180
Q

why dont firm invest during a recession/slump

A

less finance

higher risk

181
Q

how would businesses respond during a recession/slump

A

redundancies
less stock holding
less production

182
Q

how would a business get out of recession/slump

A

higher grant spending or MPC can decrease interest rates

183
Q

why will production increase during a boom

A

customers spending more

184
Q

what does more spending create in a boom

A

spending creates need for jobs as production would increase

185
Q

what would a business do in regards to its location to take advantage of the business cycle

A

move to larger location before a boom

prepare for the demand

186
Q

what would a business do in regards to its products to take advantage of the business cycle

A

offer budget goods during recession

187
Q

what stage of the business cycle would a business buy assets/shares

A

slump/recession its cheaper

sell shares for more in a boom

188
Q

how will complying with the law benefit a business

A

avoid fines

prevent bad publicity

189
Q

copyright

A

legal ownership of material e.g books+films

190
Q

national living wage

A

new minimum wage rate 25+

191
Q

5 pieces of legislation relating to the workplace

A 
contract law 
weights and measures act 
data protection act 
health and safety act
smoking in the workplace
192
Q

contract law

A

agreement between two or more parties

breaking=breach of civil law

193
Q

weights and measures act

A

correct amount that it states

can be fine

194
Q

data protection act

A

controls how personal data is used

fined up to £500,000

195
Q

health and safety act

A

business comply with certain health and safety regs

fined or imprisoned

196
Q

smoking in the workplace

A

2001 work place=smoke free

prosecution and fine

197
Q

intellectual property

A

intangible property result of creativity

198
Q

trademark

A

slogans,logos and other products which brand companies

199
Q

what are the three points of the sales of goods act

A
  • goods fit description
  • must be of satisfactory quality
  • fit for purpose
200
Q

planning legislation

A

need when building
prevents disputes over areas of land
need it- changes can be undone to building

201
Q

control of substances act

A

control hazardous substances

202
Q

FCA

A

Financial Conduct Authority

203
Q

what does the FCA do

A

protect consumers
promote competition
enhance market integrity

204
Q

what type of organisation is the financial conduct authroity

A

regulating

205
Q

how can a business comply with data protection act

A

ask permission before sharing

206
Q

how can a business comply with trademark law

A

change their logo

207
Q

how does complying with trademark law conflict with other business objectives

A

growth

spent time building up brand around the logo

208
Q

how would changing the minimum wage conflict with business objectives

A

could be hogher costs if increase

conflict with profit

209
Q

how would new environmental laws e.g a ban on black plastics conflict with other business objectives

A

source new packaging
time consuming
expensive

210
Q

give examples of procedures involved in a risk assessment

A

protective clothing
guards on machinery
staff training

211
Q

what are the technological factors which influence a business (7)

A 
computer hardware 
computer software 
computer calculation
internet connectivity 
wireless charging 
automation 
devices e.g tablets
212
Q

advantages of technology in a business

A 
efficient 
communication
long term costs
remote working
less physical storage needed
213
Q

disadvantages of technology in a business

A

high initial cost
job losses
not always reliable
training

214
Q

international trade

A

selling across borders

215
Q

why do countries trade internationally (5)

A 
variety 
economic efficiency 
growth 
international co-operation 
specialisation
216
Q

how does international trade improve economic efficiency

A

develop export markets=EOS

competition forces firms to be more efficient

217
Q

how do international improve international co-operation

A

nations become dependent on each other

218
Q

what are the factors that need to be considered when trading internationally

A 
language 
exchange rates 
cultural differences 
logistics 
buying habits
219
Q

advantages of free trade

A

EOS
lower costs
lower price for customer

220
Q

disadvantages of free trade

A

more raw materials being used
increase competition
threatens domestic jobs

221
Q

what is the relationship globalisation and international trade

A

factors facilitating globalisation develop
makes international trade easier
increased competition-need cheaper materials

222
Q

trading bloc

A

groups of countries
specific geographical region
protects themselves from imports from non members

223
Q

name two trading blocs

A

TTP- trans-pacific partnership

european union

224
Q

why would a business choose to make most imports, tariff free

A

stop monopolies in the uk

more competition

225
Q

name an industry which tariffs protect

A

farming

226
Q

exchange rate

A

the value of one currency in terms of another

227
Q

disadvantages of trading blocs

A

agreements aren’t tailored to a specific economy/country
domestic business can’t cope
have to abide by laws/regs of that bloc

228
Q

emerging market

A

a country achieving rapid growth as well as globalisation

229
Q

examples of emerging markets

A

india

turkey

230
Q

what are the opportunities presented from an emerging market

A 
access to more customers 
lack of regulation
customers wi higher disposable income 
produce closer to market they serve 
cheaper labour
231
Q

why would emerging markets reduce exports for UK businesses

A

emerging markets produce own products- self sufficient

232
Q

digital revolution

A

shift from analog and mechanical to digital technology

233
Q

give an example of digital technology in a business

A

self checkout

e-commerce

234
Q

define information age

A

time when large amounts of info is widely available

235
Q

what is the impact of the information age

A

time sensitive promotions

staff planning

236
Q

advantages of technology change

A

efficiency

motivated staff-jobs being made easier

237
Q

three opportunities from digital revolution

A

cost saving
market researcn
wider market access

238
Q

three threats of the digital revolution

A

changing quickly-hard to keep up
customers-more choice
lots of info free

239
Q

which factors determine how much a business will be affected by the digital revolution

A

market
decisions of rivals
type of product+consumer
budget

Business Studies (14 decks)

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