Influence On Business Flashcards
Information and communications technology
is the computing and
communications systems that a business might use to exchange information with stakeholders.
Cloud Computing
Cloud computing is a general term for the delivery of specialist computing services, such as the storage of very large amounts of data, provided by businesses using the internet.
Digital Communication
is the transmission of information electronically between computing devices.
Webchat
is a simple means of communicating in real time that is, instantly) using only web browsers such as Firefox or Internet Explorer.
Apps (or applications)
are pieces of software designed for a specific purpose and for use on smartphones and tablets.
Social media
are methods of online communication such as websites and applications. They share information and help to develop social and professional contacts.
Ethics
refers to whether a business decision is thought to be morally right or wrong. An ethical decision is made on the basis of what is judged to be morally right.
Profit
measures the difference between the values of a business’s revenue (sales) and its total costs.
Fair Trade Products
are those for which customers pay higher prices and offer better trading terms, such as payments with orders.
The aim is to improve the living standards of people in poorer countries where the products are produced.
Social Responsiblity
is an approach to managing businesses in which the interests of all groups in society are taken into account when making descsions
Environmental Responsiblity
refers to the taking of decisions by businesses, consumers, governments and other groups with the intention of protecting the environment.
Sustainability
refers to methods of production which can be continued in the long term without damage to the environment.
Economy
is made up of millions of individual consumers, many thousands of businesses and governments. All take decisions on what to buy and produce.
Consumers
are individuals who buy goods and services from businesses.
Economic climate
describes the state of key factors within a country such as the level of goods and services produced and the number of jobs available.
Intrest Rates
refer to the cost of borrowing money or the reward for saving money, expressed as a percentage.
Overdraft
is a flexible loan which businesses can use, whenever necessary, up to an agreed limit.
Consumer Spending
refers to the value of goods and services bought by consumers over a time period,
usually a month or a year.
Income elastic products
are those whose sales are sensitive to changes in consumers’ incomes.
The National Living wage
is an hourly rate of pay which is set by the government. All employees above a certain age must receive at least this rate of pay.
Legislation
is a set of rules that governs the way society operates. It Is another term for ‘laws’.
Discrimination
is treating one person differently from another without having good reasons to do so.
A part time employee
works for a proportion of the working week - for example, three days each week, rather than five.
A trade union
is a group of workers who act together to improve their pay and working conditions.
A contract of employment
is a legal document stating the hours, rates of pay, duties and other conditions under which a person is employed.
Motivation
refers to the range of factors which influence the way a person behaves at work.
Markets
exist where there are buyers and sellers.
Competition
exists when more than one business is attempting to attract the same customers.
Monopoly
exists when a business does not face any competition in a particular market.
Uncertainity
occurs where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict.
Recession
occurs when the value of an economy’s output of goods and services falls for six months or longer.
Diversification
occurs when a business starts selling new products in new markets.
