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Influence On Business Flashcards

1
Q

What is technology?

A

The application of knowledge, skills and techniques to improve business performance

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2
Q

What are different aspects of modern business technology?

A

Changing use of ICT, E-commerce, Digital technology, Digital communication

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3
Q

What has the business use of Information and Communication Technology (ICT) expanded from?

A

From word processing and data storage to production, marketing and human resource applications

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4
Q

What benefits does ICT provide to businesses?

A

Reduce costs and improve quality, efficiency and competitiveness

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5
Q

What are the costs associated with purchasing technology?

A

Costs in purchasing technology and training staff to use it, potential redundancies

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6
Q

What is e-commerce?

A

The buying and selling of goods and services using the internet

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7
Q

What is m-commerce?

A

The use of wireless handheld (mobile) devices, such as smartphones to buy and sell online

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8
Q

What has the growth of e-commerce led to?

A

Development of auction sites like eBay and internet retailers like Amazon

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9
Q

What are the drawbacks of e-commerce?

A

Increased costs due to investment in systems and training, time-consuming order processing, loss of personal contact with customers

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10
Q

What is digital technology?

A

The use of computer-based tools, systems, devices and resources to generate, store or process data

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11
Q

What is digital communication?

A

Part of digital technology; widespread use through devices such as smartphones, tablets, desktops, and video conferencing

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12
Q

Who are stakeholders in digital communication?

A

Customers, Suppliers, Employees, Shareholders, All stakeholders

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13
Q

What is ethics in business?

A

Where businesses make decisions based on what is morally right rather than what is more profitable

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14
Q

What are examples of poor ethical behavior?

A

Can affect different stakeholder groups

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15
Q

What is pollution?

A

Causing damage to the natural environment, affecting health, safety, or welfare

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16
Q

What are the types of pollution?

A
  • Air
  • Noise
  • Light
  • Water
  • Land
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17
Q

What are environmental policies?

A

Policies covering areas such as energy use, waste disposal, and pollution

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18
Q

What are some consumer actions to protect the environment?

A
  • Change lifestyles
  • Recycle products
  • Only buy what will be used
  • Feedback to businesses
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19
Q

What is sustainability?

A

The trade-off between environmental benefits and profitability

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20
Q

What is the economic climate?

A

The general situation in a country affecting the wellbeing of individuals, firms, and the government

21
Q

What factors affect the economic climate?

A
  • Interest rates changes
  • Consumer and business spending
  • Levels of employment
  • Income and demand
22
Q

What happens to businesses when interest rates are high?

A

Business loans become more expensive, reducing investment and competitiveness

23
Q

What are the effects of unemployment on businesses?

A

Decreased spending power, potential need for retraining, and negative effects on worker motivation

24
Q

What are the advantages of high employment?

A
  • Higher incomes
  • Increased spending on goods and services
  • More motivated workers
  • Increased productivity
25
What is consumer spending?
The amount of money consumers spend on goods and services
26
What is globalization?
The movement of goods, services, people, capital, information and technology, enabling businesses to sell products worldwide
27
What are the benefits of globalization?
* Increased markets * Access to cheaper labor and raw materials * International specialization * Increased efficiency
28
What are the drawbacks of globalization?
* International competitors with cheaper costs * Power of multinational brands * Whole industry closures
29
What are imports?
Goods or services brought into one country from another
30
What are the main sectors of successful international businesses?
Cars, Aviation, Chemicals and pharmaceuticals, Agri-food, Green technology, Knowledge intensive industries ## Footnote These sectors involve design, production, research, and development.
31
What are imports?
Goods or services brought into one country from another ## Footnote The most imported goods globally include petrol and cars.
32
What is the impact of imports on UK firms?
Increases competition for UK firms and enhances consumer choice ## Footnote Consumers have access to goods and services from overseas.
33
What are exports?
Goods and services produced by one country and sold to another country
34
What happens when a country's currency appreciates?
It costs more for businesses outside to buy the currency; imports become cheaper and exports more expensive ## Footnote A stronger pound benefits consumers with cheaper imports but may hurt exporters.
35
What is a weak pound?
A situation where the currency depreciates, making exports cheaper and imports more expensive ## Footnote This can benefit exporters but increase costs for importers.
36
What is the Equality Act 2010?
A law that protects individuals from discrimination in the workplace and society
37
What is discrimination?
Unacceptable treatment of individuals or groups deemed different ## Footnote In the UK, it is illegal for employers to discriminate against employees.
38
What are the requirements of health and safety legislation?
Safe operation of the working environment, safe handling of substances, adequate staff training, welfare provisions ## Footnote Employers must ensure a safe workplace for all employees.
39
What does the Consumer Rights Act 2015 stipulate?
Goods must fit their description, be of satisfactory quality, and be fit for the specified purpose
40
What is a market?
Anywhere buyers and sellers come together to transact with each other ## Footnote Types of markets include local, national, global, and electronic.
41
What is a competitive environment?
A market where multiple businesses produce similar goods and services
42
What is a monopoly?
A market situation where a single business dominates and has no competition
43
What are the effects of weak competition?
Higher prices, potential for lazy business practices, and less innovation ## Footnote A business may become complacent without competitive pressure.
44
What are the benefits of competition?
Encourages product improvement, cost reduction, and better customer service
45
What is uncertainty in business?
A situation where the outcome is unknown or unclear due to lack of information
46
What are common types of risk businesses face?
Employee dissatisfaction, bad publicity, losing major customers, product obsolescence, government legislation
47
What are reasons for business failure?
Poor management, inadequate planning, poor market research, high start-up costs, unexpected shocks, over-reliance on few customers, poor quality
48
How can businesses reduce risk?
Plan realistically, conduct thorough research, be cautious, finance carefully, take calculated risks
49
What are the rewards for enterprise?
Profits, capital gains, self-esteem, personal development, independence, satisfaction

GCSE BUSINESS (6 decks)

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