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Business Studies GCSE > Influences On Business > Flashcards

Influences On Business Flashcards

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1
Q

What is e-commerce?

A

Any form of business activity conducted electronically can be defined as e-commerce

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2
Q

Examples of E-commerce methods

A

• online advertising
• online auctions
• online bookings
• online purchases
• online shopping
• websites

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3
Q

What is online advertising?

A

• A business can increase
the number of
customers by signing up
to google AdWords
• This means that an ad
will be at the top of a
google search when a
potential customer uses
those keywords

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4
Q

What is online auctions?

A

• An online auction is a virtual market place
where customers can bid for products or
services
• This means that the business owner does not
need their own website, so they do not need
technical ICT skills

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5
Q

What is online bookings?

A

• Being able to offer online
bookings is ideal for a
business to reach more
customers

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6
Q

What are online purchases?

A

• A business can use the
internet to buy goods
and services

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7
Q

What is online shopping?

A

• A business may be able to
increase sales by offering
an online shop to their
customers

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8
Q

What is website?

A

• Any successful business will
need a good website
• Provides information for
customers
• Allows customers to browse
the products before
purchasing in-store

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9
Q

What are mobile apps?

A

• A business could develop
a mobile app to help
them communicate with
their customers

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10
Q

What is electronic payments?

A

• Electronic payment lowers
costs for businesses
• The more payments they
can process electronically,
the less they spend on
paper and postage

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11
Q

What is internet banking?

A

• Internet banking can help a
business with their cash
flow, by allowing them to
mange their money and
apply for overdrafts to cover
shortfalls

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12
Q

What is social networking?

A

• Gain useful information
about customers by looking
at their likes, photos and
videos
• Increase awareness and
brand loyalty

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13
Q

What is contactless transactions?

A

• With more and more
retailers accepting
contactless payments, even
for small amounts, tap and
pay purchases are easier
than ever before

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14
Q

What are methods of digital communication?

A

• Mobile phone call
• E-mail
• Text
• Video conference
• Social media
• Skype
• Blogs

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15
Q

What is ethics?

A

• Ethics in business can be defined as; moral
principles (for example, knowing right from
wrong) that govern business behaviour or the
conducting of an activity

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16
Q

What is ethical behaviour?

A

• Most businesses operate to meet the needs of
the owners or shareholders
• Ethical businesses operate to meet the wider
needs of their stakeholders, and try to act in a
way that is honest and fair

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17
Q

How could a business become more ethical?

A

• Paying workers higher wages
• Improved working conditions
• Reducing pollution
• Buying Fairtrade supplies/agreeing to pay
more to suppliers
• Donations to the community
• Reducing packaging

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18
Q

What is child labour?

A

Child labour still
happens in some of the
world’s poorest
countries
• Clothing suppliers are
under pressure to meet
deadlines and so use
children as a supply of
cheap labour
• Their small hands are
ideal to sew sequins
onto fabric

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19
Q

What are working conditions?

A

• Sports Direct workers have
complained about their
working conditions
• They are searched every day
on the way out of work, this
takes 15 minutes which is not
paid

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20
Q

What is modern slavery?

A

• UK has new Modern Slavery
laws:
• Any business – or part of a
business – that has a global
turnover of £36m or more and
supplies goods or services in
the UK will have to produce
and publish an annual slavery
and trafficking statement in a
“prominent” place on its
website every year.

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21
Q

What is fair trade?

A

• Fairtrade is about better
prices, decent working
conditions, local
sustainability, and fair terms
of trade for farmers and
workers in the developing
world

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22
Q

What is a trade off?

A

• A trade-off is a compromise between one
thing and another

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23
Q

What is environmental?

A

• Environmental can be defined as; relating to
the natural world and the impact of human
activity on its condition.

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24
Q

What are environmental considerations?

A

• Traffic congestion
• Recycling
• Waste disposal
• Noise pollution
• Air pollution

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25
Q

How does traffic congestion affect business?

A

• Businesses that manufacture
will need to move their goods
to the outlet where they are
to be sold; shop, warehouse,
wholesaler etc.

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26
Q

How does recycling affect business?

A

• A new scheme in the City
of London is aiming to
recycle five million
disposable coffee cups
• More than 100 retailers
and 30 organisations are
offering recycling facilities

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27
Q

How does waste disposal affect business?

A

• According to UK
government businesses in
this country have a
responsibility to:
– keep waste to a minimum
by doing everything you
reasonably can to prevent,
reuse, recycle or recover
waste (in that order)

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28
Q

How does noise pollution affect business?

A

• Noise pollution is the
disturbing or
excessive noise that may
harm the activity or
balance of human or
animal life

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29
Q

How does air pollution affect business?

A

• Air pollution occurs when
harmful substances are
introduced into Earth’s
atmosphere
• It may cause diseases or
allergies in human beings;
it may also cause harm to
other living things such as
animals and food crops,
and may damage the
natural or built
environment*

30
Q

What are some ways a business can be more enviromentally friendly?

A
  1. Recycling ink cartridges
  2. Producing goods with less packaging
  3. Using solar energy
  4. Switching to energy saving light bulbs
  5. Using a smaller font (less paper)
  6. Using web based technology – less paper
31
Q

What is sustainability?

A

• Sustainability can be defined as; avoidance of
the depletion of natural resources in order to
maintain an ecological balance

32
Q

How does sustainability affect business?

A

• Business needs to
choose sustainable
resources e.g. Palm oil,
wood, water etc.
• Business has an ethical
duty to make sure there
are enough natural
resources for the future

33
Q

How does sourcing affect a business?

A

• Businesses should seek to
source ethical products
where possible
• Ethical sourcing is the
process of ensuring the
products being sourced are
obtained in a responsible
and sustainable way, that
the workers involved in
making them are safe and
treated fairly and that
environmental and social
impacts are taken into
consideration during
the sourcing process

34
Q

What is responsible sourcing?

A

• do not use suppliers who use child labour
• avoid raw materials which have involved animal testing
• ensure suppliers pay a fair wage
• ensure suppliers offer good working conditions
• pay suppliers a reasonable price
• insist on suppliers using recycled packaging materials
• encourage suppliers to produce goods made of recyclable materials
• minimise air miles/buy from local suppliers
• do spot checks on suppliers premises/processes

35
Q

How does climate change affect business?

A

• Climate change may have an
impact on businesses, in a
nutshell they will have to
reduce their carbon emissions;
– Businesses will have to be
more energy efficient, they can
get tax breaks from the
government if they have less
carbon emissions

36
Q

What is global warming?

A

• Global warming can be defined as; the
increase in Earth’s average surface
temperature due to rising levels of
greenhouse gases

37
Q

What is economic climate?

A

• The general condition of the economy, the
way that the resources and the production
and consumption of goods in the UK are
managed

38
Q

What are interest rates?

A

Interest rates are the cost of borrowing money
or the reward for saving money

39
Q

What is the uk interest rates?

A

• This is the cost of borrowing money.
• If the bank of England pushes up interest rates
consumer and business spending will fall.

40
Q

How does a change in interest ratss effect a business?

A

• If interest rates rise then the
cost of borrowing will rise
and this will mean that the
costs for a business may
increase, this could lead to a
fall in profits

41
Q

Definition of unemployment?

A

• Unemployment- The
number of people willing
to work but out of work
and seeking work

42
Q

What is the unemployment rate?

A

• Unemployment
rate - % of the working
population out of work

43
Q

What is disposable income?

A

• When a worker receives their wages they will
have to pay tax and national insurance
• What is left is called their disposable
income

44
Q

What is discretionary income?

A

• Now they have to pay all their bills, electric, gas,
water, food and rent
• What is left is called their discretionary
income– they can use this for the cinema or a
Big Mac..

45
Q

How can undmployment affect a business?

A

• It encourages
entrepreneurship
• Many unemployed
people start their own
business instead of
looking for jobs, they
become self-employed

46
Q

What are the three types of goods?

A

• Inferior goods
• Normal goods
• Luxury goods

47
Q

What is inferior goods?

A

• Inferior goods
– As income rises&raquo_space;»demand will fall (we
don’t buy so many poor quality goods
when our income goes up)

48
Q

What is normal goods?

A

• Normal goods
– As income rises»»demand will rise
– As income falls»»demand will fall

49
Q

What is luxury goods?

A

• Luxury goods
– As income rises»»demand will rise (we
choose to buy holidays, cars and jewellery
when we have more money)

50
Q

What is globalisation?

A

• The process by which businesses start
operating on an international scale

51
Q

What is multinational businesses?

A

• A multinational is a business which trades in
more than one country, often shortened to MNC

52
Q

What are benefits for uk business globalisation?

A
  1. Wider markets
  2. Economies of scale
  3. Labour migration
  4. Specialisation
  5. Multiplier effect
53
Q

What are drawbacks for uk business of globalisation?

A
  1. Foreign competition
  2. Loss of UK staff
  3. Threat to service industries
  4. Diseconomies of scale
54
Q

What is an export?

A

• An export is a product that the UK sells to
overseas markets

55
Q

What is international trade?

A

• International
trade is the exchange
of goods and services
between different
countries

56
Q

What are imports?

A

• An import is a product made overseas and
brought into the UK

57
Q

Whay would a business import goods?

A

• Other countries make
nice products that British
people would love to
use, try, eat and
experience
• A business does not have
to manufacture anything
– it can simply import
goods from abroad

58
Q

What are exchange rates?

A

• The exchange rate is
the price of one currency
in exchange for another
• You may have “changed”
your money up for a
holiday abroad, and you
will have been charged
commission to do so

59
Q

What are Consequences of changes in exchange
rates on business?

A

• What impact will a change in exchange rates have on
the cost of supplies? It depends if they were
purchased from abroad. If our pound increased against
another currency this will make imported supplies
cheaper e.g. cheese from France:

60
Q

Impact of exchange rates on profit

A

• If the pound is strong against
other currencies then it
becomes more expensive for
those countries to buy UK
exported goods, this means
they will buy less, this means
that UK exporter’s profits
will go down

61
Q

What is legislation?

A

• Legislation is the collective term for laws
• When we talk about legislation in business we
are talking about UK laws

62
Q

Impact of legislation on business cost

A

• A business will have to meet
all of the consumer,
employment and
recruitment laws
• This may mean additional
costs
– Training staff
– Protection equipment for
staff e.g. hairnets or googles
– Cost of paying NMW
• Higher costs may have an
impact on the profit of the
business

63
Q

Impact of legislation on business
training needs

A

• Businesses will need to
make sure that all their
employees are trained
and that the training is
up-to-date
• This will make sure that
the business is legally
compliant

64
Q

Consequences of failure to follow
legislation for the business

A

• Failure to comply with
health and safety
requirements can have
serious consequences –
for both businesses and
individuals
• Consequences can
include; include fines
and even imprisonment

65
Q

Principles of employment
law: recruitment

A

• The recruitment process involves; advertising,
selecting, interviewing and hiring the staff needed
for the business

66
Q

What was the equality act 2010?

A

• The Equality Act 2010 legally protects people
from discrimination in the workplace and in
wider society.
• It replaced previous anti-discrimination laws
with a single Act, making the law easier to
understand and strengthening protection in
some situations. It sets out the different ways
in which it’s unlawful to treat someone.

67
Q

Principles of employment law: pay

A

• NATIONAL MINIMUM WAGE or NMW is the legal
minimum that can be paid to workers in the UK:

68
Q

What is the national living wage?

A

• The National Living Wage is higher
than the National Minimum Wage
- workers get it if they’re over 25.

69
Q

What is the health and safety at work act?

A

• In general, health and safety laws
apply to all businesses
• As an employer, or a self-
employed person, they are
responsible for health and safety
in the business

70
Q

Principles of employment law: health
and safety

A

• All workers have a right to work in places
where risks to their health and safety are
properly controlled.
• Health and safety is about stopping you
getting hurt at work or ill through work.

Business Studies GCSE (2 decks)

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