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10 Bus > Influences On Business > Flashcards

Influences On Business Flashcards

1
Q

ICT

A

The computing and communication systems that a business might use to exchange information in a business between stakeholders

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2
Q

What are intranets

A

Communication networks which can only be used by employees

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3
Q

What are extranets

A

Communication networks that can only be used by other organisations like suppliers

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4
Q

What is cloud computing

A

A term for the delivery of computing services like storing lots of data by a business

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5
Q

What are software robots

A

Advanced computer programs that carry out administrative activites that were before carried out by employees

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6
Q

What is an m commerce

A

The act of buying and selling products through wireless devices such as phones

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7
Q

What is an e commerce

A

The act of buying or selling a product through electronic systems such as the internet

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8
Q

What are ethics

A

Wether a businesses decision is morally right or wrong, it is judged on what is morally right

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9
Q

What are fair trade products

A

Products whose customers pay higher prices so that employees and any workers to do with the business get a fair wage

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10
Q

What is social responsibility

A

An approach to business decisions that takes into account all groups in society

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11
Q

What is a pressure group

A

A group of people who share a common interest and influence the public decisions

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12
Q

What is sustainibility

A

Refers to how production can be continued in the long term without damaging the enviornment

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13
Q

What is the economic climate

A

The level of goods, services and available jobs in a country

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14
Q

Whats the economy made up of

A

Millions of consumers, businesses and the government

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15
Q

What are interest rates

A

The rate of borrowing money, in a loan or for saving money in a bank

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16
Q

What is an overdraft

A

A flexible loan which businesses can use up to a limit

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17
Q

What is consumer spending

A

The value of goods bought by consuemrs over time

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18
Q

What is income elastic products

A

Sales that change based on the consumers income

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19
Q

What is a tariff

A

A tax on foreign goods imported into another country

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20
Q

What are exports

A

Goods and services produced by another business and sent a foreign country

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21
Q

What is inward investment

A

When governments , businesses ans induviduals invest capital into another country, a foreign one. Like building factories

22
Q

What is product design

A

The need of consumers. Entrepreneurs invent into a saleable product

23
Q

What is quality

A

How much a product / service satisfies a consumer

24
Q

What is legislation

A

The set of rules by a government to change how a society operates

25
Q

What is the national living wage

A

The hourly rate of pay set by the government, based on their age they must at least recieve that amount

26
Q

What is a trade union

A

A group of workers who work to improve pay and conditions

27
Q

What is a contract of employment

A

A legal document stating the hours, rates of pay of an employee

28
Q

What are consumer laws

A

Laws that have been put in place to prevent businesses from treating customers unfairly

29
Q

Give an example of a UK export

A

A car made in the UK sold to a foreign business in another country e.g Spain

30
Q

How can a weak currency be bad for a business

A

Bad for a business that exports as it will be more expensive

31
Q

Give an example of a UK import

A

A mobile phone made in China is sold to UK customers

32
Q

Imports and exports difference

A

Imports : goods bought from another country , into the UK
Exports : goods that are sold in another country,

33
Q

How do you remember a strong pound’s effect

A

SPICED
S-Strong P-Pound I- Imports
C-Cheaper E-Exports D-Dearer

34
Q

How do you remember the effect of a weak pound

A

The opposite effects of SPICED

35
Q

In what strength of the pound is importing more expensive

A

Weak pound

36
Q

3 drawbacks of globalisation

A

Enviornmental degregation
Widening wealth gap
Loss of cultural identity

37
Q

3 benefits of globalisation

A

Better information exchange
More variety of goods and services
Acess to cheaper land / more opportunities

38
Q

What are markets

A

Places where there are buyers and sellers of a product/service

39
Q

What is a monopoly

A

When a business does not face any competition in a market

40
Q

What is competition

A

When more than one business tries to attract the same customers

41
Q

What is a recession

A

When the value of a economies output of goods and services decreases for more than six months

42
Q

What is diversification

A

When a business starts selling new products in new markets

43
Q

Exports

A

Out of the country

44
Q

Imports

A

Into the country

45
Q

Imports

A

Into teh country

46
Q

Why promotion

A

Informing customers / reminding them of a product and getting new customers

47
Q

Ways of sales promotion

A

Online ads
Mails
Emails

48
Q

Does marketing increase sales

A

It can as its purpose it to attract as many people as possible to your product

49
Q

How do you compete in a business

A

Price, new products and advertisement

50
Q

What is the market volume

A

The amount of a specific products in a market sold e.g pizza

51
Q

How do you measure mean growth in a business or market

A

Percentage change between years, add them up and divide by total years passed e.g 2016 , 2017, 2018
____________ divided by 3

10 Bus (3 decks)

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