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BUSINESS PAPER 1 > INFLUENCES ON BUSINESS > Flashcards

INFLUENCES ON BUSINESS Flashcards

1
Q

what is the National minimum wage?

A

minimum wage for workers aged between 22 and school-leaving age

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2
Q

what is the National living wage?

A

minimum wage for workers aged 23+

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3
Q

what is stated by the Equality act 2010?

A

all employees under the same job must be paid the same

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4
Q

what happens if a business is caught discriminating?

A

pay compensation

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5
Q

how can discrimination in businesses be prevented?

A

staff training and policies

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6
Q

what is stated by the Heath and safety at work act of 1974?

A

all employees and employers take responsibility for health and safety

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7
Q

how can dangers in work places be prevented?

A

risk assessments, first aiders, health and safety training, safety equipements, accident guideline

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8
Q

what are the advantages of a safe workplace?

A

less workers taking time off work
encourage people to apply for a job

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9
Q

what are the disadvantages of providing a safe workplace?

A

expensive
can be prosectuted, fined, closed
compensation
bad publicity

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10
Q

what does the Consumer rights act 2015 state?

A

quality of goods and services to be sold

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11
Q

what are the criterias for quality in the Consumer rights act 2015?

A
  1. product to be fit for purpose
  2. product should match description
  3. product should be of satisfactory quality
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12
Q

what happens if the quality of a product or service don’t meet the legal requirements?

A

can be returned
money back
replacements
repair

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13
Q

how does the Consumer rights act 2015 affect businesses?

A

costs of refund
inconvenience
end up in court
harm reputation -> reduced sales

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14
Q

how has technology affected how businesses work?

A

makes processes faster
reduced costs long term - less staff needed
hire new staff to use technology

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15
Q

what is e-commerce?

A

using the internet to buy/sell

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16
Q

what are the effects of
e-commerce?

A

reach wider markets
have to adapt to e-commerce
communicate with stakeholders - social media (advertise), websites (FAQs), emails, live chats
help keep up with trends

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17
Q

what are ethics?

A

moral principles of right and wrong e.g UK companies exploiting workers in other countries because its ‘normal’ there OR buying from a country because its cheaper -> fair trade

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18
Q

how can UK businesses treat their workers ethically?

A

rewards
keep staff personal details private
comforable work place
honesty
using non-toxic materials
no animal testing

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19
Q

what are the drawbacks to ethical working?

A

expensive - high labour costs, fair trade (ethically sourced materials)
lower sales -> products become more expensive - more money goes into making it

20
Q

what are the benefits of ethical working?

A

good brand image
gain customers -> more profit
positive effect on shareholders
motivated workers -> higher productivity

21
Q

what impact do businesses have on the environent?

A

produce waste
traffic congestion
noise/air/water pollution
resource depletion -> businesses use non-renewable resources
global warming -> release CO2

22
Q

how can businesses reduce their eniveronmental impacts?

A

reduce the amount of packaging
recycle unwanted goods/delivery boxes
dispose of hazardous waste
care share -> less traffic
more efficient/ quieter machinery -> less pollution
use renewable resources

23
Q

what does ‘being sustainable’ mean?

A

working in a way that doesn’t damage the Earth for the future generations

24
Q

example of businesses working sustainably?

A

M&S - plan A -> designed buildings that wasted less energy, sustainable materials -> carbon neutral

25
Q

what are the advantages of being environmentally friendly?

A

attract more customers -> increase sales
competitive advantage

26
Q

what are the disadvantages to being environmentally friendly?

A

expensive -> buying new equipment, developing new processes (trialing)

27
Q

what if the affect of unemployment?

A

the economy as a whole produces less output

28
Q

how can businesses benefit from unemployment?

A

can pay lower wages - people are desperate for any job
fill jobs without problems

29
Q

how are busineseses negatively affected by unemployment?

A

people have less money to spend on luxuries -. sales fall
people lose skills while being unemployed -> retrain them

30
Q

how does income affect businesses?

A

higher income -> more sales
lower income -> less sales - people focus on buying necessities

31
Q

what is interest?

A

money added to loans and savings (pay back more than borrowed/saving money makes you earn interest)

32
Q

what affects the rate of interest?

A

how good the economy is

33
Q

do people spend more with low or high interest rates?

A

low - they ‘waste’ less money when paying back from a loan (cheaper to borrow money) so more money to spend -> demand goes up BUT consumers save less

34
Q

what is a market?

A

PLACE where goods are traded
PRODUCT type trading
PEOPLE potenitial to buy

35
Q

what is a competitive market?

A

where lots of producers sell to the same consumers - usually over price or quality

36
Q

what are the disadvantages from being in a competitive market?

A

expenisive - prove that their product is better, developing new products to fill gaps in the market
competition is usually over selling price - some firms make less money -> less money available to improve better products

37
Q

what is globalisation?

A

the process of businesses around the world become more connected -> larger market to trade with

38
Q

how do UK businesses stand out in a global market (lots of competition)?

A

invest lots of money into design
reputation for high quality products
keep lower prices than overseas competitors

39
Q

why is globalisation good for UK businesses?

A

large market to sell to -> increased sales + profit -> cheaper supplies
easier to set up factories in other countries (where labour is cheaper)

40
Q

why is globalisation bad for UK businesses?

A

more expensive than other countries -> less sales
exchange rates
bad publicity -> cheaper labour from other countries (exploiting)

41
Q

what is an exchange rate?

A

the price at which a currency is converted to another

42
Q

what affects exchange rates?

A

the economy
e.g. 2016 - UK left European union -> value of pound dropped

43
Q

is a strong pound better for importers or exporters?

A

importers - get more pounds from less money in their currency (and visa versa)

44
Q

why do people set up businesses?

A

earn money/become rich
non-financial objectives - be own boss, hobby, leave current job
it’s a challenge they enjoy
benefit others e.g. charity

45
Q

what are the risks of starting a business?

A

uncertainty of the health of the economy and actions of competitors
starting a business - takes lots of money usually their own

46
Q

how can businesses reduce the risks?

A

planning
research

BUSINESS PAPER 1 (4 decks)

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