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GCSE Business > Influences On Business > Flashcards

Influences On Business Flashcards

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1
Q

Air Pollution

A

The presence or introduction of harmful substances into the air causing disease, allergies or damage to humans, animals, plants or the built environment.

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2
Q

Consumer Law

A

Laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly.

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3
Q

Consumer Spending

A

The money spent by households on goods and services to satisfy their needs and wants.

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4
Q

Contracts Of Employment

A

A legal document that sets out the terms and conditions of the job for the employer and the employee.

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5
Q

Disposal Of Waste

A

The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites.

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6
Q

E-commerce

A

Process of buying and selling products using the internet

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7
Q

Employment Law

A

Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers.

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8
Q

Equality Act (2010)

A

Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone.

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9
Q

Ethical Objectives

A

A business’ goals that relate to fair business practice or moral guidelines and make a positive contribution to the business’ reputation.

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10
Q

Ethics

A

The moral principles that guide how a business operates.

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11
Q

Exchange Rates

A

The price of one currency based on another or the cost of buying one currency from another, for example £1 = $1.21.

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12
Q

Export

A

Good/service sold to a customer in another country.

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13
Q

Global Warming

A

The steady increase in the earth’s temperature due to emissions and the buildup of greenhouse gases, resulting in climate changes.

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14
Q

Globalisation

A

The trend for large businesses to operate on a worldwide scale; money, goods and services can be transferred across national borders.

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15
Q

Health and Safety at Work Act (1974)

A

Sets out the duties and responsibilities of both employers and employees for health and safety in the workplace.

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16
Q

Import

A

Good/service bought from a supplier from another country.

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17
Q

Interest Rates

A

The rate charged for borrowing money over a period of time, or the reward for saving money.

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18
Q

Level of employment

A

The percentage of the population of working age that are employed.

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19
Q

M-Commerce

A

Business transactions are carried out electronically by mobile phone.

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20
Q

National minimum wage/living wage

A

The lowest hourly rate that can legally be paid by an employer to an employee.

21
Q

Noise Pollution

A

A type and level of noise that is excessive and disturbing to people or animals.

22
Q

Recycling

A

The conversion of waste into reusable material.

23
Q

Risk

A

The possibility that the return on investment will be lower than expected

24
Q

Sustainability

A

The process of operating without damaging the environment or depleting natural resources.

25
Q

Traffic Congestion

A

The effects of overuse of transport networks, for example slower speeds, traffic queues and longer journey times.

26
Q

Waste

A

The unwanted material left over from the production process

27
Q

Zero-hour contract

A

A contract of employment where the employer is not obliged to provide any minimum hours of work; the employee is not obliged to accept any work that is offered.

28
Q

Digital Communication

A

The transmission of information electronically between computing devices.

29
Q

Social Responsibility

A

An approach to managing businesses in which the interests of all groups in society are taken into account when making decisions.

30
Q

External Costs

A

When business activities result in harmful effects on other people not directly involved in production.

31
Q

Economic Climate

A

The state of key factors within a country such as the level of goods and services produced and the number of jobs available.

32
Q

Multinational Company (MNC)

A

A company which produces goods and services in more than one country.

33
Q

Inward Investment

A

When governments, businesses and individuals invest capital into another country.

34
Q

Markets

A

Exist where there are buyers and sellers.
Trade in a particular type pf product
The potential customers for a product

35
Q

Competition

A

When more than one business is attempting to attract the same customers.

36
Q

Uncertainty

A

Occurs when there is a lack of information about a situation. This means the outcome is difficult to predict.

37
Q

What does business can’t discriminate mean

A

Can’t differentiate people based on religion,gender,race,age,sexual orientation or disabilities

38
Q

Conditions for products

A

Product must be fit for it’s purpose
Product should match description
Product should be satisfactory quanlity

39
Q

How can business’ communicate with their stakeholders

A 
Social Media
Website 
Email
Mobile Apps
Live Chat
Video Calls
40
Q

What does a weak pound mean for importers and exporters

A

Exporting will be cheaper

Importing will be more expensive

41
Q

What does strong pound mean for importers and exporters

A

Exporting will become more expensive

Importing will become cheaper

42
Q

What can business’ do to reduce risks

A

Planning- Have a business plan and a backup plan

Researching- Market Research and competition

43
Q

Uncertainties faced by business’

A

The health of the economy and the actions of competitors

44
Q

What is a competitive market

A

Where a large number of producers are selling to a large number of consumers

45
Q

Unemployment

A

When people are able to work but can’t find a job

46
Q

Benefits of unemployment to a business

A

A benefit is that they can pay lower wages for unemployed people because they are desperate. They can also fill jobs without difficulty.

47
Q

If prices rise at a faster rate than income…

A

People will have to spend a greater amount on needs so they’ll have less to spend on wants

48
Q

If prices rise at a slower rate than income…

A

People will be spending less on their needs and have more money to spend on wants

GCSE Business (6 decks)

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