Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

1 Business Studies > STEEPLE/PESTELE > Flashcards

STEEPLE/PESTELE Flashcards

1
Q

What does STEEPLE stand for?

A 
Social
Technological
Envronmental
Economic
Political
Legal
Ethical
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the European Union?

A

The economic and political union of most European countries aimed at reducing trade barriers and harmonizing economic policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the Euro Zone?

A

A group of European countries who have adopted the Euro as their currency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the key policies of the EU?

A

Laws must be followed by all countries
Freedom of movement to all EU citizens
Freedom of trade in the single market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are some reasons to leave the EU?

A

UK is EUs biggest export - will want to be trade partners
UK will have freedom from EU Law
Won’t have to pay an admission fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are some reasons for not leaving the EU?

A

The UK will lose access to the single market

There will be a restriction in movement of people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are some political factor which could affect businesses?

A 
Brexit 
EU
The competitive markets authority
Privatisation
Minimum wage
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What social factors could affect a business?

A 
Demographic change 
Change is social habits 
Change in employment habits
Change in role of women
Changing attitude to work
Education required for longer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is ethics?

A

It is the judgment about whether something is morally right or wrong

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are some examples of ethical considerations?

A

Selling arms to countries at war
Placing high prices on medicine
Use of child labour to allow family to live
Bosses to earn huge bonuses despite poor performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the different types of pollution?

A

Air pollution - Industrial processes
Water pollution - Plastics and chemical waste
Land pollution - Deforestation
Noise pollution - Motorways and airports
Congestion - Petrol and land used for roads

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Sustainability is …

A

preventing the negative impacts of economic activities on Earth and its environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are some government measures to protect the environment?

A 
Sustainable development strategy
Climate change levy
The carbon trust 
Carbon trust standard 
Congestion charge
Alternative energy sources
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the Climate Change Levy?

A

A tax on the use of energy in industry and commerce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the Carbon Trust?

A

A government body which offers advice to businesses on reducing carbon emissions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the Carbon Trust Standard?

A

A kitemark that shows a business has reduced its carbon footprint

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How can a business act sustainably?

A 
Recycling schemes
Disposing of chemicals correctly
Water and energy saving 
Paperless systems 
Using alternative energy sources
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is Gross Domestic Product (GDP)?

A

The total value of output produced by an economy in a year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Economic growth is …

A

the annual percentage change of GDP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A recession is …

A

when the is negative economic growth for two consecutive quarters/periods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How can a business facilitate economic growth?

A

Invest in human capital - training

Invest in physical capital - better machines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

How can the government facilitate economic growth?

A

Encourage investment
Invest in infrastructure
Improve human capital - better education

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What does economic growth cause?

A

Higher standards of living

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are standards of living?

A

The amounts of goods and services a person can buy with their income in a year

25
Q

What is inflation?

A

The persistent general tendency for the average price in the economy to rise

26
Q

What is the consumer price index (CPI)?

A

A measure that examines the weighted value of an average basket of goods/services

27
Q

What is the effect of inflation on exports?

A

It makes export less competitive as it raises their price for the foreign countries

28
Q

What is the effect of inflation on investments?

A

As it becomes more expensive for foreign countries to invest

29
Q

Why does inflation cause uncertainty?

A

Because it makes it difficult to calculate the profits from investments

30
Q

What are exchange rates?

A

The value of one currency in terms of another

31
Q

If the pound increases can you buy more or less of foreign currencies?

A

More

32
Q

What does SPICED (Hint: Exchange rates)

A 
Strong 
Pound
Imports 
Cheap
Exports 
Deer   
Invert it for a weak pound
33
Q

How can you tell if something is an import?

A

If the money is leaving the country

34
Q

How can you tell if something is an export?

A

If the money is entering the country

35
Q

Why might a currency weaken?

A

Less demand for the currency due to low-interest rates and uncertain foreign investment

36
Q

Why might a currency strengthen?

A

Higher demand due to high interest rates and foreign investment

37
Q

What are the short-term solutions to combating fluctuating exchange rates?

A

Do nothing - accept lower mark up

Cut overheads

38
Q

What are the long-term solutions to combating fluctuating exchange rates?

A

Change to domestic suppliers
Increase prices
Focus on exports`

39
Q

Interest rates are …

A

the reward for saving and the cost of borrowing expressed as a percent of the original amount

40
Q

Who set the interest rates in the UK?

A

The Monetary Policy Committee (MPC) which are part of the Bank of England

41
Q

What is the relationship between interest rates and inflation?

A

Increase in interest rate reduces spending and therefore demand which causes a decrease in inflation as prices fall to meet demand

42
Q

What is the relationship between interest rates and exchange rates?

A

If interest rates are high the pound will be strong as the will be high demand from increased foreign investment

43
Q

What is unemployment?

A

When people who are willing and able to find a job are not able to find employment

44
Q

How does GDP, employment and standard of living link together?

A

As employment rises there are more people in work producing goods and services which increases GDP. This leads to an increase in GDP per capita so each person is spending more so standard of living increases

45
Q

What is the balance of payments/trade?

A

The difference between the value of imports and exports

46
Q

A trade deficit is…

A

When the value of imports exceeds the value of exports

47
Q

A trade surplus is?

A

When the value of exports exceeds the value of imports

48
Q

What is a indirect tax?

A

Taxes on expenditure paid to the tax authority by the supplier not the consumer

49
Q

What is a direct tax?

A

These are taxes on income, profits and wealth paid by the bearer to the tax authorities

50
Q

What is income tax?

A

A tax taken out of a persons income

51
Q

What is national insurance?

A

A tax paid as contribution to the NHS and pensions paid by employee and employer

52
Q

What are some examples of direct tax?

A

National insurance
Income tax
Corperation tax

53
Q

What are some examples of indirect tax?

A

VAT

Tabacco/alcohol/petrol tax

54
Q

What are the main purposes of taxation?

A

Generate revenue for the government
Control economic activity - stamp duty for house prices
Influence expenditure on certain items

55
Q

What is a subsidy?

A

Payments form the government to suppliers to reduce costs

56
Q

What are some legal factors?

A

Contract law - contracts must be upheld
Sales of goods act - satisfactory quality
Weights and measures act - must be accurate
Data protection act - only for fair use
National minimum wage
Health and safety act
Smoking in the workplace

57
Q

What are the advantages of technological improvement?

A 
Increased efficiency 
Communication easier
Reduced cost - long run
Remote working
Reduce physical storage space
Employees learn a new skill - motivation
58
Q

What are the disadvantages of technological improvement?

A 
High innital cost
Redundancies
Might need specilists to run
Staff training
Decreased motivation as workers resist change

1 Business Studies (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions