Brainscape's Knowledge GenomeTM

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


See full index

A-level Business Edexcel: Key Terms > Theme 4 > Flashcards

Theme 4 Flashcards

1
Q

Administrative barriers

A

Bureaucratic procedures that a training firm has to get through when shipping a product from one country to another

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

Barriers to entry

A

Restrictions/rules firm needs to meet to reach a level a business wants to sell and produce

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

Common market

A

A group of countries imposing few to no duties on trade with one another and a common tariff trade with other countries

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

Comparative advantage

A

Tools to estimate the value of a specific property by evaluating similar ones that have been recently sold in the same area

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

Competition policy

A

Rules which all companies need to abide to be competitive and fair towards rivals in the market

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

Competitive advantage

A

Point at which a firm has an advantage against other competitors by providing better value, quality, and service

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

Cost competitiveness

A

Cheaper compared to other products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Cost leadership

A

Company conveyed as the cheapest manufacturer or provider of a particular product/commodity in a competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Cultural audit

A

Reviewing both subjective values within an organisation and the actual, observable conduct by employees and vendors

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

Customs union

A

Group of states agreeing to charge the same import duties as each other and usually allow free trade for themselves

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

Differentiation

A

Distinct difference products and services provided against rivals, making them stand out

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

Direct action

A

The use of strikes, demonstrations, or other public forms of protest, not negotiations

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

Disposable income

A

Income leftover from all expenses of a customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Division of labour

A

Allocation of work a business provides to its employees or lower businesses (outsourcing)

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

Dumping

A

Foreign firms dump products at artificially low prices in the European market

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

Economic and monetary union

A

The coordination of economic and fiscal policies, a common monetary policy and currency (i.e, €)

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

Economic growth

A

Amount of production capacity in an economy measured by Gross Domestic Product (GDP)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Economic risk

A

The risk involved in investing in a business opportunity in an international market that arises from changes in policies (fluctuations)

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

Economic union

A

Agreement between two or more nations to allow goods, services, money, and workers to move over boarders freely

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

Embargo

A

An official ban on trade or other commercial activity with a particular country

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

Emerging economies

A

Markets with rapid economic growth and higher risk

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

Ethnocentrism

A

Businesses that don’t adjust their products to the culture of the country they are selling to

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

Exchange rate

A

A currency expressed in another currency

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

Exports

A

Products that are going out from the country that’s originally produced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Foreign Direct Investment (FDI)

A

An organisation in one country investing in another country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Franchising

A

An individual purchasing a business to run an established company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Free trade area

A

An area where a business from one country can freely import and export goods to another country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Globalisation

A

Operating in different countries using its specialties and infrastructure

29
Q

Global competitiveness

A

International competition which the position of an enterprise in 1 country affects the competitive position in other countries

30
Q

Global marketing strategy (GMS)

A

Includes all countries and aims at coordinating a company’s marketing efforts in markets in these countries

31
Q

Global niche market

A

A market for niche businesses who offer unique and specialised products and services

32
Q

Glocalisation

A

Conducting a business according to both local and global considerations

33
Q

High-context cultures

A

Intuitive, contemplative, and concerned with the collective

34
Q

Human Development Index (HDI)

A

Combination of statistics on Literacy, GDP per capita, and health to make comparisons to indicate growth

35
Q

Import quota

A

Physical limit of goods going in a country in a given period

36
Q

Imports

A

Goods that are going in from a different country

37
Q

Infant industries

A

New early stages of development, not capable of competing against established industry competitors

38
Q

Infrastructure

A

Facilities of a the country that makes trading easier (roads, networks, buildings, ports - basic levels of facilities)

39
Q

Intellectual property

A

Intangible property that is the result of creativity (i.e., patent, copyrights, etc)

40
Q

International trade

A

Way in which companies (Global) who trade imports and exports between countries

41
Q

Licensing

A

Obtaining permission from a company to manufacture and sell one or more of its products within a define market area

42
Q

Literacy rate

A

Stats where people are able to read and write until the age of 15

43
Q

Localisation

A

Operating in a local area within the business

44
Q

Low-context cultures

A

People tend to have many connections but of shorter duration for some specific reason

45
Q

Multinational companies (MNCs)

A

A company that has business operations in at least one country other than its home country

46
Q

Off-shoring

A

Basing a company overseas

47
Q

Outsourcing

A

A firm hiring a business that specialises in one aspect (i.e., Aspens)

48
Q

Preferential trading area

A

Reduced protectionism as a number of select goods and services amongst the countries involved

49
Q

Pressure group

A

Group of people who either agree or disagree with business’ actions, applying force to change or encourage actions

50
Q

Protectionism

A

Shielding a country’s domestic industries from foreign competitiveness

51
Q

Pull factors

A

Something that happens in a marker that attracts the business towards it

52
Q

Purchasing Power Parity

A

Price relatives that show the ratio of the prices in national currencies of the same good or services in different countries

53
Q

Push factors

A

An existing market forces a business to look elsewhere for success and survival

54
Q

Regional Trade Agreement

A

Treaty between two or more governments that define the rules of trade for all signatories

55
Q

Reverse Engineering

A

the reproduction of another manufacturer’s product following a detailed examination of its construction or composition.

56
Q

Risk

A

anything that threatens an organization’s ability to generate profits at its target levels

57
Q

Rules of Origin

A

the criteria needed to determine the national source of a product

58
Q

Saturation

A

when the volume of a product or service in a marketplace has been maximized

59
Q

Single market

A

an area where trade borders have been removed and free movement of goods, services, and people is permitted.

60
Q

Skills shortage

A

a genuine lack of adequately skilled individuals. available in the accessible labor market with the type of skill being, sought and which leads to difficulty in the recruitment

61
Q

Specialisation

A

focusing on one product or a limited scope of products so as to become more efficient

62
Q

Subsidy

A

Money provided by the Gov’t to help business grow successfully, but requires a business plan to be eligible

63
Q

Tariffs

A

Taxes that need to be paid to trade in one country outside of the trading bloc

64
Q

Tax avoidance

A

Legal methods to minimise taxes, takes advantage of laws and loopholes

65
Q

Tax evasion

A

illegal methods to avoid paying tax

66
Q

Trade barriers

A

Restrictions placed between trading blocs and countries (i.e., tariffs, quotas, etc.)

67
Q

Trading bloc

A

Groups of countries with agreed regulations applied to freely trade with one another in the same group (depends on laws)

68
Q

Transfer pricing

A

the pricing of transactions between related parties and covers goods, services, intangible property and debt

69
Q

World Trade Organization (WTO)

A

the only global international organization dealing with the rules of trade between nations

A-level Business Edexcel: Key Terms (2 decks)

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