Topic 1.5 Flashcards
Competitive environment
The strength and number of the competitors operating in a market.
Consumer incomes
The amounts available to be spent by households after income taxes have been deducted.
Consumer rights
Laws that empower the consumer to demand certain minimum standards from every business supplier.
Consumer spending
The total spent by all shoppers throughout the country.
Crowdfunding
Raising capital online from many small investors (but not through the stock market).
Economic climate
Taking the temperature of the broader economy, to see whether it is unhealthy or well and therefore whether the government is likely to need to change its economic policy.
Ethical considerations
Thinking about ethics, which may lead to morally valid decisions, or may lead to the manipulation of customer attitudes, that is, pretending to be ethical
Ethics
Weighing up decisions or actions on the basis of morality, not personal gain
Exchange rates
The value of one currency measured by how much it will buy of other currencies.
External influences
Factors and changes from outside that might prevent a business achieving its objectives, for example, sales being hit by a sudden recession.
Fairtrade
An organisation that buys directly from suppliers in, say, Africa, ensuring that the price paid is high enough to allow fair wages to be paid to the farmworkers.
Globalisation
The increasing tendency for countries to trade with each other and to buy global goods such as Coca-Cola, or services such as Costa coffee.
Inflation
The rate of rise in the average prices of goods and services.
Legislation
Laws passed by Acts of Parliament; breaking those laws may result in a fine or even a prison sentence.
Pressure group
An organisation founded to achieve a specific objective, for example, Surfers Against Sewage.
