TOPIC 1.5 Understanding external influences on business Flashcards
stakeholder
an individual or group who is affected by what a business does
examples of typical business stakeholders?
- owners
- employees
- customers
- managers
- suppliers
internal stakeholders
- owners
- employees
- managers
what are some examples of external stakeholders
- suppliers
- local community
- government
- shareholders
Pressure Groups
Organisations formed to put forward a particular viewpoint, such as promoting organic farming
E-commerce
Selling online rather than in a physical one-to-one transaction
m-commerce
meaning commerce using apps/smartphones rather than websites/ PC’s
Social media
Interactive channels of communication, via words, photos or videos, such as blogs, Facebook and Instagram
Consumer Law
Acts of parliament that are intended to protect customers from misleading or dangerous practises by campaigners
Legislation
Laws passed by acts of parliament breaking these laws might result in a fine or even prison
Recession
A significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales
Exchange rate
The value of one currency measured by how much it will buy of other currencies
Inflation
The rate of increase in the average price level
Interest rate
The annual cost of a loan to the borrower
What does a strong pound mean?
strong pound imports cheaper exports expensive
