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AQA GCSE Business > Topic 2 > Flashcards

Topic 2 Flashcards

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1
Q

What is ICT (Information and Communications Technology)?

A

ICT is the computing and communications systems that a business might use to exchange information with stakeholders

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2
Q

What are stakeholders

A

Stakeholders are individuals and organisations that are affected by, and affect, the activites of a business

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3
Q

What are intranets?

A

Intranets are communication networks which can only be accessed by an organisation’s employees.

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4
Q

What are extranets?

A

Extranets are similar to intranets but can also be accessed by other organisations such as suppliers

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5
Q

What are software robots in business?

A

Software robots are advanced computer programs that can operate a range of administrative activities previously carried out by employees

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6
Q

What is cloud computing in business?

A

Cloud computing is a general term for the delivery of specialist computing services, such as the storage of very large amounts of data, provided by businesses using the internet

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7
Q

What is m-commerce?

A

M-commerce (or mobile commerce) is the buying and selling of products through wireless handheld devices such as smartphones

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8
Q

What is digital communication

A

Digital communication is the transmission of information electronically between computing devices

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9
Q

What is a webchat

A

Webchat is a simple means of communicating in real time (that is, instantly) using only web browsers such as Firefox or Internet Explorer

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10
Q

What are apps (or applications)

A

Apps (or applications) are pieces of software designed for a specific purpose and for use on smartphones and tablets

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11
Q

What is social media?

A

Social media are methods of online communication such as websites and applications. They share information and help to develop social and professional contacts

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12
Q

What is a shareholder

A

A shareholder is a person or organisation that owns part of a company. Each shareholder owns a ‘share’ of the business.

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13
Q

Ethics

A

Ethics refers to whether a business decision is thought to be morally right and wrong. An ethical decision is made on the basis of what is judged to be morally right

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14
Q

What are fair trade products

A

Fair trade products are those for which customers pay higher prices and offer better trading terms, such as payments with orders. The aim is to improve the living standards of people in poorer countries where the products are produced.

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15
Q

What is social responsibility

A

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

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16
Q

What are external costs

A

External costs of production arise when a business’s activities result in harmful effects on other people not directly involved in production

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17
Q

What is the environment

A

The environment is the natural world in which we live. It is the landscape and its natural features such as the seas, rivers, forests and mountains

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18
Q

What are some sources of air pollution?

A
  • natural pollutants (e.g. wildfires, volcanoes, lightening)
  • agricultural pollutants (e.g. fertiliser, animal waste)
  • industrial pollutants (e.g. factories, power plants)
  • transport pollutants (e.g. cars, aeroplanes, trains, buses)
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19
Q

What re non-renewable resources

A

Non-renewable resources are those of which only a limited amount exists, such as: coal and oil

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20
Q

What is global warming

A

Global warming is the gradual heating of Earth’s surface, oceans and atmosphere

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21
Q

What is a pressure group

A

A pressure group is a group of people with a common interest who influence public opinion and decisions by businesses and governments

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22
Q

What does it mean by enivironmental responsibility in business

A

Environmental responsibility refers to the taking of decisions by businesses, consumers, governments and other groups with the intention of protecting the environment

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23
Q

What is sustainability

A

Sustainability refers to the methods of production that can be continued in the long term without damage to the environment

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24
Q

What is recycling

A

Recycling is the respuse of raw materials used in making products, often for many times. Examples include the reuse of glass, paper and metals.

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25
Q

What is environmental reporting?

A

Environmental reporting is the publication of a business’s environmental performance to the general public.

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26
Q

What is the economy

A

The economy is made up of millions of individual consumers, many thousands of businesses and governments. All take decisions on what to buy and produce.

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27
Q

What are consumers

A

Consumers are individuals who buy goods and services from businesses

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28
Q

What is the economic climate?

A

The economic climate describes the state of key factors within a country such as the levels of goods and services produced and the number of jobs available.

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29
Q

What are interest rates

A

Interest rates refer to the cost of borrowing money or the reward for saving money, expressed as a percentage.

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30
Q

What is an overdraft

A

An overdraft is a flexible loan which businesses can use, whenever neccessary, up to an agreed limit

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31
Q

What is ‘consumer spending’?

A

Consumer spending refers to the value of goods and services bought by consumers over a time period, usually a month or a year

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32
Q

What are income elastic products?

A

Income elastic products are those whose sales are sensitive to changes in consumers’ incomes.

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33
Q

What is globalisation

A

Globalisation is the trend for markets to become worldwide in scope.

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34
Q

What is a multinational company (MNC)

A

A MNC produces goods and services in more than one country. They are called transnational corporations (TNCs)

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35
Q

What is international trade

A

International trade is the selling of goods and services across national borders

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36
Q

What are exports

A

Exports are goods and services produced by a business in one country and sold in another

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37
Q

What is growth in business?

A

Growth occurs when a business sells increased quantities of its products

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38
Q

What is ‘economies of scale’

A

Economies of scales is when the cost of producing a single unit falls as output increases

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39
Q

What are ‘inward investments’?

A

Inward investments occurs when governments, business and individuals invest capital into another country, for example, building new factories or buying companies

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40
Q

What is a takeover

A

A takeover is when one business buys control of another one

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41
Q

What is product design

A

Product design translatess the needs of consumers, or the inventiveness of entrepreneurs, into a saleable product

42
Q

What is quality

A

Quality is the extent to which a consumer is satisfied with a product

43
Q

What is price

A

Price is the amount a business asks a customer to pay for a single product

44
Q

What is the exchange rate

A

An exchange rate is the price of one currency expressed in terms of another, for example: £1 = $1.21

45
Q

What are imports

A

Imports are goods and services purchased from overseas customers in the domestic market

46
Q

What is legislation

A

Legislation is a set of rules that governs the way society operates. It is another term for ‘laws’

47
Q

What is the ‘national living wage’?

A

The national living wage is an hourly rate of pay ehich is set by the government. All employees above a certain age must recieve at least this rate of pay

48
Q

What is discrimination

A

Discrimination is treating one reason differently from another without having good reasons to do so

49
Q

What is a ‘part-time employee’?

A

A part-time employee works for a proportion of the working week - for example, three days each week, rather than five

50
Q

What is a ‘trade union’?

A

A ‘trade union’ is a group of workers who act together to improve their pay and working conditions

51
Q

What is a ‘contract of employment’?

A

A ‘contract of employment’ is a legal document stating the hours, rates of pay, duties and other conditions under which a person is employed

52
Q

What is motivation

A

Motivation refers to the range of factors which influence the way a person behaves at work

53
Q

What are ‘consumer laws’?

A

‘Consumer laws’ are laws that have been introduced to prevent businesses from treating their customers unfairly

54
Q

What is a market

A

Markets exist where there are buyers and sellers

55
Q

What is competition in business?

A

Competition exists when more than one business is attempting to attract the same customers

56
Q

What is a monopoly?

A

A monopoly exists when a business does not face any competition in a particular market.

57
Q

What is meant by ‘market share’?

A

Market share is the percentage of sales in a oarticular market recorded by a business

58
Q

What is an uncertainty

A

An uncertainty occurs where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict

59
Q

What is a risk

A

Risk is the probability of something going wrong, for example:
- lower sales
- reduced sales

60
Q

What are some examples of internal risks

A
  • employees refuse to work
  • fire or theft
  • bad publicity
  • loss of ‘best’ employees
61
Q

What are some examples of external risks?

A
  • new competitiors
  • natural disasters
  • laws/legislation
  • economic recession
62
Q

What is a business plan

A

A business plan is a document setting out what a business does and what it hopes to achieve in the future

63
Q

What is diversification?

A

Diversification occurs when a business starts selling new products in new markets

64
Q

What is a recession?

A

A recession occurs when the value of an economy’s output of goods and services falls for six months or longer

65
Q

What is the ‘level of employment’?

A

The percentage of the population of working age that are employed

66
Q

What is traffic congestion

A

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

67
Q

What is meant by ‘waste’?

A

Waste is the unwanted material left over from the production process; it may have little or no value and the business may have to pay for its disposal

68
Q

What is a ‘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

69
Q

What are some examples of ethical behaviours in a business

A
  • recycling
  • donating a certain percentage to charity
  • paying workers a living wage
  • refraining from testing on animals
  • reducing electricity usage
70
Q

What are some advantages of being environmentally friendly/ethical?

A
  • improves reputation
  • can charge premium price
  • reducing electricity usage -> cuts costs
  • less chance of negative publicity
  • reduces competition
71
Q

What are some cons of being environmentally friendly?

A
  • sustainable resources may increase costs of production -> more expensive products
  • the costs of environmentally friendly equipment may nit be as efficient and are too expensive
72
Q

What are the trade offs between ethics and profits

A

It occurs when a business chooses to be more ethical but it leads to a fall in profits

73
Q

What are some economic factors on the consumption and production behaviour of businesses and consumers?

A
  • interest rates
  • levels of employment
  • average income of consumers
74
Q

What happens when there are rising interest rates

A
  • less consumer spending
  • prices rise for basic needs
  • higher levels of unemployment due to businesses not being able to pay salary
  • higher debt repayments
75
Q

What happens when there is falling interest rates

A
  • more consumer spending
  • low debt repayments
76
Q

What are some reasons for high unemployment rates?

A
  • less customer spending
  • lower wage costs
  • easy job recruitment
77
Q

What are some reasons for high employment rates?

A
  • more consumer spending
  • hard to recruit
  • higher wage demands
78
Q

What are some benefits of competition with global brands

A
  • offer high quality products at a lower price
  • offering better quality products and designs
79
Q

What are some benefits of globalisation?

A
  • wider target market
  • more efficient suppliers
  • increased motivation
80
Q

What are some cons of globalisation?

A
  • diseconomies of scales
  • risk of bad publicity -> as a result of unethical practices
  • costs of managing multi-national businesses
  • more competition from cheaper producers
81
Q

What happens when the pound is strong

A
  • Imports are cheaper
  • exports are expensive
82
Q

What happens when there is a weak pound

A
  • imports are expensive
  • exports are cheap
83
Q

What are some consequences of legislation?

A
  • increased costs to business to adhere to law
  • needs to train staff
  • businesses can be prosecuted if they fail to follow the law
84
Q

What is the impact of competitiveness in businesses

A
  • less ability to set a high selling point
  • increased need to promote products
  • lower levels of sales
  • need to differentitate products
  • need to develop a USP (unique selling point) and a strong brand
85
Q

Why do entrepreneurs take a risk of starting a business

A
  • to make a profit
  • to persue an interest
  • to be their own boss
  • to spot a gap in the market (to diversify)
86
Q

What are some activities a business could take to minimize risks?

A
  • business planning (assess oppurtunities and threats)
  • financial forecasting (sufficient cash flow?)
  • market research
  • risk management (systemically reducing changes of problems, e.g. buffer stocks)
  • contingency planning (identify internal and external threats to an organisation)
87
Q

What is the 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

88
Q

What is the equality act and when was it introduced?

A

Equality Act (2010) - protects people from discrimination in the workplace and in wider society. It sets out the different ways in which its unlawful to treat someone

89
Q

What are some factors that the equality act (2010) cover?

A
  • age
  • disability
  • race
  • marriage/marital status
  • religion
  • gender
90
Q

What is the health and safety at work act and when was it introduced?

A

Health and Safety at Work Act (1974) - sets out the duties and responsibilities of both employers and employees for health and safety in the workspace.

91
Q

What business activities does the health and safety at work act (1974) cover?

A
  • the installation and maintenance of safety equipment and clothing
  • the maintenance of workspace temperatures
  • giving employees sufficient breaks during the working day
  • providing protection against dangerous substances
  • fitting guards on dangerous machinery
92
Q

What is the consumer rights act and when was it introduced?

A

Consumer Rights Act (2015) - this law requires that all products sold to consumers must be of satisfactory quality (that is, not broken), fit for purpose and as described. Consumers have the right to reject products that do not meet these standards within a resonable time.

93
Q

What does the consumer rights act (2015) cover and how does it protect its customers?

A

It covers:
- product quality
- returning goods
- repairs and replacements
- delivery rights

It protects consumers against:
- products ‘going missing’ before delivery
- late delivery
- unfair terms and contracts with businesses (i.e. hidden fees, etc.)

94
Q

What is the ‘labelling of food regulation act’ and when was it introduced?

A

Labelling of Food Regulations (1970) - This law states that packaged food must contain the ingredients listed on the label

95
Q

What is the ‘weights and measure act’ and when did it come out?

A

Weights and Measures Act (1985) - This law states that wights and measures must be stated on packets or containers. It also states that the measures must be correct

96
Q

What is the ‘consumer protection from unfair trading regulations act’ and when did it come out?

A

Consumer Protection from Unfair Trading Regulations (2008) - This law replaced most of the better-known Trade Descriptions Act. It makes it illegal to give consumers incorrect information on packaging and labels. It also outlaws aggressive selling tactics by door-to-door salespeople.

97
Q

What is the Consumer Credit Act and when was it introduced?

A

The Consumer Credit Act of 1974 stops businesses charging very high rates of interest to sonsumers if they take out a loan when buying expensive products such as cars. It also allows consumers a week during which they have the right to change their minds about agreeing to a loan.

98
Q

What is the computer misuse act and when was it introduced?

A

Computer Misuse Act (1990) - This act prevents people looking at imformation stored on computers that they have no right to read

99
Q

What is the data protection act and when was it introduced?

A

Data Protection Act (1998) - This is an important law that controls the use of consumers’ information. Businesses that store information about consumers must do so securely and avoid any theft or loss. It prevents consumers’ personal details being sold or given to ther businesses without the consumers’ agreement.

100
Q

What is the food act and when was it introduced

A

Food Act (1984) - This law lists those things that can, and cannot, be added to food products. The law also makes it illegal to make or sell food in unclean buildings.

101
Q

What is the consumer protection act and when was it introduced?

A

Consumer Protection Act (1987) - This law prevents firms from selling dangerous products to consumers. It makes businesses liable for any illness or injury to consumers caused by using their products.

102
Q

What is the food safety act and when was it introduced?

A

Food Safety Act (1990) - This law makes it illegal to sell food to consumers that is unsafe and may cause illness. The act covers farmers as well as shops and restaurants

AQA GCSE Business (8 decks)

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