Topic 2 Flashcards
What ages come under the national minimum wage
20 and under
What ages come under the national living wage
21 and over
2 Disadvantages of not paying employees the legal minimum wages
. Bad publicity
. Large fines
What is the equality act
The legislation that states that companies cannot discriminate against anyone because of religion, gender, race, age, sexual orientation or disabilities. These are protected characteristics.
What is the purpose of the health and safety act
To ensure that all employees take responsibility for health and safety. Risk assessments and the knowledge of first aid from all employees is crucial.
What are the three criteria’s a business must meet in order to follow the consumers act
. The product should be fit for purpose
. The product should match the description
. The product should be of satisfactory quality
Effects of not following the consumer law
. Bad reputation
. Has to deal with inconvenience of refunds
. Could be taken to court and face legal troubles
Benefits of e commerce
. Cheap to set up
. Reaches a wider market
. Little effort required to run
How is communications effected with new technology
It is easier to communicate with stakeholders through emails, social media, live chats and video calls
Cons of a business working ethically
. May have to pay higher labour costs
. Ethically sourced ingredients may be more expensive
Pros of a business working ethically
. Good brand image
. More likely to be invested in if they are working ethically
. Gains more customers who are also trying to live ethically.
What does it mean for a business to be more sustainable
Being sustainable means working in a way that doesn’t damage the earth for future generations.
What happens when interest rates decrease
When rates are low, people borrow more and save less
What happens when interest rates increase
People save more and borrow less
What is Globalisation
Globalisation is the process when a business and countries around the world become more connected.
What does the acronym SPICED mean
Strong pound - Imports Cheaper, Exports Dearer
What does the acronym WPIDEC mean
Weak pound - imports dearer, exports cheaper
What currency is used when importing goods from another country
The currency used within the country that the products are coming from. This is where exchange rate plays a big part.
What is market research
Market research collects information that might help a business to be more successful and spot gaps in the market.
