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GCSE Business > Topic 2: External Influences > Flashcards

Topic 2: External Influences Flashcards

(70 cards)

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1
Q

What is CAD?

A

Computer Aided Design

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2
Q

What is CAM?

A

Computer aided manufacturing

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3
Q

What is automation?

A

The use of technology and robotics to automate processes and functions within an organisation

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4
Q

What is an EPOS?

A

Electronic point of sale - a modern tile system to help a business run better and more efficiently

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5
Q

What is teleworking?

A

When employees work remotely whilst communicating with their colleagues through telephone, email or video conference

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6
Q

What is product innovation?

A

The creation and introduction of a product or service that is new to the market or a different iteration of an existing product

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7
Q

What is e-commerce?

A

Buying or selling goods or services electronically

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8
Q

What is legislation?

A

A set of rules that govern society

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9
Q

What are the 3 areas of business legislation?

A
  1. Consumer protection
  2. Employment
  3. Health and safety
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10
Q

What are the 6 pieces of employment legislation?

A
  1. Minimum wage
  2. Equality act
  3. Maternity and paternity leave
  4. Discrimination
  5. Disability
  6. Age
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11
Q

What does the minimum wage legislation state? How does it impact a business?

A

States all businesses must pay their staff a minimum hourly rate that can cover the needs of living - it changes depending on age
IMPACT: costs increase as age of staff increases

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12
Q

What does the equality act state? How does it impact a business?

A

All staff must be paid the same if they do the same job - not depending on gender etc.
IMPACT: businesses must be sure they pay staff the same

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13
Q

What does the maternity and paternity leave legislation state? How does it impact a business?

A

Pregnant women get 52 weeks off and get paid for first 20 weeks
Fathers get 2 weeks off - fully paid
Both must be able to return to the same position after the leave
IMPACT: business may have to find temporary replacements

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14
Q

What does the discrimination legislation state? How does it impact a business?

A

There are 9 protected characters and people cannot be treated differently based on them
IMPACT: businesses must be fair and transparent

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15
Q

What are the 9 protected characteristics?

A
  1. Age
  2. Gender
  3. Disability
  4. Marital status
  5. Pregnancy
  6. Race
  7. Religion
  8. Sex
  9. Sexual orientation
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16
Q

What does the disability legislation state? How does it impact a business?

A

Businesses cannot discriminate to disabled people
IMPACT: the business must be accessible to disabled people

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17
Q

What does the age legislation state? How does it impact a business?

A

No preference must be given to candidates based on age unless there’s a specific reason to do so e.g. having drivers license
IMPACT: they mustn’t discriminate

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18
Q

What are the 2 pieces of consumer legislation?

A
  1. Sales of goods act
  2. Trade descriptions
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19
Q

What does the sales of goods act state? How does it impact a business?

A

Products must be at a standard quality level, fit for purpose and as described
IMPACT: businesses must ensure quality is high - costly

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20
Q

What does the trade descriptions legislation state? How does it impact a business?

A

Business must accurately describe goods and services and they should match their descriptions including size and quantity
IMPACT: they have to be sure every product is as described or customers may return it

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21
Q

What is the piece of health and safety legislation?

A

Health and safety at work act

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22
Q

What does the health and safety at work act state? How does it impact a business?

A

Working conditions for employees and customers must be safe
IMPACT: they must have regular inspections to ensure these conditions are safe

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23
Q

How does unemployment rate impact consumers?

A

Prices and VAT may be higher

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24
Q

How does unemployment rate impact businesses?

A

Less people have disposable cash to spend on a businesses goods and services

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25
What are the 4 stages of the economic cycle?
1. Boom - businesses are making loads of money, demand is at its peak, people have a lot of money 2. Recession - businesses are slowly making less money, demand is decreasing, people have less money 3. Slump - business are making little money, demand is at its lowest, people have barley any disposable cash 4. Recovery - businesses are beginning to make more money, demand is slowly increasing, people begin to have more money to spend on goods
26
How does inflation rate impact consumers?
They will have to pay more for goods and services
27
How does inflation rate impact businesses?
They will have to spend more on stock and inventory and will make less of a profit
28
What is consumer spending?
The value of goods and services bought by consumers
29
How is consumer spending measured?
Through GDP
30
What is an interest rate?
The cost of borrowing money and reward for saving
31
If things get too expensive what will the government do to the interest rate? Why?
Government will increase interest rates - people will thus stop borrowing money from bank so demand will fall and prices return to normal
32
If things get too cheap what will the government do to the interest rate? Why?
Government will decrease interest rates
33
Who is the MPC? What do they do?
Monetary Police Committee - work for the Bank of England, they meet every 3 months and set interest rates
34
What should interest rates be?
Around 2%
35
How to calculate annual interest payments?
Annual interest payments = loan x interest rate/100
36
What are ethics?
The moral standards by which business behaviour is judged - whether business activities are morally right or wrong
37
What are examples of ethical behaviour in businesses?
Equal pay Fair trade and charity Recycling and limiting pollution Sustainability
38
What are examples of unethical behaviour in businesses?
Child labour and exploitation Animal testing Production of pollution and waste Discrimination
39
What is a trade off? Example?
When a business has more of one thing which potentially results in having less of another E.g. if a business has cheap prices, they may be exploiting staff and their reputation may worsen
40
What is the environment?
The natural world within which we live, it’s the landscape and natural features
41
What is environmental sustainability?
How a business uses its resources and assesses if it’s renewing these resources fast enough to ensure that stocks don’t deplete
42
What are sustainable methods of production?
Methods of production that can continue in the long term without damaging the environment for future generations
43
What are the 4 main environmental considerations for businesses?
1. Traffic congestion 2. Recycling 3. Disposal of waste 4. Noise and air pollution
44
What can customers do to reduce traffic congestion?
Use alternative methods of transport e.g. car share or public transport
45
What can businesses do to reduce traffic congestion?
Timings of deliveries to and from stores and the frequencies of them Use efficient delivery services Arrange car shares for employees
46
What can customers do to increase recycling?
Recycling product after use Buying refillable products Reusing carrier bags
47
What can businesses do to increase recycling?
Make recyclable packaging Make products out of recycled goods
48
What can customers do to reduce disposal of waste?
They can reduce waste e.g. not buying more than what they need Safe disposal of waste
49
What can businesses do to reduce disposal of waste?
Finding alternative uses of waste Safe disposal of waste Lean production - reducing waste in the first place
50
What can customers do to reduce noise and air pollution?
Reduce carbon footprint by buying from local businesses Use low emission cars
51
What can businesses do to reduce noise and air pollution?
Reduce carbon emissions by sourcing supplies locally Making products in factories that don’t use as much fossil fuels
52
Advantages and disadvantages to technological advancements in business?
Advantages: make processes faster, reduce costs in the long term Disadvantages: can be very expensive, staff with high skill must be hired
53
What are the 4 main ways businesses can communicate digitally with stakeholders?
1. Social media 2. Websites 3. Live chats 4. Email
54
Advantages and disadvantages to advancements in e commerce?
Advantages: cheaper, reaches wider markets Disadvantages: requires skilled staff
55
Advantages to acting ethically?
May increase their prices It can motivate people to buy from the companies Can have a positive effect on shareholders
56
Disadvantages to acting ethically?
Can be costly for a firm May find it hard to find a supplier that’s ethical May impact reputation if the supplier turns out to be unethical
57
What is competition?
The rivalry between businesses who operate in the same market, they sell a similar product to a similar market
58
What are the 3 types of competitive markets?
1. Monopoly 2. Oligopoly 3. Perfect competition
59
What is the monopoly type of competitive market?
A market structure where a single seller or producer assumes a dominant position in a industry sector Own 25% of the market
60
What is the oligopoly type of competitive market?
A market structure where there are a small number of large firms dominating the market
61
What is the perfect competition type of competitive market?
Market structure when all companies in an industry sell identical products - it is fair and has no dominator
62
What market structures have high barriers to enter?
1. Monopoly 2. Oligopoly
63
What market structure has low barriers to enter?
Perfect competition
64
What market structure can charge high prices?
Monopoly
65
How do businesses compete within competitive markets?
Pricing strategies Quality and good customer service USPs Innovative ideas
66
What risks do businesses face in competitive markets?
Loss of customers May be forced to charge lower prices There may be ‘copycat’ products Other bigger brands may dominate the market
67
What are the advantages when there is limited competition?
Charging higher prices Can create exclusivity Less advertising may be done
68
What is globalisation?
Companies operating internationally or on a global scale A process in which economies have become increasingly integrated and interdependent - it’s a dynamic and not an end state
69
What are the positives of globalisation?
Product life cycles may last longer - it can be an extension strategy Can expand the audience and customers for the business as they have a greater access to foreign markets Can increase brand recognition and sales
70
What are the negatives of globalisation?
Can be costly and waste time - especially since there is a risk of failure UK may struggle to compete with competitors - things may not be made as cheaply by the UK - due to minimum wage being higher UK currently struggles to trade and access markets - due to Brexit

GCSE Business (6 decks)

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