Topic 2 Influences On Business Flashcards
E-commerce/m-commerce meaning
The buying and selling of producrs through wireless handheld devices such as smartphones
Apps(applications) meaning
Softwares designed for a specific purpose and used on smartphones and tablets
Digital communication
The transmission of information electronically beyween computing devices
Social media definiton
Methods of online communication such as websites and applications can be used to share info and help develop social and professional contacts
Webchat defintion
A simple means of communicating in real time using only a web browser
Ethics
Refers to whether a business decision is thought to be morally wrong or right and a ethical decision is masde on the basis of what is judged to be morally right
Social responsibilty
An approach to managing a business in which the interests of all groups of society are taken in account when making decisions
External costs of production
These arise when a business’s activities result in harmful effects on other people and not directly involved in production.
Enviromental responsibility
The decisions taken by business,consumers goverments and other groups with the intension of protecting the enviroment
Recycling
The reuse of raw materials used in making products.
Sustainability
The methods of production which can be continued in the long term without damageing the enviroment
Economic climate
The state of key factors within a country such as the level of goods and services produced and the number of jobs available
Economy
This is made up of millions of individual consumers, many thousands of business and goverments. What all take decisions on what to buy and produce
Interest rates
The price of borrowed money, expressed as a percentage rate
Overdraft
A flexible loan Which a business can use whenever necessary to an agreed limit.
Tariff
A tax on foriegn goods imported into a country
Economies of scale
When a business unit costs of prodcution falls as it’s output rises
Growth
When a business sells increased quantities of it’s products
Inward investment
When goverments, business and individuals invest capital into another country, for example by building new factories or buying companies
Takeover
Occurs when one business buys control of another business
Discrimination
Treating one person differently from another without a good reason doing so
National living wage
An hourly rate of pay set by goverment, all employees above a certain age must recieve at least this rate of pay
Piece rate pay
A system where emplpyees are paid for an fixed ammount for each unit of output produced
Contract of employment
A legal document stating the hours, rate of pay, duties and other conditions which a person is employed
Trade union
A group of workers who act together to improve their pay and working conditions
Unfair dismisal
Ending a persons contract of employment without a good reason
Consumer law
A law to prevent business treating their customers unfairly
Markets
Exist where there are buyers and sellers
