Topic 2- Influences On Businesses Flashcards
What is informations Communications Technology and the impacts of technology on a business?
Is the computing and communications systems that a business might use to help exchange information with stakeholders.
Impact of technology on a business:
Pros:
- Easy access for customers - increase in sales - efficient to produce - advertising/ marketing
Cons:
-unemployment - bad for environment - people becoming lazy
What is product innovation and EPOS?
Many new goods and services are developed each year to make the most of technological developments and create competitive advantage.
EPOS- electronic point of sale is used to reorder stock as it is sold.
What is digital communication and teleconferencing?
The transmission of information electronically between computing devices/using technology.
Teleconferencing- allow people in different locations to be in zooms through computers.
What is business ethics and examples of good and poor ethics?
Business ethics- are the moral standards by which business behaviour is judged- whether business activities are morally right or wrong.
Examples of good:
- Paying fair wages
- minimising environmental impacts
- prioritising animal welfare
Examples of bad:
-Exploitative labour
- providing false information to customers
- bullying suppliers
What is the definition of the environment and pros and cons?
The environment- the natural world within which we live. The landscape and natural features such as the seas, forests and mountains.
Costs:
- Time consuming - expensive
Benefits:
- more customers - good reputation- government grants
What is sustainability?
Sustainability- how a business uses its resources and assesses if it is renewing theses resources fast enough to ensure that stocks do not deplete (run out).
Sustainable methods of production- are those that can continue in the long term without damaging the environment for further generations.
Sustainable production processes:
- renewable sources of energy
-use transport that doesn’t pollute
- making products from recycled or renewable resources
- producing goods/ services without using chemicals that damage the environment
What is a pressure group?
Is an organisation that seeks to influence others in relation to a specific issue in oder to bring about change.
What is economy?
Made up of consumers, businesses and governments making decisions on what to buy, sell and produce.
Politics
Economy
Social
Technological
Legislation/ laws
Environmental
what is interest rates?
The cost of borrowing money and reward for saving.
Higher rates of interest affects business and consuming spending.
What is employment and unemployment?
Employment- the % of people 16-64 that are employed
Unemployment- when someone is willing and able to work but cannot find a job.
What is a boom, business cycle, economic growth, recession and unemployment level?
Boom- a period of time when the economy is growing much faster than usual.
Business cycle- changes in the level of demand and output in the economy that tends to be repeated every few years.
Economic growth- the rate of increase in the total output produced within an economy in a year.
Recession- where output within the economy falls for two successive quarters six months or more.
Unemployment level- the number of people looking for work but unable to find a job.
What is globalisation?
the increased trends for goods to be traded internationally and for companies to locate abroad.
-selling to more the one country
- producing in more then one country
- buying raw materials in more then one country
What is exchange rates?
The price of one currency in terms of another E.g £1 = $1.4
Strong
Pounds
Imports
Cheap
Exports
Dearer (expensive)
What is appreciation and depreciation?
When the value of currency increases.
When the value of currency decreases.
