Unit 1.1.9 Business Contribution to the Nation Flashcards
1
Q
Economy
A
A system set up to determine:
- What to produce
- How to produce
- To whom production will be distributed
2
Q
Mixed market economy
A
- Public + private sector contribute to the wellbeing of the population
- Through ways such as employment, trade, tax, R+D
3
Q
Economic growth
A
- An increase
- In the real value of goods + services
- Over a set period of time
4
Q
Exports
A
- The sale of our goods + services
- In other countries
5
Q
Why businesses undertake R+D
A
- Expand their knowledge of products + processes
- Develop new products
- Improve existing products
- Develop new processes
6
Q
What does employment provide people with?
A
- Sense of belonging
- Contribution to society
- Personal happiness + achievement
- Opportunities to network/connect with others
7
Q
Corporate social responsibility
A
- Involves the managers or owners of a business
- Taking steps to ensure the broader social welfare is taken into consideration
- Including; employees, customers, suppliers, environment
