Unit 2

Question 1

What does TELE stand for? (dynamic nature)

Answer 1

•Technology- digital communication
•Environmental/Ethical - Profits and ethnics trade off/ sustainability
•Legislation - Employment, health and safety and consumer laws
•Economic- Consumer spending, interest rates

Question 2

What does the employment law state?

Answer 2

National minimal wage
Living wage when 24 and over
Equality act 2010

Question 3

What does the health and safety law state?

Answer 3

Health and safety at work act 1974, sets out legal frame work for ensuring the health safety and welfare of ppl at work

Question 4

What does the consumer law state?

Answer 4

Protects consumers from misleading or false information abt goods or services

Question 5

Impacts of legislations on a business?

Answer 5

•Cost
•Training needs
•Recruitment
•Consequences of failure if the business doesn’t meet the legislations, could be fined or shut down

Question 6

Why is it bad if interest rates are high?

Answer 6

Bc need to spend more on overdrafts and more on loans in terms of servicing it

Question 7

Why is it bad if interest rates are high for consumer spending?

Answer 7

If they have a loan or mortgage etc.. causes them to have less disposable income = less money to spend on products

Question 8

How do UK businesses compete globally?

Answer 8

Create higher quality products but at lower price

Question 9

How do exchange rates impact UK businesses?

Answer 9

S - Strong
P - Pound
I - Imports
C - Cheap
E - Exports
D - Dear (Expensive)