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Business GCSE > unit 2- Influences on a business > Flashcards

unit 2- Influences on a business Flashcards

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1
Q

define ICT

A

Information and Communications Technology.
-systems that a business might use to exchange information with stakeholders

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2
Q

Examples of information a business would share using ICT

A

-Prices and product details (customers)
-Resources required (suppliers)
-Customer needs and complaints
-Ideas and suggestions (employees)

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3
Q

define intranet

A

Private network system

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4
Q

define extranet

A

Public network system

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5
Q

define E-Commerce

A

-the act of buying or selling a product using an electronic system such as the internet

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6
Q

define M-Commerce

A

-The act of buying or selling products through wireless handheld devices such as smartphones

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7
Q

What are the 7 forms of digital communications?

A

-email
-texts
-webchat
-teleconferencing
-video-conferencing
-applications
-social media

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8
Q

define digital communication

A

the transmission of information electronically between computing devices

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9
Q

what is a reason why a business might use software robots to attract more customers to their site

A

avoid human error and workforce costs

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10
Q

define software robots

A

advanced computer programs that can operate a range of activities previously carried out by employees

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11
Q

define cloud computing

A

the delivery of specialist computing services such as the storage of very large amounts of data that is provided by businesses using the internet

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12
Q

why would a business store on a ‘cloud’

A

if device storage fails there is a backup and is universal access

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13
Q

why would retails increase their use of e-commerce

A

covid-19 and location of business

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14
Q

define ‘telesales’

A

selling goods and services via telephone

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15
Q

define ethics

A

a business decision that is thought to be morally wrong or right. It is made on the basis of what is judged to be morally right.

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16
Q

define profit

A

measures the difference between the values of a business’s revenue and its total costs

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17
Q

What questions might stakeholders ask to see whether the business is ethical?

A

-Are suppliers paid on time?
-Are employees treated fairly? Paid well?
-Are consumers aware of the materials used?
-Is the business using truthful and fair advertising?

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18
Q

What are the 3 legal activities (ethical)

A

-donating profit to charity
-setting up business in areas of high employment
-using environmentally-friendly resources

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19
Q

What are the 3 legal activities (unethical)

A

-selling foods high in fat and sugar
-paying managers high salaries or bonuses while many employees receive only a living wage
-tax avoidance

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20
Q

what are the 2 illegal activities?

A

-child labour
-paying below the minimum wage

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21
Q

what ways can a business have ethical operations?

A

-managers choose not to buy resources from suppliers who are involved in unethical practices
-likely to manufacture products that can be recycled

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22
Q

what are some examples of ethical business behaviour?

A

-offering employees the opportunity of high quality training, despite cost
-paying sufficient wages to allow employees a decent standard of living

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23
Q

Ways businesses can market their products ethically

A

-designing new products to reduce the damage they do to the environment.
-avoiding targeting children by not having harmful side-effects
-not using a dominant marketing position to set high prices

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24
Q

People (HR) What do businesses do in this?
ETHICAL

A

-people are the most important resource
-managers choose to manage their human resources ethically
-not using zero hour contracts.

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25
Q

Finance What do businesses do in this?
ETHICAL

A

-profit will decline in the short-run
-more expensive so lower profit
-spending on local facilities (not boosting profit)

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26
Q

what ethical actions can a business take that results in lower profit?

A

-using environmentally-friendly resources
-providing employees with high quality training
-offering low-priced product to certain groups such as OAPs
-acting in a socially responsible way, taking into account the needs for stakeholders

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27
Q

define fair trade products

A

those which offer better trading terms, such as payment with an order or guaranteeing order levels and a minimum payment rate for goods.

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28
Q

what is the aim for fair trade products

A

improve the living standards of people in poorer countries where the products are produced

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29
Q

define social responsibility

A

an approach to managing businesses in which the interests of all groups in society are taken into account when making decisions

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30
Q

what happens to the business when they have an ethical reputation

A

-attract large numbers of customers
-boost efficiency and profits

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31
Q

what happens to the business when they have an unethical reputation

A

-bad publicity
-reduce sales and profits

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32
Q

define environment

A

the natural world we live in. It is the landscape and its natural features.

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33
Q

define external costs

A

costs of production that arise when a business’s activities result in harmful effects to people who aren’t directly involved in production or the purchase of the products.

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34
Q

what are some examples of external costs

A

-traffic congestion
-air pollution
-noise pollution

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35
Q

what are some natural pollutants

A

-wildfires
-volcanoes
-lightning

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36
Q

what are some agricultural pollutants

A

-fertilisers
-animal waste

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37
Q

what are some industrial pollutants

A

-factories
-power plants

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38
Q

what are some transport pollutants

A

-cars
-aeroplanes
-trains
-buses

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39
Q

what 2 types of resources to businesses use

A

-scarce or non-renewable

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40
Q

when are businesses more likely to make decisions to protect the environment from their activities

A

-if consumers and pressure groups take action to encourage environmental responsibility by businesses

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41
Q

define non-renewable resources

A

those of which only a limited amount exists such as coal and oil

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42
Q

define global warming

A

the gradual heating of the Earth’s surface, oceans and atmosphere

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43
Q

define pressure group

A

a group of people with a common interest who influence public opinion and decisions by businesses and governments

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44
Q

define environmental responsibility

A

the taking of decisions by businesses, consumers, governments and other groups with the intention of protecting the environment

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45
Q

define sustainability

A

methods of production which can be continued in the long term without damage to the environment

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46
Q

what methods could businesses take to have more sustainable production

A

-use renewable sources of energy, solar and wind
-products can be recycled or from renewable materials
-producting goods and services without the use of chemicals
-recycling

47
Q

what methods could customers and consumers take to make sure businesses have a sustainable production

A

-use transport that don’t cause pollution
-recycle
-buy environmentally-friendly products
-complain to businesses when they are seen to damage the environment

48
Q

what consequences could the Earth face when a business does not have sustainable production methods

A

-melting of ice- rising sea levels/flooding
-changes in weather patterns
-shortages of water and drought

49
Q

define recycling

A

the reuse of raw materials used in making products, often for many times

50
Q

define environmental reporting

A

the publication of a business’s environmental performance to the general public

51
Q

define the economy

A

a term that is used to refer to all the people and businesses that buy and sell products

52
Q

define economic activity

A

the amount of buying and selling that takes place at a given moment in time

53
Q

define economic growth

A

when there is an increase in the market value of the goods and services produced by an economy over time.
-measured by GDP

54
Q

define economic boom

A

a period of increased demand for goods and services and rapid growth

55
Q

define recession/bust

A

a period when the level of demand and output falls every month for at least 6 months

56
Q

define downturn

A

a negative change in output and demand for goods and services

57
Q

define upturn

A

an improvement or upward trend in demand and output of products and services

58
Q

define average rate of growth

A

the mean/average of the growth rate over several years, calculated by Total GDP/number of years

59
Q

define consumers

A

individuals who buy goods and services from businesses

60
Q

define economic climate

A

the state of key factors within a country such as the level of goods and services produced and the number of jobs available

61
Q

define interest rates

A

the cost of borrowing money or the reward for saving money, expressed as a percentage

62
Q

define overdraft

A

a flexible loan which businesses can use, whenever necessary, up to an agreed limit

63
Q

define consumer spending

A

the value of goods and services bought by consumers over a time period, usually a month or a year

64
Q

define income elastic products

A

those whose sales are sensitive to changes in consumers incomes

65
Q

define ethical objectives

A

A business’ goals that relate to fair business practice or moral guidelines and make a positive contribution to the business’ reputation.

66
Q

define noise pollution

A

A type and level of noise that is excessive and disturbing to people or animals.

67
Q

define traffic congestion

A

The effects of overuse of transport networks, for example slower speeds, traffic queues and longer journey times.

68
Q

define disposal of waste

A

The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites.

69
Q

define objective

A

A specific statement that defines a precise goal that can be measured and delivered within a given time.

70
Q

define not-for-profit organisations

A

Associations, charities, co-operatives or voluntary organisations set up to further non-monetary ideals such as cultural, educational, religious and public service.
Profits/losses are retained/absorbed.

71
Q

define social objectives

A

A business’ goals that relate to fair treatment of the people concerned:
customers, investors, suppliers or workers.

72
Q

define local community

A

The individuals, other businesses and organisations that are located close to the business. The business interacts with these groups.

73
Q

define globalisation

A

the process where the world is becoming increasingly interconnected and interdependent as a result of more trade

74
Q

define outsorcing

A

involves getting another business to provide to provide a service/make a product for you

75
Q

Why does a business use outsourcing

A

-to get products needed to provide customers
-increase the efficiency of the business
-to specialise is what they are good at

76
Q

what are the good impacts of globalisation on UK businesses

A

-increased customers
-firms become more efficient
-increased access to workers
-cheaper imported supplies
-increased use of techonlogy

77
Q

what are the bad impacts of globalisation of UK businesses

A

-more competition
-powerful international brands
-decreased in skilled manufacturing
-as we are interconnected- we’re more vulnerable to issues in other countries

78
Q

define multinational company

A

produces goods and services in more than one country.

79
Q

define international trade

A

the selling of goods and services across national borders

80
Q

define exports

A

goods and services produced by a business in one country and sold in another

81
Q

define tariff

A

a tax on foreign goods imported into a country

82
Q

define growth

A

when a business sells increased quantities of its products

83
Q

define economies of scale

A

the cost of producing a single unit falls as output increases

84
Q

define inward investment

A

foreign investors investing in or purchasing goods of a local economy

85
Q

define takeover

A

when one business buys control of another one

86
Q

define quality

A

the extent to which a consumer is satisfied with a product

87
Q

define price

A

the amount a business asks a customer to pay for a single product

88
Q

define exchange rate

A

the price of one currency expressed in terms of another

89
Q

define imports

A

goods and services purchased from overseas customers in the domestic market

90
Q

how will a fall in interest rates affect saving by consumers?

A

Consumers may decide not to save, as the interest rates they receive will have been reduced. They may decide to spend existing savings and save less in the future.

91
Q

how will a fall in interest effect spending by consumers?

A

They will be more willing to borrow money to buy expensive items. Due to lower interest rates reduces the additional amount they have to pay

92
Q

what does rising interest rates have an effect on a business

A

-large increase in the amount of interest it pays on its existing loans
-increase costs, reducing profit
-unable to repay loans so stop trading

93
Q

what effects does falling interest rates have on a business

A

-good for borrowing money
-costs will reduce, improving the profit
-large savings may receive reduced returns

94
Q

what 2 significant effects on businesses are caused by an increase in the level of employment

A

-the possibility of higher sales
-increased employment costs

95
Q

define legislation

A

a set of rules that govern the way society operates. It is another word for ‘laws’

96
Q

What are the three types of laws of legislation

A

-Employment law
-Health and safety law
-Consumer law

97
Q

define the national living wage

A

an hourly rate of pay which is set by the government.

98
Q

What 2 other laws includes the employment laws

A

-National Minimum Wage and Living Wage
-Equality Act 2010 (cant discriminate or fire)

99
Q

The employment laws say that employees cannot be treated differently in the workspace on…?

A

-age
-disability
-race
-gender reassignment
-marriage
-religion/belief
-pregnancy
-gender
-sexual orientation

100
Q

What does the employment laws state?

A

-holiday
-working ours
-trade union membership
-contract of employment
-compassionate leave
-provide a safe working environment
-provide suitable training

101
Q

How are businesses affected by the employment laws?

A

-training implications= Personnel (HR) departments need to keep records
-profits= there will be an increase cost/lower profit but could also improve motivation
-employment= numbers may be lower, workers replaced by machinery
-employee’s rights= increase cost, but flexibility may improve motivation

102
Q

define discrimination

A

treating one person differently from another without having good reasons to do so

103
Q

define a part-time employee

A

works for a proportion of the working week

104
Q

define a trade union

A

a group of workers who act together to improve their pay and working conditions

105
Q

define a contract of employment

A

a legal document stating the hours, rates of pay, duties and other conditions under which a person is employed

106
Q

Define the Heath and safety at work act 1974

A

prevents businesses putting employees in danger and so protects the workforce

107
Q

What activities does the Health and Safety at Work Act cover?

A

-Installation and maintenance of safety equipment and clothing
-maintenance of workplace temp
-giving employees sufficient breaks
-providing protection against dangerous substances
-fitting guards on machinery
-writing a displaying a safety policy

108
Q

What other actions for the employees does the Heath and Safety at Work Act state?

A

-employees to follow procedures to take care of their own safety and others
-have to carry out inspections
-carry out investigations following any inccidents

109
Q

How are businesses affected by Heath and Safety Laws?

A

-time-consuming
-increases cost =to meet requirements, training, install correct equipment, inspections
-motivate workers
-prevents paying large fines or paying employees who can’t attend work due to sickness or an accident

110
Q

define the consumer laws``

A

prevent businesses from treating their customers unfairly

111
Q

what ways can businesses treat their customers unfairly?

A

-selling goods and services that are not as described
-selling products that are unsafe
-selling products that don’t work properly or at unfair prices
-selling information about consumers to other businesses without permision

112
Q

What does the consumer right act 2015 cover?

A

-product quality
-return goods
-repairs and replacements
-delivery rights
-product going missing before delivery
-late delivery

113
Q

define markets

A

where there are buyers and sellers

114
Q
A

Business GCSE (3 decks)

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