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Business AQA GCSE > Unit 2: Influences on Business > Flashcards

Unit 2: Influences on Business Flashcards

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1
Q

What is the Equality Act 2010 state?

A

All employees must be paid the same if they do the same job, not discriminating anyone.

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2
Q

What is the Health and Safety Act 1974 state?

A

The work environment is to be kept safe by businesses

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3
Q

What does Consumer Rights Act 2015 state?

A

Products have to be fulfil its purpose, match their description and be of satisfactory quality

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4
Q

What occurs if Laws are not followed by businesses?

A
  • They can be fined, prosecuted or even closed down; This can lead to bad publicity and harm reputation
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5
Q

What is E-commerce?

A

Using the Internet to buy or sell products

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6
Q

What are the Positive effects Technology has had on Businesses ?

A
  • Businesses can communicate with stakeholders more and faster than ever
  • Introduction of E-Commerce means Businesses can reach wider markets
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7
Q

What is a Negative effects Technology has had on Businesses?

A
  • Technology is rapidly changing and adapting to it can be expensive. They may also need to hire staff with the skills to use the technology.
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8
Q

What are Ethics?

A

moral principles of right and wrong

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9
Q

Examples of how a Business can be Ethical.

A
  • Treat employees fairly [no long hour and low wages]
  • Carry out product development in an ethical way
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10
Q

Benefits of being Ethical.

A
  • Enhance Reputation
  • Treating staff ethically = more productive workforce
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11
Q

Drawback of being ethical

A
  • Ethically sourced materials may be more expensive
  • A business can make more money if they made workers ‘work’ more and paid less.
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12
Q

What does it mean for a business to be ‘environmentally friendly’?

A

Not being harmful to the environment

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13
Q

Benefits of being Environmentally Friendly

A
  • Enhance reputation; attract more customers
  • A ‘green image’ can attract new customers and increase sales
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14
Q

Drawbacks of being environmentally friendly.

A
  • Developing new processes and buying new equipment to minimise affect on the environment can be expensive.
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15
Q

How can unemployment affect businesses positively ?

A
  • They may be able to pay lower wages if there are lots of people desperate for jobs
  • Businesses may be given grants by government to employ; in order to fix unemployment crisis
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16
Q

How can unemployment affect businesses negatively?

A
  • Unemployment means lots of people have less money to spend; so sales can fall.
17
Q

What is Globalisation?

A

the process by which countries the world become more connected due to increased trade

18
Q

Benefits of Globalisation to businesses

A
  • Business has a larger market to sell to
  • Reduced cost; Raw materials or labour may be cheaper
19
Q

Drawbacks of Globalisation to businesses

A
  • It is difficult to compete with already established businesses in the new country
  • Difference in Currency; profits can be affected
  • The benefit from cheap labour costs may receive bad publicity
20
Q

What are exchange rates?

A

the price at which one currency can trade for another

21
Q

What is an Exporter?

A

A person that SENDs good to another country

22
Q

What is an Importer?

A

A Person that BRINGS goods from another country.

23
Q

How is a weak pound good for Exporters and bad for importers?

A

Good for Exporters: They are paid more to make up for the decrease in pound
Bad for Importers: Have to pay more for the decrease in the pound

24
Q

What are some of the reasons people start a business?

A
  • Financial Objective [ie; becoming rich]
  • Leave job/ Follow an interest
  • To benefit others [ie; Non-profit Businesses]
25
Q

What are some of the risks in running a business?

A
  • Losing the money you invested
  • Economy’s Health; interest rates, exchange rates etc…
  • Competitor Strategies; Large companies decreasing their prices of goods even sacrificing profits; not giving new businesses a chance to make profit
26
Q

What are some of the things a Business can do to decrease the risk?

A
  • Create a business plan
  • Market research

Business AQA GCSE (6 decks)

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