Unit 2 Influences On Business Flashcards
Air pollution
Harmful substances and fumes in the air that cause disease, allergies, or damage to humans or other living organisms, or to the environment.
Competition
The presence of other businesses in the same market attempting to sell to the same customers
Consumer law
Laws that are designed to protect the consumer, by ensuring that products and services offered by businesses are safe, and that they deal with their customers in an honest and fair way.
Consumer spending
The amount of money being spent by households on the goods and services they want and need.
Contracts of employment
The legal document that states the terms and conditions for both the employer and the
employee when paying someone to do a job.
Digital communication
Transmitting information between computing devices.
E-Commerce
Transactions that are carried out using the internet. i.e. Amazon
Economic Climate
Key factors within a country such as the level of consumer spending, the level of production, the number of people unemployed, rates of inflation and interest.
Employment Law
These laws govern what can and can’t be expected of an employee, and how a business
may treat its employees.
Equality Act (2010)
This act of parliament is a set of laws that protect individuals from discrimination. It lists the
characteristics that are protected, and that cannot be discriminated against. These are:
Age / Disability / Gender reassignment / Marriage and civil partnership / Pregnancy and
maternity / Race / Religion or belief / Sex / Sexual orientation
Ethical Objectives
Aims that relate to abiding by their moral code in order improve reputation. This could
include trying to act fairly, protecting the environment, or contributing to charitable
activities.
Ethics
The moral principles that determine how a business wishes to operate.
Exchange rates
The price at which one currency can be exchanged for another.
For example, £1:€1.10
To find £250 in Euros, multiply by 1.10
To find €250 in Pounds, divide by 1.10
Export
Selling a product to a customer outside of the country that you operate in.
External Costs
Negative impacts caused on people, places, or other organisations by a business’ activity.