Unit 2 Influences on Business Flashcards
What is 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.
What is competition?
The presence of other businesses in the same market attempting to sell to the same customers.
What is 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.
What is consumer spending?
The amount of money being spent by households on the goods and services they want and need.
What are 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.
What is digital communication?
Transmitting information between computing devices.
What is e-commerce?
Transactions that are carried out using the internet.
i.e. Amazon
What is 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.
What is employment law?
These laws govern what can and can’t be expected of an employee, and how a business may treat its employees.
What is the 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.
What are ethical objectives?
Aims that relate to abiding by their moral code in order to improve reputation. This could include trying to act fairly, protecting the environment, or contributing to charitable activities.
What are ethics?
The moral principles that determine how a business wishes to operate.
What are 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
What is an export?
Selling a product to a customer outside of the country that you operate in.
What are external costs?
Negative impacts caused on people, places, or other organisations by a business’ activity.
What is global warming?
The increase in the average temperature of the earth, leading to negative consequences for life, caused by the release of carbon dioxide and other greenhouse gases.
What is globalisation?
The increasingly ‘local’ nature of the planet – businesses operate worldwide, with money, goods, services, and people moving across national borders.
What is the Health and Safety at Work Act (1974)?
Laws relating to processes and procedures that businesses must follow in order to keep their employees and customers safe.
What is an import?
Buying from a company outside your national borders.
What are interest rates?
The reward for saving and the cost of borrowing.
Expressed as a percentage, it is the rate at which either savings or debts grow over time.
What is inward investment?
People and businesses from outside of your national borders investing in your country’s businesses or land.
What is the level of employment?
What percentage of the population who could work, are working.
What are markets?
The place where buyers and sellers meet, to exchange money or credit, for goods and services of a particular type.
What is m-commerce?
Business transactions completed on a mobile device such as smartphone or tablet.
