Unit 2 Influences On Business Key Words 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
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
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
Globalisation
The increasingly ‘local’ nature of the planet – businesses operate worldwide, with money,
goods, services, and people moving across national borders.
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.
Import
Buying from a company outside your national borders
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
Inward investment
People and businesses from outside of your national borders investing in your country’s
businesses or land.
Level of employment
What percentage of the population who could work, are working. Often a percentage, if the
level of employment is 97%, then it means that 3% are unemployed
Markets
The place where buyers and sellers meet, to exchange money or credit, for goods and
services of a particular type
M-Commerce
Business transactions completed on a mobile device such as smartphone or tablet
