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Business studies > Unit 25 > Flashcards

Unit 25 Flashcards

1
Q

Q1. What is an externality?

A

A1. Effect of business activities on unrelated parties.

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2
Q

Q2. What is social cost?

A

A2. The negative impacts of business activities on society.

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3
Q

Q3. What are social benefits?

A

A3. Positive impacts of businesses on society.

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4
Q

Q4. What is cost-benefit analysis?

A

A4. Analysis of the costs and benefits of a project.

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5
Q

Q7. What are pressure groups?

A

A7. Groups of people who join together for a common cause.

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6
Q

Q6. What are the 3R’s?

A

A6. Reduce, reuse, and recycle.

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7
Q

Q5. What is sustainable development?

A

A5. Sustainable businesses have a positive impact on both the environment and stakeholders.

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8
Q

Q8. What is insider trading?

A

A8. Trading stocks of a company done by a person who has non-public information.

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9
Q

Q9. What is telecommuting?

A

Q9. A method of working from home.

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10
Q

Q.10 What is the importance of businesses to understand environmental and ethical issues?

A

A.10 Every kind of business has some level of impact on the environment. It is important to ensure that a business is reducing its negative impact on the environment.

Otherwise, not only will the environment suffer, but the public will also have a negative perception of the business.

Positive impact will allow the business to have a good identity in the face of the public.

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11
Q

Q.11 What are the Positive impacts of business on the environment?

A

A.11
(1) Spreads awareness and helps conserve nature and wildlife.
(2) Tourism caused by businesses may be helpful to mitigate activities that are harmful to the environment.
(3) Additional work for local construction businesses.

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12
Q

Q.12 What are the Negative impacts of businesses on the environment?

A

A.12
(1) Overuse of natural resources.
(2) Increased pollution through noise and littering.
(3) Construction can lead to habitat loss and soil erosion.

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13
Q

Q.13 What are business activities that affect the local population and environment?

A

A.13
(1) Pollution.
(2) Waste.
(3) Emission of greenhouse gases.
(4) Use of energy.
(5) Use of natural resources.

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14
Q

Q.18 What are the economic indicators of sustainable development?

A

A.18
(1) Low unemployment with job production.
(2) High literacy rates.
(3) Growing GDP with products and services.
(4) Improved standards of living.

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15
Q

Q.14 What is affect of the use of natural resources?

A

A.14 Different types of resources are used up for different reasons. This leads to a lack of resources if done without proper measures and planning.

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16
Q

Q.15 Why is it important to understand the affect of business activity on externalities.

A

A.15 People of the community and even the stakeholders will be affected by the changes in the environment caused by the activities of the business. Other businesses and parties are also affected. This means use of energy, water disposal are all factors affecting these parties.

Negative externalities add to social cost of a project and positive externalities add to social benefits of a project.

Thus, this means the interest of different stakeholders need to be taken into account along with the social costs and social benefits. This will also allow the business to put a value on different activities and decisions.

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17
Q

Q.16 What are the environmental indicators of sustainable development?

A

A.16
(1) Conservation of natural resources.
(2) Conservation of forest and natural habitat.
(3) Use of renewable sources of energy.
(4) Reduction of greenhouse gases.
(5) Proper waste management from business activities.

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18
Q

Q.17 What are the social indicators of sustainable development?

A

A.17
(1) High life expectancy from less pollution.
(2) Gender equality with relevant human resource policies.
(3) Ethical business decisions.
(4) Fair compensation to employees.

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19
Q

Q.19 In what ways can businesses react to pressure groups?

A

A.19
(1) Using green manufacturing methods.
(2) Reducing use and waste of energy.
(3) Obeying government rules and regulations.
(4) Following sustainable business practices.
(5) Taking legal actions against pressure groups.
(6) Defending business decisions to help image of business.

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20
Q

Q.20 What are the opportunities presented by environmental pressure?

A

A.20
(1) Recycling and energy efficient machines for cost savings.
(2) Financial incentives from government to encourage environmentally friendly methods of production.
(3) Publicity gained from greener method allows more sales, investors and better employees.
(4) Working from home is a great motivation for employees.
(5) Following government regulations properly may give the business a competitive advantage over other businesses.

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21
Q

Q.21 What is the importance of understanding ethical issues?

A

A.21
Although ethical issues are not enforced by the law, they have a role in decision making. This needs to be done in a way that involves taking interests of all stakeholders.

22
Q

Q.22 What are some examples of unethical practices in terms of finance?

A

A.22
(1) Leaving out information and costs while discussing with customers.
(2) Trading stocks of a company done by a person who has non-public information.

23
Q

Q.23 What are some examples of unethical practices in terms of marketing?

A

A.23
(1) False advertising of products and services.
(2) Providing products and services that are unsafe for use.
(3) Non-disclosure of risks associated with products and services.

24
Q

Q.24 What are some examples of unethical practices in terms of human resources?

A

A.24
(1) Unfair payment to employees.
(2) Child labor.
(3) Unsafe environment.
(4) Discrimination based on gender and ethnic groups.

25
Q

Q.28 What causes land pollution?

A

A.28 Waste that cannot be recycled spills into the land, make it unsafe and unpleasant to see.

26
Q

Q.25 What are some examples of unethical practices in terms of operations?

A

A.25
(1) Selling products at a low cost intentionally to drive out competition.
(2) Improper waste disposal.
(3) Exceeding pollution limits.

27
Q

Q.26 What are the different types of pollution?

A

A.26
(1) Air pollution
(2) Land pollution
(3) Thermal pollution
(4) Light pollution
(5) Water pollution
(6) Visual pollution
(7) Noise pollution

28
Q

Q.27 What causes air pollution?

A

A.27 Caused by fumes from chemicals, manufacturing units and exhaust fumes.

29
Q

Q.29 What causes thermal pollution?

A

A.29 Exhaust fumes from machines trapping the heat, causing a rise a temperature, which leads to a damage to plants and animals.

30
Q

Q.30 What causes light pollution?

A

A.30 Electronic lighting used for different purposes affects ecosystems and views.

31
Q

Q.31 What causes water pollution?

A

A.31 Caused by improper waste disposal which contaminates water sources harming plants and animals.

32
Q

Q.32 What causes visual pollution?

A

A.32 Caused by crowds, revealed powerlines and dirty messy areas that ruin a proper view of the natural environment.

33
Q

Q.33 What causes noise pollution?

A

A.33 Caused by factories and vehicles, can affect people’s quality of life.

34
Q

Q.34 What are the different sources of waste?

A

A.34
(1) Commercial waste
(2) IT waste
(3) Packaging waste
(4) Chemical and hazardous waste
(5) Paper waste

35
Q

Q.35 Explain greenhouse gasses.

A

A.35 Greenhouse gasses leak into the environment due to the burning of fossil fuels, trapping heat and causing global warming.

36
Q

Q.36 Explain the use of energy in the business.

A

A.36 Every type of electronic and machinery used to conduct business activities use up irreplaceable energy. For this reason, it is important to ensure that machineries and electronics are switched off while not being used. Solar and wind based energy sources may be helpful for the environment as well.

37
Q

Q.37 What is the importance of sustainable development?

A

A.37 Sustainable development allows for better and stable economic growth, it also allows the country to be ethical and environmentally friendly.

38
Q

Q.38 What are the activities a business can do to become sustainable?

A

A.38
(1) Use of renewable sources of energy.
(2) Avoiding unnecessary travel.
(3) Avoid or reduce use of harmful chemical waste.
(4) Use packaging made with recycled materials.
(5) Use energy efficient process and equipment.
(6) Reduce waste to find a market where it can be used as a raw material.
(7) Work with employees, customers, and suppliers fairly.

39
Q

Q.39 What activities are done by pressure groups?

A

A.39
(1) Demonstrations.
(2) Boycotting.
(3) Petitioning.
(4) Lobbying.
(5) Increasing awareness of the issue.

40
Q

Q.40 Explain pressure group activity: Demonstration.

A

A.40 Involves a group of people coming together to rally and speak protest against a business’s policies or activities.

41
Q

Q.41 Explain pressure group activity: Boycotting.

A

A.41 Refusing to buy products from a company and convincing others to do the same until demands have been met.

42
Q

Q.42 Explain pressure group activity: Petitioning.

A

A.42 Making an oral or written official complaint to the government or concerned authority.

43
Q

Q.43 Explain pressure group activity: Lobbying.

A

A.43 Attempting to influence policy making of the government.

44
Q

Q.44 Explain pressure group activity: Increasing awareness about issues.

A

A.44 Using websites and different medias of communication to make others aware of the activities of the organization.

45
Q

Q.45 What is the importance of responding to environmental pressure?

A

A.45
(1) To avoid reputation being damaged in the eyes of customers, investors, and employees.
(2) Business may face problems or even be closed if proper regulations are not followed.
(3) Opposition from pressure groups may cause negative publicity and hurt the growth of the business.

46
Q

Q.46 What are the types of legal controls for the environment?

A

A.46
(1) Government may impose penalties on a business that ignores pollution and waste disposal regulations.
(2) Change the taxed amount on commercial energy to encourage energy efficient activities.
(3) Standards set for using natural resources.
(4) Business may not be permitted to set up in some areas.

47
Q

Q.47 What are some incentives that encourage businesses be environmentally friendly?

A

A.47
(1) Making environmental information more accessible.
(2) Enabling recycling, providing waste collection vehicles and containers.
(3) Reward green companies with tax credits.
(4) Tax exemptions for companies using renewable energy.

48
Q

Q.48 What is the importance of understanding profits and ethnics?

A

A.48 A business needs profitability and funds to continue functioning and grow. However, if a business only focuses on profitability and not on ethics, it may not be good for the business in the long run. Thus it is important to find the right balance.

49
Q

Q.49 What are the advantages of ethical behavior?

A

A.49
(1) Improved image and reputation.
(2) Can be a motivating factor for existing staff.
(3) Customers’ demand for eco-friendly products can be met.

50
Q

Q.50 What are the disadvantages of ethical behavior?

A

A.50
(1) High costs involved in choosing raw materials.
(2) Costs may be increased to make work environment safer.

51
Q

Q.51 What is the Importance of understanding externalities?

A

A.51 Even if the externalities are not directly associated with the business itself, they have an impact on the business, as externalities help create public opinion and determine the profitability of the business itself.

That is why positive externalities are important and negative externalities are to be reduced.

Business studies (25 decks)

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