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business > Unit 3.5 The Wider World Affecting Business > Flashcards

Unit 3.5 The Wider World Affecting Business Flashcards

1
Q

What do ethical principles and standards do

A
  • define acceptable conduct in business
  • should underpin decision making
  • an ethical decision is one that is both legal and meets the shared ethical standards of the community (stakeholders)
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2
Q

What is the difference between ethics and law

A

Ethics is about what is right and wrong but law is about what is lawful and unlawful

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3
Q

What are the common areas ethics are tested

A

Production - working environment and if the product is produced ethically

Employees - paid the right amount, conditions of working

Suppliers - from unethical suppliers or ethical ones

Customers - what they should sell to certain customers

The product - illegal to place tobacco billboard near schools. Who the product is suited for.

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4
Q

Advantages of ethical behaviour

A

Higher revenues and demand from positive customer support

Improvised brand and business awareness and recognition

Better employee motivation and recruitment

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5
Q

What are the disadvantages of ethical behaviour

A

Higher costs e.g sourcing from fair trade instead of the lowest price

Higher overhead e.g training and communication of ethical policy

A danger of building up false expectations

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6
Q

What is overhead

A

Indirect costs

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7
Q

What is a pressure group

A

A group that tries to influence public policy in the interest of a particular cause

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8
Q

What are some short term environmental issues

A

Traffic congestion leading to increased travel times so vehicles operate less efficiently using up fossil fuels.

Air, noise, smell and water pollution e,g electrical generators air pollution, deliveries noise pollution.

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9
Q

Ways to solve traffic congestion

A
  • build more cycle lanes
  • city entry charge
  • increasing road tax
  • invest more money in public transport
  • new pedestrian zones
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10
Q

Ways to solve air and noise pollution

A
  • encourage production of energy efficient cars
  • give grants for using renewable energy resources
  • increase passenger duty on flights
  • remove licenses of clubs creating noise
  • tax emissions from factories
  • increase road tax
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11
Q

Ways to solve waste pollution

A
  • charge for using shopping bag
  • provide free compost bins
  • taxes on excess packaging
  • recycling subsidy
  • tax on weight of rubbish put out
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12
Q

What is subsidy

A

A sum of money granted by the state or public body

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13
Q

What are long term environmental problems

A

Climate change

Resource depletion

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14
Q

Explain climate change

A

Caused by emission of too many greenhouse gases and by increased industrial activity across the world.
Fast growing countries = double/ triple number of power stations.
This leads to rising sea levels and change to where crops can be grown.

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15
Q

Explain resource depletion

A

Use of resources in production which reduces the amount of resources available e.g coal, oil and gas are non renewable

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16
Q

What are the four main environmental regulations (laws)

A
  • store and treat waste securely and safely
  • protect employees and environment from air pollution
  • dont produce excessive noise, smoke, fumes and other forms of pollution
  • comply with rules for storage and use of hazardous substances and waste
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17
Q

What are the benefits to a business for using environmentally friendly actions

A
  • lower raw material costs and waste disposal charges
  • trading opportunities with organisations that will on,y use environmentally friendly suppliers
  • Improved customer good will
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18
Q

What is international trade

A

The flow of goods and services between countries

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19
Q

What are exports

A

What a country sells abroad

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20
Q

What are imports

A

What a company purchased from abroad

21
Q

What are a few international trade examples

A
  • a flight to an overseas Holiday destination
  • business importing new technology
  • buying a chocolate bar made from fair trade sourced cocoa
22
Q

What does protectionism represent

A

Any attempt by a government to impose restrictions on trade in goods and services. The aim is to protect domestic businesses and industries from overseas competition.

23
Q

Examples of protectionism

A 
Quotas
Tariffs
Intellectual property laws
Export subsidies
Domestic subsides
Import licensing
24
Q

What is a quota

A

A limit on the quantities that can be imported

25
Q

What is a tariff

A

Taxes on imports

26
Q

What is an example of intellectual property laws

A

Patents and copyright

27
Q

What is export subsidies

A

A payment to do courage domestic production by lowering their costs

28
Q

What is domestic subsidies

A

Government financial help for domestic businesses

29
Q

What is import licensing

A

Government grants importers the license to import goods

30
Q

What are the issues with income equality

A
  • pay rates in the uk and other developed economies are often much higher than elsewhere
  • EU legislation provide more protection for employees (e.g holidays, minimum hours)
  • workers in low labour cost economies receive low wages and poor conditions
31
Q

What is The AIM of some legal/economic decisions that are made at EU level

A

To create a single market

32
Q

What are the ‘four freedoms’

A

Goods, capital, services and people

33
Q

What are the two types of taxes

A

Direct (taxes on income)

Indirect (taxes on spending)

34
Q

How does tax affect businesses

A

The more they sell the more tax they have

35
Q

How do taxes affect customers

A

They have to spend taxes on the things they buy

36
Q

What are the regulations businesses must follow

A
  • submit financial account
  • have insurance
  • products sold must comply with legislation
  • buildings and expanding must comply with planning regulations
  • minimum wage
  • health and safety legislation
  • discriminative legislation
37
Q

What is the minimum wage

A

The lowest payment per hour, day or week that can be legally given to a worker for their work

38
Q

What does health and safety regulations cover

A

Breaks, chemical storage, heating and ventilation

39
Q

Basics of Maternity and paternity pay

A

EU regulations cover minimum but each country can provide more

40
Q

What are ethics

A

Moral guidelines which govern good behaviour

41
Q

What are the positive impacts of regulations

A

Employees get treated well so will be willing to work there.
Businesses can have insurance and look at financial accounts so they can compare.
Customers won’t be exploited.

42
Q

What are the negative impacts of regulation

A

Costs increase as it costs for insurance and to make sure laws are followed so staff are let off and the shines has less cash so less spent to improve business so less customer.
Cost passed on to customers.

43
Q

What are the positive impacts of minimum wage

A

Employees are guaranteed a certain amount so they have a better standard of living.
Business will be seen as fair compared to ones without MW.
More customers willing to buy from a fair business.

44
Q

What are the negative impacts of minimum wage

A

Business hires less people so more unemployment for people.
Business spend more on employees which leads to less spent on product so unhappy customer.
People who used to earn more earn less.

45
Q

What are the positives of maternity pay

A

Employees don’t have to work while heavily pregnant as it could be dangerous so they can look after the children.
but they can come back and still be able to work so the business can retain their trained staff instead of finding new ones.

46
Q

What are the negatives of maternity and paternity pay

A

Less workers means lower productivity.
Paying staff that aren’t there so higher costs but less work.
Training new staff is expensive.

47
Q

What are the positives of health and safety regulations

A

Guaranteed employee safety so they aren’t going to be hurt.
Consumers aren’t given faulty unsafe products so they are guaranteed quality and will return.
The business isn’t sued for being unsafe so they keep a good reputation.

48
Q

What are the negatives of health and safety regulations

A

Business spends more making sure everyone is safe so less profit.
Have to train staff to follow the regulation which is expensive and time consuming.

business (6 decks)

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