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Business Studies A Level > 2. External Influences > Flashcards

2. External Influences Flashcards

Term 2 Miss Blackwell (STEEPLE - economic)

1
Q

What are the STEEPLE factors?

A

Factors that are changing in the external environment

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2
Q

What does STEEPLE stand for?

A 
Social
Technological
Environmental
Economical
Political
Legal
Ethical
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3
Q

What is the European Union?

A

The economic and political union of most European states aimed at harmonising economic policy.

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4
Q

What are the 3 biggest economic contributors to the EU?

A

UK, France and Germany

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5
Q

What is the Eurozone?

A

The countries in the EU that are now using the euro as their currency

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6
Q

What is the European single market?

A

The EU is one territory without any internal barriers to the free movement of goods and services

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7
Q

How has the European single market fuelled economic growth?

A

Competition and international trade have been stimulated
Improved efficiency
Increased quality, reduced prices

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8
Q

What are the 4 freedoms of the European single market?

A
  1. Free movement of goods
  2. Free movement of services
  3. Mobility of labour
  4. Free movement of capital
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9
Q

What is meant by free trade?

A

The agreement between countries to trade with each other without erecting barriers to trade

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10
Q

What are the barriers to trade?

A

Tariffs and quotas

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11
Q

What is a tariff?

A

A duty paid on imports

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12
Q

What is a quota?

A

A quota imposes a limit on the quantity of a good that can be imported into a country in a given period of time

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13
Q

What are the advantages of remaining in the EU?

A

+ Improved productivity (competition)
+ EOS (access to 500m customers)
+ Business alliances and joint ventures

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14
Q

What are the disadvantages of remaining in the EU?

A
  • No greater demand from domestic customers

- Must follow regulations

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15
Q

What are the advantages of leaving the EU?

A

+ Greater demand
+ Greater freedom (do not have to abide to laws)
+ Reduced costs (EU laws are expensive to abide to)

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16
Q

What are the disadvantages of leaving the EU?

A
  • Reduced pool of candidates
17
Q

Why might UK businesses see greater demand if we left the EU?

A

UK customers will have to pay tariffs if they are to buy from Europe - greater domestic demand

18
Q

How does political uncertainty impact businesses?

A

Consumer confidence is damaged which impacts business sales

May lead to pauses/cancellations of investment

19
Q

Demographics

A

The characteristics of human population groups

e.g. the size of the population

20
Q

Ethnic diversity

A

A diverse group of people are moving to the UK and so there are many cultures

21
Q

What are examples of changing social factors? (6)

A
  1. Social habits - e.g eating out more
  2. Employment patterns - e.g part time
  3. Role of women
  4. Attitudes to work - holidays expected
  5. Education
  6. The grey pound (retired people - wealthier)
22
Q

Ethics

A

Ethics concerns the judgement about whether something is morally right or wrong

23
Q

Give 4 examples of ethical issues?

A

Zero hour contracts
Cancer treatment costing £500,000
Child labour
Unpleasant images on adverts

24
Q

What are the benefits of behaving ethically?

A 
\+ Attracts new customers
\+ Attracts new and better quality employees
\+ Encourages investment
\+ Creates positive publicity
\+ Encourages employees to stay
\+ Results in increased sales
25
Q

What are the disadvantages of behaving ethically?

A
  • Increased costs = increased prices?
  • Lowers output by having to stick to laws
  • Sets expectation too high
26
Q

What is meant by the term sustainability?

A

The endurance of resources. Refers to preventing negative impacts from economic systems and production on the Earth and its environment

27
Q

How can businesses easily behave more sustainably?

A
  1. Use Skype
  2. Recycling schemes
  3. Correctly dispose of chemicals
  4. Water and energy saving measures
  5. Alternative energy sources
  6. Buying products from sustainable farmers
28
Q

What are the current environmental issues linked to businesses?

A
  1. The use of non-renewables
  2. Deforestation
  3. Pollution - CO2
  4. Noise pollution
  5. Congestion
  6. Water pollution
29
Q

2 large-scale effective ways to reduce environmental impacts?

A
  1. Congestion charges

2. Alternative energy sources

30
Q

How do congestion charges work?

A

A payment is required in order to access a zone, paid by all vehicles

31
Q

How would the use of alternative energy sources benefit a business?

A

They are more sustainable and so will be of benefit to a business’ reputation

Business Studies A Level (17 decks)

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