Chapter 3 Flashcards
(36 cards)
social interest groups
organizations that advocate for specific causes or interests, aiming to influence public opinion and policy.
Economic factors
economic growth, interest rates, unemployment, inflation, exchange rates, and fiscal/monetary policies.
Corporate Social Responsibility
is the ethical conduct
of a business beyond
legal obligations, and
the consideration of
social, economic, and
environmental impacts
when making
business decisions.
Industry regulations
Industry regulations
are rules that are specific
to businesses within a
certain industry.
council regulations
Council regulations
are local government rules
made to govern businesses
operating in a specific
geographic area.
Taxation Requirements
Taxation requirements
are laws and rules related
to tax that apply to all
businesses.
societal attitudes
Societal attitudes are the
collective values, beliefs,
and opinions held by a
group of people.
societal behaviour
Societal behaviour
is the way people act
and respond in various
situations.
Values and beliefs
Values and beliefs are
the principles, standards,
and assumptions upheld
by individuals or a group
of people, which influence
how they make decisions.
Trend
A trend is a general
development in the way a
group of people in society
are behaving.
Economic conditions
Economic conditions are
the conditions that exist in
relation to the productive
performance and financial
stability of a nation or
other geographical area.
Interest Rate
An interest rate is the
price paid for money
that has been borrowed,
expressed as a percentage.
employment level
The employment level
is measured as the
percentage of the labour
force who are working in
paid employment.
Consumer confidence
Consumer confidence
is a measure of consumers’
feelings and expectations
about current and future
economic conditions.
Technological Developments
Technological
developments are the
invention and innovation
of tools that solve problems
and enhance processes.
overseas competitors
Overseas competitors
are businesses that are
located in other countries
that operate in the same
industry and offer a similar
good or service.
overseas markets
Overseas markets
are any markets that are
outside of a business’s
own country of operation.
offshoring of labour
Offshoring of labour
involves a business moving
its services or processes
to another country.
exchange rate
An exchange rate is the
relative price at which
the currency of one
country can be exchanged
for the currency of
another country.
online sales
Online sales involve
buying and selling goods
and services using the
internet and is also
referred to as e-commerce.
copyright
Copyright is free and
automatic protection used
on original ideas such as
writing, art, sound, films,
and photographs.
trademark
A trademark is an
exclusive right granted
over a unique aspect of
a business, such as a
symbol, word, sound, or
number, that is used to
distinguish the business
or its products.
Patent
A patent is a licence
that provides a business
with exclusive rights to
use innovative devices,
substances, methods, and
processes.
Corporate social
responsibility (CSR)
Corporate social
responsibility (CSR)
is the ethical conduct
of a business beyond
legal obligations, and
the consideration of
social, economic, and
environmental impacts
when making business
decisions.
