External Influence Flashcards
What is inflation?
the rate of increase in prices over a given period of time
What is economic influence?
When a business is affected in any way by economic factors
What is legislation?
A sets of laws suggested by government and made official by parliament
What are the 5 categories of legislation?
- consumer protection
- employee protection
- environmental protection
- competition policy
- health and safety
What is consumer protection law?
The consumer having legal rights if the good/service is broken, unusable or not what it was advertised as
How does consumer protection effect a business?
- Can’t give false or misleading information about products
- consumers can claim a refund or replacement if so
What is employee protection?
makes sure the UK worker gets paid when they are sick, gets paternity and maternity pay, is not discriminated against, gets a fair wage and is treated equally.
What is environmental protection?
to control pollution in terms of business waste that is disposed of in the air, on land and in the sea
What is competition policy?
designed to prevent collusion – price fixing by businesses getting together and agreeing a price to charge for their products
What is the Health and Safety at Work Act?
All workers have a right to work in places where risks to their health and safety are properly controlled
What are the impact of legislation on business cost?
A business need to meet all laws meaning paying costs such as training staff, protection equipment for staff, cost of paying NMW
What is the impact of legislation on business training needs?
Businesses will need to make sure that all their employees are trained and that the training is up-to-date
