External Influences Flashcards
(20 cards)
E-commerce
Buying and selling products through the internet
M-commerce
Selling products through mobile devices
S-commerce
Selling products through social media
Digital communication
Using electronic channels to transfer data between people and organisations
Ethical behaviour
Actions that stakeholders consider to be fair and honest
Sustainability
Meeting the needs of this generation without compromising the ability of future generations to meet their needs
Economy
All of the transactions between businesses and consumers
GDP
Total value of all goods and services produced in a country in a year
Interest rates
The cost of borrowing or reward for saving
Globalisation
The process of the worlds economies becoming more interstates and interdependent
Exchange rate
The price of one currency expressed in the terms of another
Importer
Business that purchases raw materials for production abroad
Exporter
A business that sells some of its products to customers overseas
Legislation
Laws put in place to protect businesses, employees and consumers
Market
Interactions between the buyers and sellers of a product
Competition
Suppliers who aim their similar products at the same group of consumers
Monopoly
A business with no competition
Pure monopoly
Has 100% of the market share
Legal monopoly
Has 25% of the market share
Risk
A chance of a negative outcome as a result of an action
