Influences On Business

Question 1

ICT

Answer 1

The computing and communication systems that a business might use to exchange information in a business between stakeholders

Question 2

What are intranets

Answer 2

Communication networks which can only be used by employees

Question 3

What are extranets

Answer 3

Communication networks that can only be used by other organisations like suppliers

Question 4

What is cloud computing

Answer 4

A term for the delivery of computing services like storing lots of data by a business

Question 5

What are software robots

Answer 5

Advanced computer programs that carry out administrative activites that were before carried out by employees

Question 6

What is an m commerce

Answer 6

The act of buying and selling products through wireless devices such as phones

Question 7

What is an e commerce

Answer 7

The act of buying or selling a product through electronic systems such as the internet

Question 8

What are ethics

Answer 8

Wether a businesses decision is morally right or wrong, it is judged on what is morally right

Question 9

What are fair trade products

Answer 9

Products whose customers pay higher prices so that employees and any workers to do with the business get a fair wage

Question 10

What is social responsibility

Answer 10

An approach to business decisions that takes into account all groups in society

Question 11

What is a pressure group

Answer 11

A group of people who share a common interest and influence the public decisions

Question 12

What is sustainibility

Answer 12

Refers to how production can be continued in the long term without damaging the enviornment

Question 13

What is the economic climate

Answer 13

The level of goods, services and available jobs in a country

Question 14

Whats the economy made up of

Answer 14

Millions of consumers, businesses and the government

Question 15

What are interest rates

Answer 15

The rate of borrowing money, in a loan or for saving money in a bank

Question 16

What is an overdraft

Answer 16

A flexible loan which businesses can use up to a limit

Question 17

What is consumer spending

Answer 17

The value of goods bought by consuemrs over time

Question 18

What is income elastic products

Answer 18

Sales that change based on the consumers income

Question 19

What is a tariff

Answer 19

A tax on foreign goods imported into another country

Question 20

What are exports

Answer 20

Goods and services produced by another business and sent a foreign country

Question 21

What is inward investment

Answer 21

When governments , businesses ans induviduals invest capital into another country, a foreign one. Like building factories

Question 22

What is product design

Answer 22

The need of consumers. Entrepreneurs invent into a saleable product

Question 23

What is quality

Answer 23

How much a product / service satisfies a consumer

Question 24

What is legislation

Answer 24

The set of rules by a government to change how a society operates

Question 25

What is the national living wage

Answer 25

The hourly rate of pay set by the government, based on their age they must at least recieve that amount

Question 26

What is a trade union

Answer 26

A group of workers who work to improve pay and conditions

Question 27

What is a contract of employment

Answer 27

A legal document stating the hours, rates of pay of an employee

Question 28

What are consumer laws

Answer 28

Laws that have been put in place to prevent businesses from treating customers unfairly

Question 29

Give an example of a UK export

Answer 29

A car made in the UK sold to a foreign business in another country e.g Spain

Question 30

How can a weak currency be bad for a business

Answer 30

Bad for a business that exports as it will be more expensive

Question 31

Give an example of a UK import

Answer 31

A mobile phone made in China is sold to UK customers

Question 32

Imports and exports difference

Answer 32

Imports : goods bought from another country , into the UK Exports : goods that are sold in another country,

Question 33

How do you remember a strong pound's effect

Answer 33

SPICED S-Strong P-Pound I- Imports C-Cheaper E-Exports D-Dearer

Question 34

How do you remember the effect of a weak pound

Answer 34

The opposite effects of SPICED

Question 35

In what strength of the pound is importing more expensive

Answer 35

Weak pound

Question 36

3 drawbacks of globalisation

Answer 36

Enviornmental degregation Widening wealth gap Loss of cultural identity

Question 37

3 benefits of globalisation

Answer 37

Better information exchange More variety of goods and services Acess to cheaper land / more opportunities

Question 38

What are markets

Answer 38

Places where there are buyers and sellers of a product/service

Question 39

What is a monopoly

Answer 39

When a business does not face any competition in a market

Question 40

What is competition

Answer 40

When more than one business tries to attract the same customers

Question 41

What is a recession

Answer 41

When the value of a economies output of goods and services decreases for more than six months

Question 42

What is diversification

Answer 42

When a business starts selling new products in new markets

Question 43

Exports

Answer 43

Out of the country

Question 44

Imports

Answer 44

Into the country

Question 45

Imports

Answer 45

Into teh country

Question 46

Why promotion

Answer 46

Informing customers / reminding them of a product and getting new customers

Question 47

Ways of sales promotion

Answer 47

Online ads Mails Emails

Question 48

Does marketing increase sales

Answer 48

It can as its purpose it to attract as many people as possible to your product

Question 49

How do you compete in a business

Answer 49

Price, new products and advertisement

Question 50

What is the market volume

Answer 50

The amount of a specific products in a market sold e.g pizza

Question 51

How do you measure mean growth in a business or market

Answer 51

Percentage change between years, add them up and divide by total years passed e.g 2016 , 2017, 2018 ____________ divided by 3