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Business Unit 1 > LO6 > Flashcards

LO6 Flashcards

1
Q

Define social factors

A

Social factors are factors relating to the population and their lifestyles

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2
Q

Define demographic issues

A

Issues relating to the size and the structure of the population

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3
Q

Define disposable income

A

Disposable income is a person’s total income minus taxes

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4
Q

What factors are demographic issues and disposable income?

A

Demographic issues and disposable income are ‘social’ factors.

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5
Q

List 3 social factors which are externally effecting a business’s enviroment.

A

1) Attitudes to work

2)social trends

3)cultural beliefs

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6
Q

Define automation (Within technological factors externally effecting a business’s enviroment)

A

Automation is the replacement of human labour with machines.

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7
Q

Define technological factors

A

Advacing technology changing the way we work, pay, learn and shop

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8
Q

Define CAD/CAM (In terms of technological factors externally effecting a business’s enviroment).

A

CAD/CAM stands for a computer aided design/computer aided manufacture.

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9
Q

Define e-commerce (in terms of technological factors externally effecting a business’s enviroment).

A

E-commerce are websites which allow purchases to made online.

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10
Q

Define EPOS (In terms of technological factors externally effecting a business’s enviroment).

A

EPOS means electronic point of sale.

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11
Q

List 2 technological factors which externally effect a business’s enviroment.

A

1)Mobile technology

2)Communication technology

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12
Q

List a enviromental factors which externally effects a business’s enviroment.

A

Enviromental factors are factors which relate to minimising the damage to the planet.

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13
Q

Define video conferencing (In terms of technological factors which externally effect a business’s enviroment)

A

Video conferencing is holding virtual meetings using audio and video screens.

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14
Q

List 5 factors of Economic factors which can externally effect a business’s enviroment

A

1)Interest rates

2)Exchange rates

3)Inflation

4)Unemployment

5)Taxation

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15
Q

Define political factor.

A

Polictical factocts which relate to the goverment policy and practices

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16
Q

Define imports (in terms of technological factors externally effecting a business’s enviroment)

A

Imports are buying goods from abroad.

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17
Q

Define exports (economic factors externally effecting a business’s enviroment).

A

Exports are selling goods to other countries,

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18
Q

Define Sterling (in terms of economic factors externally effecting a business’s enviroment)

A

Sterling is the UK currency - the British Pound

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19
Q

Define legal facors which externally effect the business’s enviroment.

A

Legal factora are the current largislations.

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20
Q

What two types of legislation is Business framework?

A

1) companies act
2)partnership act

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21
Q

What key factors are within the Business framework with the companies act? List 3.

A

1)Governs all types of companies

2)Files accounts annually

3)Limited liability for all shareholders

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22
Q

What key factors are within the Business framework with the partnership act? List 2.

A

1)Governs business partnerships

2)Jointly and severally liable-all partners responsible for business debts.

23
Q

What 2 types of legislation is the Consumer protection - laws that protect customers

A

1)Consumer rights acts

2)Consumer protection act

24
Q

What is the consumer protection in terms of consumers right act? List 2

A

1) Right for a refund, repair, or replacement

2)services should be provided with reasonable skill, and reasonable care with reasonable time frame

25
Q

What is the consumer protection in terms of consumer protection act? List 2.

A

1)Businesses must not manufacture or sell goods which are unsafe

2)Local conuncils have the right to seize unsafe goods and ban them from sale

26
Q

What are the 4 legisations in the employee protection act?

A

1)equailty act

2)health and safety at work

3)working time directive

4)national minimum wage

27
Q

Define the data protection act.

A

The data protection act is governing the storage and use of personal data

28
Q

Define the copyright, Design and Patents Act

A

Protects the interests of the creator of original work

29
Q

Define planning permission

A

Businesses must obtain planning consent before making significant changes to land or property

30
Q

Name 2 non-legal implications of failing to meet the legal requirements

A

1) Bad publicity

2)poor employer-employee relations

31
Q

Name 2 legal implications of failing to meet the legal requirements

A

1) law suits

2)fines

32
Q

Define ethical factor

A

Issues concerned about what is right, beyond what the law requires

33
Q

Define sustainability

A

Sustainability is when a business will preserve the planets natural resources for future generations

34
Q

Define corporate social responsibility

A

A business which behaves in a way to improve welfare of society

35
Q

Give 2 example of corporate social responsibility

A

1) Giving donations to charity

2)providing humanitarian aid

36
Q

Give 2 example of a business being sustainable

A

1) Using non-fossil fuels for transport

2)green energy

37
Q

Name 2 positive impact of the business when operating ethically

A

1) reduced stakeholder conflict

2)better reputation

38
Q

Name 2 negative consequences of a business not behaving ethically

A

1) damage to reputation

2)loss of customers

39
Q

Define niche market

A

A small subset of the market that has specific needs that the business taps into

40
Q

What is the effect of high unemployment?

A

Lower levels of disposible income

41
Q

What type of business will benefit to lower levels of disposible income?

A

A discount store store (e.g a 50p shop)

42
Q

What type of business will face the disadvantage of lower disposible income and why?

A

A new car showroom

there is a reduced demand for expensive products

43
Q

What is the effect of social trends of eating out?

A

More meals will be eaten at restaurants

44
Q

What type of business will benefit from more meals being eaten at restaurants and why?

A

Well-known restraurant chains -> increaisng revenue from more customers

45
Q

What type of business will be at a disadvantage of more meals being eaten a restaurant and why?

A

A supermarket chain because of falling profits

46
Q

What 2 type of stakeholders will benefit from high interest rates and why?

A

Lenders->more revenue
customers with savings -> more money avaliable to spend

47
Q

What type of stakeholder will be at a disadvantage of high interest rates and why?

A

customer with a morgage -> they will have less money to spend

48
Q

What types of stakeholders will benefit from an increased in living wage and why?

A

Employees -> better standard of living

49
Q

What 2 type of stakeholders will be at a disadvantage of increases in living wage?

A

shareholders -> lower dividends
customers -> higher prices

50
Q

What is meant by the term ‘market share’

A

The percentage of aan industry’s total sales earned by one business

51
Q

Which one of the following is most likely to be a key operative of a local goverment?
1) collecting taxes
2)making a profit
3)providing a service
4)selling goods

A

3) providing a service

52
Q

Employees at a convience store will want:

A

high wages

53
Q

Which one of the following changes in the external environment is not an economic factor?
(a) A fall in the value of the pound
(b) A reduction in unemployment
(c) A rise in inflation
(d) An increase in the national minimum wage

A

d

Business Unit 1 (8 decks)

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