unit 1.5 business

• what is the employment law?

  legal limitations that protect the employees of a business from unfair business practice.
• what is the health and safety law?

  legal limitations that protect the employees from unsafe business practice.
• what is consumer income?

  how much money consumers have to spend on their needs and wants
• what is the consumer law?

  legal limitations that protects consumers from unfair business practice
• what does E-commerce mean?

  using the internet to promote and sell goods or services
• what does external influence mean?

  factors affecting a business but they cannot control it
• what is inflation?


  where costs and prices in an economy are increasing.
• what are interest rates?

  the percentage cost of borrowing money or the reward for saving money
• what is a pressure group?

  collection of individuals who have a common cause and campaign to achieve it
• what is a supplier?

  business that provides raw materials, components in exchange for a payment
• what is a stakeholder?


  someone who is directly affected by the actions of the business
• what is unemployment?

  when people are able to work but don't
• what is a shareholder?

  someone who owns the business
• give 3 advantages of digital communication

  • cheap and widely used
  • videoconferencing online saves time
  • possible to produce translated versions
• give 3 disadvantages of digital communication

  -unreliable

  -can lead to communication overload

  -equipment may not work
• explain one benefit to a small business of using social media as a method of communicating with customers.

  P= share content faster and easier

  B=you just press a button to share it on your page

  L= customers see your content quicker and it makes it easier for them to see it

  T= customers will like the convenience of social media because it access's your content to them fast and easy.
• what does legislation mean?

  process of making laws
• what are the impacts of legislation on businesses?

  • cost
  • consequences of meeting and not meeting these laws and obligations.
• explain the costs of meeting health and safety legislation

  it can be expensive for companies to follow these rules
• explain the costs of not meeting employment legislation

  it can be more expensive not following the rules because of fines, compensation payments and absences
• what is the impact of economic climate on businesses?

  unemployment, inflation, changing levels of consumer income