Influences On Businesses

• Air pollution


  The presence or introduction of harmful substances into the air causing disease, allergies or damage to humans, animals, plants or the built environment.
• Consumer law


  Laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly.
• Consumer spending


  The money spent by households on goods and services to satisfy their needs and wants.
• Contracts of employment


  A legal document that sets out the terms and conditions of the job for the employer and the employee.
• Disposal of waste


  The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites.
• E-commerce


  Business transactions carried out electronically on the internet
• Employment law


  Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers.
• Equality Act (2010)


  Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone.
• Ethical objectives


  A business' goals that relate to fair business practice or moral guidelines and make a positive contribution to the business' reputation.
• Ethics


  The moral principles that guide how a business operates.
• Exchange rates


  The price of one currency based on another or the cost of buying one currency from another, for example £1 = $1.21.
• Export


  Good/service sold to a customer in another country.
• Global warming


  The steady increase in the earth's temperature due to emissions and the buildup of greenhouse gases, resulting in climate changes.
• Globalisation


  The trend for large businesses to operate on a worldwide scale; money, goods and services can be transferred across national borders.
• Health and Safety at Work Act (1974)


  Sets out the duties and responsibilities of both employers and employees for health and safety in the workplace.
• Import


  Good/service bought from a supplier in another country.
• Interest rates


  The rate charged for borrowing money over a period of time, or the reward for saving money.
• Level of employment


  The percentage of the population of working age that are employed.
• M-commerce


  Business transactions are carried out electronically by mobile phone.
• National minimum wage/living wage


  The lowest hourly rate that can legally be paid by an employer to an employee.
• Noise pollution


  A type and level of noise that is excessive and disturbing to people or animals.
• Recycling


  The conversion of waste into reusable material.
• Risk


  The possibility that the return on investment will be lower than expected
• Sustainability


  The process of operating without damaging the environment or depleting natural resources.
• Traffic congestion


  The effects of overuse of transport networks, for example slower speeds, traffic queues and longer journey times.
• Waste


  The unwanted material left over from the production process; it may have little or no value and the business may have to pay for its disposal.
• Zero-hour contract


  A contract of employment where the employer is not obliged to provide any minimum hours of work; the employee is not obliged to accept any work that is offered.
• Digital Commmunication


  The transmission of information electronically between computing devices.
• Social Responsibility


  An approach to managing businesses in which the interests of all groups in society are taken into account when making decisions.
• External Costs


  When business activities result in harmful effects on other people not directly involved in production.
• Economic Climate


  The state of key factors within a country such as the level of goods and services produced and the number of jobs available.
• Multinational Company (MNC)


  A company which produces goods and services in more than one country.
• Inward Investment


  When governments, businesses and individuals invest capital into another country.
• Markets


  Exist where there are buyers and sellers.
• Competition


  When more than one business is attempting to attract the same customers.
• Uncertainty


  Occurs when there is a lack of information about a situation. This means the outcome is difficult to predict.