Business paper 1

• Information and communications technology (ICT)


  Computing and communication systems that a business might use to help exchange information with stakeholders
• Digital communication


  The transmission of information electronically between computing devices/ using technology
• M-commerce


  Business transactions are carried out electronically by mobile phone
• E-commerce


  Business transactions carried out electronically on the internet
• AI


  Artificial Intelligence. Use of technology to complete tasks usually requiring human intelligence
• Webchat


  Communicating in real time using web browsers
• Apps


  Pieces of software designed for a specific purpose and for use on smartphones
• Social media


  Methods of online communication such as websites or apps for people to share information
• Ethics


  The moral principles that guide how a business operates
• Trade off


  A trade off arises where having more of one thing potentially results in having less of another
• The environment


  The natural world within which we live e.g. seas, forests etc
• Traffic congestion


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


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


  The process of operating without damaging the environment or depleting natural resources
• Global warming


  The steady increase in the earth's temperature due to emissions and the build-up of greenhouse gases, resulting in climate changes
• Scarce resources


  When the raw materials that are available are not sufficient to meet needs
• Pressure groups


  A group that tries to influence public policy in the interest of a particular cause
• The economy


  Made up of consumers, businesses and the government making decisions on what to buy, sell and produce
• Consumer spending


  The value of goods and services bought by consumers and households that satisfy their needs and wants (GDP)
• Recession


  A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
• Employment


  The % of people aged 16-67 that are in employment
• Interest rates


  The cost of borrowing money and the reward for saving
• Globalisation


  The trend for large businesses to operate on a worldwide scale; money, goods and services can be transferred across national borders
• Exchange rates


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


  When the value of a currency increases $1 = 1.40 today but increases to $1 = 1.60 tomorrow
• Depreciation


  When the value of a currency decreases $1 = 1.70 today but increases to $1 = 1.50 tomorrow
• Import


  Good/service bought from a supplier in another country
• Export


  Good/service sold to a customer in another country
• Legislation


  A set of rules that governs how society operates
• Employment legislation


  Rules and regulations that concern the relationship between employers and employees in the workplace
• National Minimum wage/ living wage

  The lowest hourly rate that can legally be paid by an employer to an employee
• 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
• 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
• 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
• Trade descriptions Act 1968


  Protecting customers from false or misleading descriptions about products or their prices
• Sale and supply of goods act 994

  Says that all products have to be of a satisfactory quality
• Market


  Where those wishing to buy goods/services make contact with those who have them to sell