influece

• 1. commerce


  Accessing wider markets
• Digital communication


  Changing the way businesses communicate with stakeholders
• Students are expected to know relevant examples of digital technology/communication
• Ethical considerations


  Possible trade off between ethics and profit
• Ethical behaviour


  Requires businesses to act in ways that stakeholders consider to be both fair and honest
• Students are expected to know relevant examples of ways in which a business can behave ethically and the benefits and drawbacks of ethical behaviour
• Environmental considerations


  • Impact on traffic congestion
  • Recycling
  • Disposing of waste
  • Noise and air pollution
• Sustainability


  • Global warming
  • Using scarce resources
• Interest rates


  • How fluctuating interest rates can affect businesses that rely on overdrafts and loans for finance
  • How fluctuating interest rates can affect consumer and business spending
• Economic theory relating to how/why interest rates change is not required
• Level of employment


  How and why businesses might be affected by changes
• Consumer spending


  How demand for products and services may change as incomes fluctuate
• How UK businesses compete internationally

  • Offering better designs
  • Offering higher quality products at lower prices
• Exchange rates


  Impact on the profit and sales of those businesses that import and/or export
• Students will not be asked to calculate exchange rate conversions
• Legislation


  • Employment law
  • Health and Safety law
  • Consumer law
• Employment law


  • National minimum wage/living wage
  • The Equality Act (2010)
• Health and safety law

  The Health and Safety at Work Act (1974)
• Consumer law


  Trade descriptions
• Only brief knowledge of each law is needed. More emphasis should be placed on the effects of the legislation on businesses
• Competitive environment


  • Impact on businesses of operating in competitive markets
  • Uncertainty and risks businesses face
• Market and competition


  Meaning and analysis of potential impacts on businesses
• Risks businesses face


  Reasons why all businesses face uncertainty
• Entrepreneurs


  • Reason why they embark on running businesses
  • Activities businesses can undertake to minimise risks