Unit 6 key words

• What is capital in a business context?

  Money or assets such as machines, buildings, vehicles
• What is child labour?

  The use of young children, below the legal age for employment, in order to achieve low-cost production
• How does climate change affect business?

  It alters average temperatures and weather patterns, impacting production and supply chains
• What is consumer income?

  The total amount of income that all customers in the country receive and which they have available to spend
• Who are customers?


  Buyers who buy goods and services for the satisfaction or benefit they will get from them
• What does the distribution of income refer to?


  How the income is shared out amongst different people in the community
• What is meant by the economic climate?


  It refers to how well the country is doing in terms of the levels of income and employment
• What is economic growth?


  A period when GDP is rising, causing income and employment to rise
• What does environmentally friendly mean?


  An adjective that describes consumers and businesses that act to make production sustainable
• What is an ethical business?


  Businesses that behave in a morally correct way
• What is ethical marketing?


  Marketing activities that seek to give customers information to make good choices for themselves
• What are ethics?


  What is right and what is wrong
• What is free trade?


  The absence of restrictions on trade between countries
• What is globalization?


  The process by which business activity around the world has become increasingly interconnected
• What is global warming?


  The rise in average temperatures that scientists say is taking place
• What does Gross Domestic Product (GDP) measure?


  How much a country produces in a year
• How does GDP influence income and employment?


  It influences the level of income and employment
• What is income?


  The amount of money that people receive from work and from assets they own, such as shares and property
• What is international branding?


  Creating an image or values for a product that are communicated in countries around the world
• What is the international economic climate?


  What is happening to income and employment in different parts of the world
• What does the level of employment refer to?


  The number of people in work in a country
• What does the level of income refer to?


  The average income of people in a country
• What does the level of unemployment refer to?


  The number of people out of work in a country
• What are multinational companies?


  Businesses that operate in different countries around the world
• What are non-renewable resources?


  Resources that can only be used once, such as oil
• What is pollution?


  Causing harm to the environment including air, land and water
• What is productivity?


  A measure of the output of each worker on average
• What is a quota?


  A limit in terms of weight or value on the amount of a good or service that can be imported
• What is a recession?


  A period when GDP is falling, causing income and employment to fall
• What is recycling?


  When resources are reused to produce something
• What are regulations?


  Rules about the goods and services that can be sold in a country
• What are renewable resources?


  Resources that can be used more than once, such as wind or water power, or that can be recreated such as crops
• What is sustainable production?


  When production does not lead to the depletion of natural resources
• What is a tariff?


  A tax on goods or services that is imported
• What is trade?


  The import and export of goods and services
• What is unit cost?

  The cost per unit produced
• What is waste disposal?


  The process of getting rid of unwanted materials