Business 3.5 Definitions

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Business Ethics
Ideas about what is morally correct or not, applied in a business situation
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Supply Chain
The processes that are involved in the route taken by a product from the raw materials needed to create it right through to the final customer
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Developed Countries
Countries with a relatively high income per person
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Developing Countries
Countries with a lower income per person than developed countries
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Import
An import is the purchase of a good or service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller's currency to make the transaction
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Export
An export is the sale of a good or service to a foreign buyer that leads to a flow of money into the UK. The foreign buyer will have to change their currency into pounds to complete the purchase
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Protectionist Policies
Measures designed tp reduce foreign products coming into a country but give an advantage to domestic firms to see products at home or export products
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Tariffs or Custom Duties
Taxes put on a goods imported into a country which make them more expensive for buyers
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Quotas
Limits on the physical number of goods that can be imported over a period of time
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Export Subsidies
Measures that reduce the price of goods sold abroad
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Minimum Wage
The lowest payment per hour, day or week that can be given to a worker for their work
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Card 2

Front

The processes that are involved in the route taken by a product from the raw materials needed to create it right through to the final customer

Back

Supply Chain

Card 3

Front

Countries with a relatively high income per person

Back

Preview of the back of card 3

Card 4

Front

Countries with a lower income per person than developed countries

Back

Preview of the back of card 4

Card 5

Front

An import is the purchase of a good or service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller's currency to make the transaction

Back

Preview of the back of card 5
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