Business Studies - 3.5

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Define 'Business Ethics'
Ideas about what is morally correct or not applied in a business situation.
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What are the 8 stakeholders a business must show they are Ethical towards?
1) Production Process 2) Suppliers 3)Employees 4) Customers 5)Competitors 6) The Product 7) The environment 8) Local Communities
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How can a business show that they are ethical toward the Production Process?
Making sure what the customer is getting is what they want by producing it to work.
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How can a business show that they are ethical toward Suppliers?
Paying them well
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How can a business show that they are ethical toward Employees?
Pay them fairly and ensure they are happy
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How can a business show that they are ethical toward Customers?
By not misleading them in any way
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How can a business show that they are ethical toward Competitors?
By not comparing businesses
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How can a business show that they are ethical toward the Product itself?
Sell fair trade; ensure it is what it says it is; make it green.
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How can a business show that they are ethical toward the Environment?
Recycle; sell products made from recycled material; use environmentally friendly raw materials
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How can a business show that they are ethical toward Local Communities?
Cause as little disturbance as possible
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What is a Pressure Group?
Organisations that try to get businesses to change what they are doing? They can cause bad publicity for businesses that act unethically which can damage their reputation.
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What is the definition of the term 'Import'?
You bring in products / services from foreign countries. The money is leaving the domestic country and going to the foreign country's economy.
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What is the definition of the term 'Export'?
Sending products / services to another country. Money leaves the foreign country and comes into the UK economy.
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What is an 'Export Subsidy'?
'Measures that reduce the price of goods sold abroad.' The government may give firms that export products money (a subsidy) which helps to reduce the cost of production. The effect is to reduce the price of these goods sold abroad.
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How do 'Export Subsidies' Encourage Exports?
Makes a country's exports more price competitive so sales may be higher (businesses are given help to sell their products abroad)
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How do 'Export Subsidies' Aim to help Businesses?
The business doesn't have to pay high production prices. It helps them to also expand into a foreign market and increase market share.
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What is Import Protection?
'Policies to protect UK businesses from foreign competition.'
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What are the two types of import protection?
Tariffs and Quotas
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What is a Tariff?
When taxes are put on imported goods.
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What is a Quota?
Limits on the physical number of goods that can be imported over a period.
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How does Import protection aim to reduce imports?
If goods have taxes, it will encourage businesses to find alternatives so they don't have to pay it.
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How do Import Protections aim to help businesses?
Stops foreign businesses coming in and taking over the market - giving UK (dometic) businesses more chance of survival
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What are the 8 stakeholders a business must show they are Ethical towards?

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1) Production Process 2) Suppliers 3)Employees 4) Customers 5)Competitors 6) The Product 7) The environment 8) Local Communities

Card 3

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How can a business show that they are ethical toward the Production Process?

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Card 4

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How can a business show that they are ethical toward Suppliers?

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Card 5

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How can a business show that they are ethical toward Employees?

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