The buying and selling of goods and services online.
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M-commerce
The buying and selling of products through devices such as smartphones.
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Ethical Behaviour
Businesses act in ways that stakeholders consider to be both fair and honest.
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Business Ethics
These are moral guidelines which manage acceptable behaviour.
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Ethics
About what is right and what is wrong.
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Law
About what is lawful and what is unlawful.
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Sustainability
Using current resources that meets the needs of present without compromising the ability of future generations to meet their own needs.
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Interest Rates
The costs of borrowing money, or the return on investment from money saved in the bank.
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Loan
A sum of money that is borrowed and expected to be paid back with interest.
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Overdraft
A type of borrowing facility that lets you borrow money through your bank account. When you have spent all the money in your bank account, an overdraft will allow you to spend an additional pre-arranged amount.
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Mortgage
A long-term loan of money which you get froma bank or building society in order to buy a building/ house.
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Unemployment
The number of people able, available and willing to find work and actively seeking work- but not employed.
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Consumer Spending
The value of spending by individuals and householders and goods and services.
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Income
The flow of cash or equivalent recieved from work (wage or salary), capital (interest or profit), or land (rent).
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Dermand
The quality of a good or service that consumers are willing amd able to buy at a given price in a given time period.
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UK Exports
Products made in the UK and sold overseas.
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UK Imports
Products made overseas and sold in the UK.
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International Trade
The exchange of goods and services between different countries.
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Visible Trade
Items that are products which have tangible (physical) form e.g. whisky, wool, coal.
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Invisible Trade
Items that are intangible (non-physical) and often take the form of a service or financial product e.g. payments for services such as banking and tourism.
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Globalisation
A process where an increased proportion of economic, social and cultural activity is carried out across national borders.
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Multinational Corporation
An enterprise operating in several countries but managed from one (home) country. Generally, any company or group that derives a quarter of its revenue from operations outside of its own country is considered a multinational corporation.
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Competitive Market
A competitive market has many businesses trying to win the same customers.
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Market
Any place where buyers and sellers meet in order to exchange goods and services.
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Monopoly
When a business does not face any competition in a particular market. If you have 25% or more of the market share, you are legally classed as a monopoly.
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Patent
A government authority or licence giving you the sole right to stop others from making, using or selling your invention.
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Risk
The possibility of something going wrong. This possibility can be measured.
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Uncertainty
A lack of information about the situation which means the outcome/ consequences are hard to predict.
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Calculated Risk
A risk has beenundertaken after careful consideration has been given to the likely outcome.
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Entrepreneur
Someone who sets up a business and takes the risks associated with this, usually with the aim of making a profit.
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Other cards in this set
Card 2
Front
The buying and selling of products through devices such as smartphones.
Back
M-commerce
Card 3
Front
Businesses act in ways that stakeholders consider to be both fair and honest.
Back
Card 4
Front
These are moral guidelines which manage acceptable behaviour.
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