the buying and selling of products through devices suxch as smamrtphones.
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Ethical behavior
Businesses acting in a way that stakeholders consider to be fair and honest.
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Ethics
what is right or wrong
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legal
what is lawful or unlawful
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Sustainability
using current resources that meet the needs of the present without compromising the ability of future generations to meet their own needs
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Interest rate
the cost of borrowing money, or the return on an 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 intoyuor 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 that you get from a bank or building society in order to buy a house or building.
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Unemployment
the number of people that people that are able, available and willing to work and actively seeking work but are not employed.
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Consumer spending
the value of spending by individuals and householders on goods and services.
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income
the flow of cash or equivalent recieved from work- capital or land.
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demand
the quantity of a good or service that consumers are willing and able to buy at a given price at a given time period.
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UK exports
products made inthe 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 items
products which havet angible form.
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invisible items
intangible and often take the form of services
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globalisation
an expansion in trade in goods and services between countries and the development of global brands.
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multinational corporation
enterprise operating in several countries but managed from one country. Any company that derives 1/4 of its revenue from operations outside ofits home country is considered a multinational corporation.
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the health and safety at work act 1974
the main law covering work health and safety in the uk
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market
any place where buyers and sellers meet in order to exchange goods or services
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competition
many businesses all trying to attract the same customers in the same market
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competitive market
many businesses trying to winthe same customers
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monopoly
when a buisness does not face any competition in a particular market. if you have 25% or more of a market, you are considered a legal 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 mearured.
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uncertainty
a lack of information about a situation which means the outcome/consequenses are hard to predict.
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calculated risk
a risk which has been undertaken after careful consideration has been has been given tothe likely outcome.
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entrepreneur
soemone who sets upo 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
M-commerce
Back
the buying and selling of products through devices suxch as smamrtphones.
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