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20 Cards in this Set
- Front
- Back
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government intervention
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policy based on the belief that government should exert a strong influence on the economy rather than allowing market forces to dictate condition
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laissez-faire
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police based on he belief that the free market will maximise business efficiency and consumer satisfaction; government therefore tries to avoid interfering in the running of business or any other part of the economy
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privatisation
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when state run industries and state owned assets are returned or sold in the private sector
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monetary policy
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controlling the money supply and the rate of interest in order to influence the level of spending and demand in the economy
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fiscal policy
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the use of taxation and government expenditure to influence the economy
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demographics
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the characteristics of human populations and population groups, including elements such as age, ethinicity, gender, religion and sexual orientation
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externalities
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the environmental effects of a firm's activities, which may be positive, such as job creation or pleasing landscape around the factory, or negative, such as polluting the atmosphere with fumes or congesting the roads with lorries
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contingency planning
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planning for unexpected, often unwelcome events in order to minimise their risk costs
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environmental audit
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an independent check on a firms polluting activities such as emissions, wastage levels and recycling
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pressure group
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an organisation formed by people with common interest or shared goal, which join together to further their interests or acheive their goals by putting pressure on the general public, government or business
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business ethics
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the man principles that should underpin decision making. ehtical behaviour involves actions and decisions that are seen to be morally correct
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ethical code
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an instruction from an organisation to its employees to indicate how they should react to situations relating to moral values.
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ethical investments
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stock market investment based on a restricted list of firms that are seen as ethically sound.
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public relations
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activities to boost the public profile of an organisation
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corporate social responsibilty
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the duties of an organisation towards their employees, customers, society and the environment
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social auditing
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the process by which a business attempts to assess the impact of the entire range of its activities on stakeholders and society in general
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technological change
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adapting new applications of practical or mechanical sciences to the industry and commerce
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information technology
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the creation, storing and communication of information using microelectronics, computers and telecommunications
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fair competition
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where firms compete on equal terms in a way that offers consumers the best choice of products and prices
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unfair competition
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where firms do not compete fairly, but act in a way that restricts consumer choice in the short or long term
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