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GCSE Unit 3 S5

Edexcel GCSE Business Unit 3 Section 5

QuestionAnswer
What is meant by business ethics? Business ethics are ideas about what is morally right or wrong in a business situation
Why do business ethics involve a trade off? Extra Costs VS More Profit Higher Wages Need to Recycled Materials pay dividends More to suppliers
What are the advantages of a business behaving ethically? What does it depend on? 1. Generates a USP 2. Adds value through having a responsible brand image Whether other businesses in the industry are doing the same thing
What is a pressure group? A pressure group is an organisation that seeks to alter firm’s decisions, usually because they are unhappy about how a firm is acting.
What are the actions a pressure group can take? Media Campaigns Boycotts Protest Lobbying government Remember, businesses themselves can form a pressure group.
What are the short term and long term effects a business can have on the environment? Short Term Traffic congestion Pollution Long Term Depletion of natural resources Climate change
What action can government take to reduce the impact business have on the environment? Regulations – e.g. pollution limits for factories or rules for packaging Taxation – using taxes such as a plastic bag tax Banning the use of dangerous chemicals Promote recycling schemes
What does the success of government actions to help the environment depend on? How easy it is to enforce the rules upon business How many businesses support the governments actions
What are the reasons for protectionism? 1. Reduce domestic unemployment 2. Protect growing industry from foreign competition 3. Safety and security 4. National tradition and culture
What are main forms of protectionism that can be used? Tariffs Quotas Bureaucracy
What does the effect of protectionism depend on? The effects of protectionism depend on: 1. The level of the tariff or quota 2. The industry or business involved 3. Whether the price of the goods is more important than the quality
What is the difference between a developed (MEDC) and developing (LEDC) country? A developed country has relatively high average income per person* A developing country has relatively low levels of average income per person *average income per person is often quoted as GDP per capita
The EU is a single market. How does this affect UK businesses? 1. No tariffs or quotas on imports/exports in the EU 2. Common safety standards 3. Educational qualifications are recognised 4.Workers are free to live in and work anywhere in EU* 5. Single currency exists* - The Euro *Not quite there yet on these
How do different taxes affect businesses? 1. Corporation tax reduces profits and therefore dividends 2. Income tax means consumers have less to spend 3. VAT raises prices 4. National insurance is a disincentive for businesses to hire workers 5. They may relocate to low tax nations
List 4 problems that might exist from the EU operating as a single market 1. Difficult for 28 countries to agree on economic policy 2. Language barriers make it difficult for people to find jobs in different countries 3. Some different currencies 4. Individual nations are not able to protect their own industries
How do regulations affect businesses? Regulation often means extra costs for businesses. This is because they have to make sure they are not breaking the law and may need to pay someone to complete this task or to upgrade equipment. This will result in a reduced level of profit.
What is a minimum wage? The lowest legal level a business can pay a member of staff.
What are the benefits of multinationals investing in LEDC’s? 1. Investing in infrastructure – new roads, ports, buildings and communications 2. Providing jobs to local people 3. Paying taxes to local government 4. Attracting subsidiary investment e.g. Suppliers like caterers may start up to support factories.
What are the criticisms of multinationals? 1. They cause environmental damage where laws aren't as strict 2. Profits are moved to lower tax rates nations 3. MNC's prevent local enterprise from developing 4. They're not subject to any one set of laws 5. Too much wealth and therefore power
Created by: mrholland
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