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External Environment

GCSE Business External Environment

TermDefinition
Commodities Raw materials such as coal, oil, copper, iron ore, wheat and soya.
Commodity Markets Where buyers and sellers meet to exchange commodities- these can be international eg London Metal exchange.
Demand The amount consumers are willing and able to buy at any given price.
Supply The amount sellers are willing to offer for sale at any given price.
Shortage When the demand for a good or service is greater than the supply. Prices tend to rise.
Surplus When the demand for a good or service is less than the available supply. Prices tend to fall.
Goods market The market for everyday products such as clothes, food, petrol. going to the cinema etc.
Interest Rates The percentage reward or payment over a period of time that is given to savers or paid by borrowers on savings or loans.
Bank of England The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK>
Variable Interest Rates Interest rates that can change over the lifetime of a loan depending on what is happening to other interest rates in the economy.
Fixed Interest Rates Interest rates that stay the same over an agreed period of a loan.
Exchange rates This is the price of buying a foreign currency. It tells you how much of the foreign currency you will get for every pound or how many pounds you have to give up to acquire a foreign currency.
Export This is the sale of a good or service to a foreign buyers that leads to a flow of money into the UK.
Import This is the purchase of good or services from a foreign business that leads to a flow of money out of the UK.
Economic Activity The amount of buying and selling that takes place in a period of time.
The economy The economic activity carried out by people and businesses in a country.
Economic growth Rises in the rate of economic growth in an economy. It is measured by calculating the value of sales in an economy over a period of time.
Business Cycle Fluctuations in the level of economic activity over a period of time.
Recession A situation when the level of economic growth is negative for two successive quarters.
Stakeholder An individual or group which has a vested interest in an is affected by the activities of a business.
Business Ethics Ideas about what is morally correct or not, applied to a business situation.
Pressure Groups Groups which support causes such as workers right , the environment or animal welfare. They try and get businesses to change they way they do business.
Supply Chain The processes that are involved in the route taken by a product from the raw materials needed to create it right through to the final customer.
Developed countries Countries with a relatively high income per person.
Developing countries Countries with a relatively low income per person.
Protectionist policies Measures designed to reduce foreign products coming into a country but give an advantage to domestic firms to sell products at home or export products.
Tariffs or customs duties Taxes put on goods imported into a country which make them more expensive for buyers.
Quota Limits on the physical number of goods that can be imported over a period of time.
Export subsidies Measures that reduce the price of goods sold abroad.
Minimum wage The lowest payment per hour, day or week that can be given to a worker for their work.
Created by: dduguid
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