LEGAL REGULATIONS
What are employment laws designed to do?
Govern the relationship between employers and employees)
What is an interest rate?
The price paid for borrowed money, expressed as a percentage
What does CSR stand for?
Corporate Social Responsibility
What is offshoring?
Moving operations to another country to reduce labour costs
What is one way a business can improve customer convenience?
Offer next-day delivery or multiple payment options
What kind of regulation might shut down a restaurant that fails food safety checks?
Industry regulations
How do low interest rates affect businesses seeking loans?
Loans are cheaper and repayments are easier to manage
Give one example of a social CSR consideration.
Assisting employees with counselling services (many more options)
What is one reason a business might explore overseas markets?
To reach more customers and reduce reliance on the local market
Why is it important to provide responsive customer service?
Builds trust and keeps customers satisfied
These local rules vary by area and help manage noise, signage, and location issues. What are they?
Council regulations
What does a tax rate represent?
The percentage of income or spending paid to the government
How can a business benefit from using eco-friendly packaging?
It improves reputation and meets environmental expectations
How do exchange rates affect international business decisions?
They influence pricing and profit when selling across currencies
What does Define mean
Accurately state or explain the meaning of a term (1–2 sentences)
What financial requirement must businesses fulfil to operate legally?
Taxation requirements
What might a business struggle with when employment levels are high?
Finding workers, often needing to offer higher wages
Why should values and beliefs be considered in business planning?
They shape customer opinions and influence demand
What are two challenges/considerations of operating in global online sales?
Shipping costs and privacy/legal regulations
Explain how to approach a question that asks you to Analyse a concept.
Break down the main idea, explain sub-parts, and show how they link
Name three categories of legal and government regulations.
Employment laws, environmental legislation, industry regulations, council regulations, taxation requirements
How can economic conditions influence whether a business should launch a new product?
Poor conditions may limit demand; good conditions may support growth
Explain how trends in society might influence a business’s decisions.
Trends guide what products/services are in demand (e.g. health, tech)
Analyse the impact of overseas competitors on business planning.
Forces businesses to lower costs or differentiate products to stay competitive
What is the difference between Evaluate and Discuss as task words?
Evaluate includes pros/cons AND a conclusion; Discuss just covers pros/cons