A Level Business - Chapter 6 Full MCQ Mock Test

Vocabulary flashcards covering key business concepts such as privatisation, economic indicators, and government legislation from the Chapter 6 MCQ Mock Test.

Privatisation

The transfer of a business or industry from the public sector to the private sector.

Advantage of privatisation

Greater efficiency.

Disadvantage of nationalisation

Inefficiency.

Employment laws

Legislation mainly designed to protect employees.

Health & safety legislation

Laws concerned with workplace accidents and safety.

Safety equipment benefits

Provides protection and benefits specifically for employees.

Minimum wage criticism

The argument that a legal minimum wage leads to higher unemployment.

Consumer law violation

Engaging in false claims or providing inaccurate information about a product.

Competition law

A legal framework designed to encourage fair competition in the market.

Pollution fines

A government method used to reduce pollution levels.

Market failure

An economic situation where resources are not allocated efficiently, often illustrated by pollution.

Subsidy

Government aid provided for relocation or to support firms facing closure, benefiting employees.

Reducing unemployment

A fiscal measure that involves an increase in government spending.

Economic growth

An increase in the value of goods and services produced by an economy, measured by Real GDP.

Boom

A stage of the business cycle characterized by rising profits.

Recession

A stage of the business cycle characterized by lower demand for luxury goods.

Severe recession

An economic period characterized by GDP \text{ } \bdownarrow and \text{unemployment } \buparrow.

Cost-push inflation

Inflation primarily caused by rising costs of materials.

Impact of high inflation

A situation that hurts businesses relying on imported materials.