Unit 2: Influences on Business (Key Terms)

Sustainability

Operating in a way that does not damage the environment or deplete resources for the future.

Increase in Minimum Wage

Increases business costs, which may lead to higher prices or reduced staff hours.

Equality Act 2010

Protects people from discrimination based on age, gender, race, disability, etc.

Exchange rate

The price of one currency expressed in terms of another currency.

E-commerce

Buying and selling goods and services over the internet.

Stronger Pound

Exports become dearer (more expensive) for foreign customers.

Being ethical

Paying suppliers fairly (Fairtrade) or providing excellent working conditions.

Globalisation

The process by which businesses and countries become more connected globally.

High interest rates

Increases the cost of borrowing; consumers may spend less as their mortgages cost more.

Digital communication

Using email, social media, or video calls to exchange information.