Level 5
Level 6

Section 6


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disposable income
the level of income a taxpayer has after paying income tax
import tariff
tax on an imported product
import quota
physical limit to the quantity of a product that can be imported
monetary policy
change in interest rates by the government or central bank, suc has European Central Bank
exchange rate appreciation
rise in value of a currency compared to other currencies
social responsibility
when a business decision benefits stakeholders other than shareholders, such as to reduce pollution by using 'green' technology
environment
natural world including, for example, pure air, clean water and undeveloped countryside
private costs
the costs paid for by business
private benefits
gains to a business
external costs
costs paid for by society, other than business, as a result of business activity
external benefits
gains to society other than business, as a result of business activity
social costs
external costs + private costs
social benefits
external benefits + private benefits
sustainable development
development which doesn’t put at risk the living standards of future generations
sustainable production methods
production methods that do minimum damage to environment
pressure group
groups who want to change business decisions and they take action such as organising consumer boycotts
comsumer boycott
when consumers decide not to buy products from businesses that do not act in a socially responsible way
ethical decisions
decisions based on a moral code
globalisation
increases worldwide trade and movement of people and capital between countries
free trade agreements
when countries agree to trade imports/exports with no barriers such as tariffs or quotas
protectionism
government protects domestic furms from foreign competition using tariffs and quotas
multinational business/TNC
those with factories, production or service operations in more than one country
currency appreciation
when the value of a currency rises - it buys more of another currency than before
currency depreciation
when the value of a currency falls - it buys less of another currency than before