3.5 Keywords - Wider World Affecting Business

Question	Answer
Business Ethics	Ideas about what is morally correct or not, applied in a business situation
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
Import	An import is the purchase of a good or service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller’s currency to make the transaction
Export	An export is the sale of a good or service to a foreign buyer that leads to a flow of money into the UK. The foreign buyer will have to change their currency into pounds to complete the purchase
Protectionist policies	Measures designed to reduce foreign products coming into a country but give an advantage to domestics 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
Quotas	Limits on the physical number of goods that can be imported over a period
Export subsidies	Measures that reduce the price of goods sold abroad
Minimum wages	The lowest payment for hour, day or week that can be given to a worker for their work

Resource summary

	Created by Mr_Lambert_Hungerhil almost 9 years ago