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Summary A Level Business Notes

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Clearly explained notes about external influences on business activity

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  • June 17, 2023
  • 6
  • 2022/2023
  • Summary
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External Influences on Business Activity
Privatisation

↳ The act ofselling state-owned and controlled organisations to investors to the sector
private


Advantages Disadvantages
In several industries, business decisions need
greater efficiency since decision
making process
. ·




in
private
-
sector business is faster to be basedon the needs of society and
give responsibility for success to
managers not just interests
the ofshareholders.
·




motivation than state ·Many strategic industries could become
and
employees, higher
-




owned businesses private monopolies hence they could exploit
consumer with high prices


Nationalisation

↳ The transfer ofprivately owned businessess to state (government) ownership and control




Advantages Disadvantages
Government will have control of Less
profitmotive, less incentive to
major operate
· ·




industries the
industry efficiently. Government may have

of be achievedby subsidies to
Economies scale to
provide loss-making nationalised
·
can


merging all
private businesses in an
industry industries

into one nationalised corporation Important
·

business decisions may be taken for political
reasons.




Legal Restrictions

It embraces:

·

Employment practices, conditions of work and wage levels
Marketing behaviour, consumer rights and controls over some products
·




·

Competition
·
business
Location of



The law and employment practices
Main Objectives cover areas

·
Prevent abuse of workers by
·


Recruitment, employment contracts
powerful employers by insisting and termination
ofemployment
on appropriate levels of health ·
Health and safety at work
and safety and minimum Minimum Wages:The set minimum
wage
·




rates wage per hour /per week/per month
·
Control excessive use oftrade union that
employers are not allowed to
pay less
collective action




Legal restriction

Itembraces:


Employees practices, conditions ofwork and
wage levels
·




·

Marketing behaviour, consumer rights and controls over some
products

, ·


Competition
·
location in businesses



The law and
employment practices
Main objectives Cover areas

·
Prevent abuse ofworkers by powerful
·
Recruitment, employment contracts and termination

employers by insisting on
appropriate levels ofemployment
·Health and safety
of health and
safety andminimum
wage at work

rates ·
Minimum
wages:the set minimum
wage per hour/per week/
·
Control excessive use oftrade union collective per month that employers are not allowed to
action
pay less


Minimum Wages

Critism
Main objectives
·
Prevent exploitation ofpoorly organised ·Employers might keen on
recruiting casual staffs
by powerful employers contractand
workers with no
employment no
job security
·
Reduce
inequalities between the high
·

Increasing labour can
cost reduce business competitiveness
paid and low paid in the
economy
.
Other workers
being paid above the minimum wage
just

raise


Effects ·
Inflation might increase as business costs increase

·
Enhanced standard of living and

purchasing power of low-paid workers
·
a work incentive




EmploymentPractices
Recruitment, employment contracts e Health and Safety
at work

its termination Aim to protectworkers from discomfort and

The right ofworkers are
legally protected in
physical injury at work

the
following forms: Businesses have to equip factories and
·




· Written contract
ofemployment offices with
safety equipment and train staff
·
Minimum working ages to use it

Maximum
length ofthe working week Provide protection from dangerous machinery
·
·




Holiday andpensions and materials, adequate and toilet
·


washing
· No discrimination facilities
·


give adequate breaks



Impact on business

Benefits Drawbacks

By employing employment contract, Adding supervisory costs for checking
·

on


workers will feel more secure and recruitment, selection and promotion
more motivated procedures

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