Business A Level Definitions / 100% CORRECT Answers

Privatisation - The action of selling business organisations owned and controlled by the state to investors in the private sector Nationalization - Occurs when privately owned business transfer ownership and control to the state Minimum Wages - Employers are forbidden to pay lower than the determined minimum wage per hour/week/month Monopoly - A market where only one supplier exist Collusion - An agreement between businesses which restricts competitions by fixing prices and sharing contracts Corporate Social Responsibility - Occurs when business accredit it's legal and moral obligation to all stakeholders Social Audits - A report stating business' impact on society Pressure Groups - An organization consisting people who have common interest/goal, who put pressure on businesses and governments to change policies so that an objective is reached Demographic - Structure of the population defined by statistical characteristics such as age or ethnicity to identify markets Information Technology - Involves utilising electronic technology to compile, store, process & communicate information