Llw2601 Exam Pack 2023

Local economy {Ans: Good and services provided for the local community}National economy {Ans: economic activities belonging to or characteristic of a nation}What is social responsibility {Ans: A business is socially responsible when it behaves ethically towards the local community and society as a whole}The planned economy {Ans: All decisions made my the government based on a system of planning. Equality is the centre}free market economy {Ans: a system in which prices are not controlled by the government, private entrepreneurs}The mixed economy {Ans: some goods and services are provided by the government and some by private enterprise}Social responsibility examples {Ans: Carbon footprint, fair trade, recycling, Animal testing, Health and safety}Global economy {Ans: Economies of other countries throughout the world}What is globalisation {Ans: Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange.}Impact of globalisation {Ans: - change working practices e.g technology - cause unemployment - new career in emerging market}Examples of globalisation {Ans: India for call centres, Asia for production of textiles}