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P5: Explain the Characteristics of the Local Business Environment

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P5: Explain the Characteristics of the Local Business Environment
P5: Explain the characteristics of the local business environment

In this task, I have been asking explain the characteristic of local business environment. I will relate it into the following

* Markets * Sector and industry changes * Economic trends * Legal Framework

* Markets

* Sector and industry changes

* Economic Trends

* Legal Framework
The legal frameworks are all laws and regulation that are made by the government; those laws are made to be respected. The purposes of these laws are to ensure everyone is respected and protected, environment where people live are clean and secured, and others many reasons. If laws are not respected, everyone will do whatever they want so this will be big problems between. In business environment, they also have their legal framework; if those legal frameworks are not respected business will have to pay a fine or be prosecuted. I will now explain certain legal framework;

* Health and Safety
Healthy and safety are all laws that protect peoples in workplace against any health problem or insecurity. All business must respect this law (they have to put safety indication (fire exit), teach employees about health and safety or protective equipment’s), for example on construction; they are required to have helmets .Those laws affect business positively as it is for their own security and health that those laws are set. * Employment
Employments laws are all laws concerning condition and regulations of employees in their workplace. Those laws are made to be respected by business responsables. Examples of those laws are pay act, discrimination act, equality act, working hours act, The National Minimum Wage Act, flexible works, employments acts and many others regulations. Businesses risk severe punishments if they don’t respect those laws. Those laws affect business positively and negatively at the same times; positively because those laws allow a good environment
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