ECONOMICS AND BUSINESS ENVIRONMENT 1.1) Economic activity and economics (Pp. 14-16) Prosperity: The ready availability of goods and services to fulfil needs. Resources: Land‚ labour and capital. Scarcity: The excess of human needs over what can be produced. Economic activity: occurs when people (consumers‚ managers) make choices to maximise their prosperity using scarce resources. The Science of Economics: is concerned with the study of economic activity. This field is complex
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Business environment encompasses all those factors that affect a company’s operations‚ and includes customers‚ competitors‚ stakeholders‚ suppliers‚ industry trends‚ regulations‚ other government activities‚ social and economic factors and technological developments. Social or Societary environment of business means all factors which affects business socially . Every business works in a society ‚ so societies ’ different factors like family ‚ educational institutions and religion affects business
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assignment I will be talking about Marks and Spencer and how the economic environment could have an effect on them. The economic environment is basically all the economic factors brought together. By saying economic factors‚ I mean aspects such as; employment‚ inflation‚ interest rates‚ productivity and wealth. All of these elements mentioned above have an influence on the buying behaviour of consumers and organisations. P1 In terms of economic variations for marks and spencer‚ the best way to explain
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BTEC L3 Diploma/Ext. Dipl.-Business Unit 1 BUSINESS ENVIRONMENT ASSIGNMENT 1 External Factors Effecting Business Strategy prepared by: Raed F. Banna DATE: 18/NOV/2018 Contents Page 1- Introduction to business environment...........................................................
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1. Describe the role played by the following economic sectors: o Household They own the factors of production‚ which they supply to the market. The basic macroeconomic sector that includes the entire‚ wants and-needs-satisfying population of the economy. The household sector is the eating‚ breathing‚ consuming population of the economy. In a word "everyone‚" all consumers‚ all people. This sector includes everyone seeking to satisfy unlimited wants and needs. Members of the household sector
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Throughout this report I will include information about two contrasting businesses for ‘Northampton Life Magazine’. My two chosen businesses are Tesco (private sector business) and Northampton College (public sector business). Tesco is a multinational grocery and general merchandise retailer. Tesco has branches in over 14 countries including countries like China‚ Japan‚ Mexico‚ Thailand and even more. Tesco sells many different products including food‚ electronics‚ toys‚ furniture and clothes. However
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ORGANIZATION IN ITS ENVIRONMENT POLITCAL Organization exist as part of a wider environment Or part of society and as such their influence by the environment in which their operate. It is usual to consider the environment through form of analysis known as pest analysis which has 4 main categories ; political this looks at the government involvement through legislation that they provide outlining the legal frame work within which every business must exist and taxation policy which are dependent on
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Impact on business changes in the economic environment Introduction- In this report I will describe and then explain how the GDP‚ inflation‚ interest rates and employment rates are affected by the growth and recession stage of the business cycle. I will also explain how the balance of payments is and how Tesco’s contributes to trade surpluses/deficits. I will also be stating what the conflicting objectives are of Tesco’s and how they affect them as a business whilst describing‚ the ripple effects
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Economic Growth- GDP Economic Growth… …An increase in an economy’s ability to produce goods and services Gross Domestic Product- represents the value of a country’s national income in one year. An increase in real GDP means that the standard of living within a country is increasing. It is therefore used as a way of measuring a country’s economic growth. The Business Cycle- there are discernable patterns in these levels over time‚ there will be periods of time when economic activity is rising
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a example The Business Environment Level 3 Unit 1 P1 Describe the type of business‚ purpose and ownership of two contrasting business The aim of this report is to describe the type of business organization that operates in United Kingdom and United Sates of America and they are two contrasting business. This will entail comparisons between a Public limited company (Plc.) and a Private limited company (Ltd) in their footings of their ownership‚ purposes‚ and sectors of activity and key stakeholders
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