external factors affecting business L2 M1
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| 🇬🇧 | 🇬🇧 |
| Factors affecting a business | 1. unemployment 2. inflation 3. economic trends and gov policy 4. interest rates 5. taxation 6. exchange rates 7. competition 8. population trends: demographic change 9. health and safety 10. education and training 11. enterprise culture and support 12.market trends 13. globalisation |
| Why does interest affect a business? | If interest rates are high, the cost of borrowing money increases. |
| What is globalisation | The process whereby the world becomes one big market. It is the spread of technology, for example. |
| Whats a trade bloc | Group of countries that work together to provide special deals for trading |
| Whats free trade | A policy by which a government does not discriminate against imports or interfere with exports by applying tariffs |
| Whats enterprise | A general term for the driving force behind business growth. |