IGCSE Business Studies revision notes for chapter 13

Chapter 13 focuses on external factors which affects business decisions.

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Revision Notes for Chapter 13
Keywords
1. Business ethics ­ ideas, in business, about what is right or wong
2. Pressure groups ­ groups of people without political power who influence decision making
in politics, society and businesses
3. Sustainable development ­ the idea that people should satisfy their basic needs and enjoy
improved living standards
External factors influencing business decisions
The economy: The state of the economy will influence the decisions made by businesses.
This includes local, national and worldwide.
Changes in society: Businesses have to adapt to any changes that occurred in the society,
for example more consumer awareness, changing demand patterns, more women at work,
etc
Business ethics: This is about making the right decisions, for example avoid buying from
suppliers who employed child labour, make more use of recycled materials, and etc.

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