Section 1 BUSINESS

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What are the components of the external environment?
competition, incomes, interest rates, demographic factors eg population, environmental issues
1 of 5
PESTLE factors
Political, Economic, Social, Technological, Legal, Environmental
2 of 5
How does the external environment impact a business?
It affects business costs and demand for a product
3 of 5
Factors that affect the demand for a product
increase in price of the product, change in tastes, change in price of a substitute(think Aldi), advertising
4 of 5
affect of rise and demand on profits
higher profits as more demand
5 of 5

Other cards in this set

Card 2

Front

PESTLE factors

Back

Political, Economic, Social, Technological, Legal, Environmental

Card 3

Front

How does the external environment impact a business?

Back

Preview of the front of card 3

Card 4

Front

Factors that affect the demand for a product

Back

Preview of the front of card 4

Card 5

Front

affect of rise and demand on profits

Back

Preview of the front of card 5

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