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External Influences

Business Studies

TermDefinition
Geographic Refers to the effects the climate, natural resources, topography, physical infrastructure, and location have on a business.
Financial Changes in the global and domestic financial markets will influence the cost of borrowing money and therefore directly affect the level of investment by a business.
Social Refers to the social attitudes, values, and tastes that impact a business. Changes to fashion and culture, have the capacity to affect business sales and profits.
Political Refers to the attitudes derived from state and federal government policies and include free trade policies and the process of deregulation.
Legal Legal influences are the regulations (legal framework) within which a business must operate.
Economic Economic influences on a business relate directly to their economic environment, which is dependent on changes in economic growth. These changes are characterised by boom and recessionary periods in the economic cycle.
Institutional Places that influence business include government, regulatory bodies, and other groups such as trade unions and employer associations.
Technological Refers to the technological advancements that impact the function, operation, and productivity of the business.
Markets Changes in financial, labour and consumer markets.
Competitive Situation Factors influencing a business's competitiveness include the ease of entry into a market for a new business, local and foreign competition, and the number of competitors.
Created by: mollie.m.h
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