External Environment (AQA A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
External environment
External environment
Factors outside a business's direct control
Product differentiation
Product differentiation
Making offerings stand out from competitors
Interest rates
Interest rates
Cost of borrowing money & reward for saving
Rising interest rates effect on demand
Rising interest rates effect on demand
Lower demand (less disposable income)
Rising interest rates effect on business costs
Rising interest rates effect on business costs
Higher costs for businesses with debt
Income elasticity of demand
Income elasticity of demand
How sensitive demand is to income changes
Demography
Demography
Study of human populations
Two UK demographic trends
Two UK demographic trends
Growing population & ageing population
Fair trade
Fair trade
Better prices & conditions for farmers in less developed nations
PESTLE framework stands for
PESTLE framework stands for
Political, Economic, Social, Technological, Legal, Environmental