The Meaning of the Macro Environment (Grade 10 NSC Matric Business Studies): Flashcards
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Macro environment
Macro environment
Broad economic & social conditions affecting all businesses
External environment meaning
External environment meaning
Another name for macro environment
Macro environment: always changing
Macro environment: always changing
Constantly evolving, businesses must adapt
Macro environment: control
Macro environment: control
Beyond business control, cannot influence these factors
Economic environment
Economic environment
External economic factors (interest rates, inflation, etc.)
Cultural environment
Cultural environment
Religion, customs, traditions & cultural values
Demographic environment
Demographic environment
Population characteristics (age, income, education)
Technological environment
Technological environment
Tech developments, inventions & innovative knowledge
Ripple effect in macro environment
Ripple effect in macro environment
One change affects other components too
Why macro environment challenges firms
Why macro environment challenges firms
No control over factors, yet must constantly adapt