Business Management A0S:3 SAC
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12 Terms
Define business environment
The surrounding conditions in which the business operates are the business environment.
Define stakeholders
are the people, groups or organisations
that have interest or concern in a business.
The micro environment includes those factors over
which the business has...
the most control over
2 examples of microenvironment
employees, managers
The external environment includes those factors over which the business has...
little to no control over
External environment can be broken up into 2 categories. Name the 2 categories.
Operating environment, Macro environment
Define macro environement
The broad forces, conditions and trends in the economy and society within which the business operates.
Legal and government regulations...
mandate the way business are legally required to operate and conduct business operations.
Taxation laws...
apply to all businesses and outline the minimum financial record keeping and taxes that are required of a business.
Council regulations...
are local government rules made to govern businesses operating in a specific geographic area.
Economic conditions...
economic activity in a country, region or the world
Interest rate...
is the price charged or paid for the use of money.