UNIT ONE

Success

being more competitive than rivals.

Political

________ and legal- new laws can affect the marketing of products or how much employees are paid.

Basic economic problem

the world has limited- or scarce- resources to meet seemingly unlimited wants.

Businesses

________ are involved in the transformation process by taking in inputs and creating goods and services from them (outputs)

Economic

________- Changes in value of currency affects cost of imports.

Bribery

________- strong MNCs can ________ small /weak governments.

Exploitation

underpaid sweatshops factory workers

Bribery

strong MNCs can bribe small/weak governments

%%External factors affecting the Business

%%

Political and legal

new laws can affect the marketing of products or how much employees are paid

Economic

Changes in value of currency affects cost of imports

Social

increase in population can see a change in demand as well as a change in customer needs

Technological

Changes in technology affect cost increase and training staff

%%Continuous changes affecting the business

%%