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03.16.09 Business environement student 09

03.16.09 Business environement student 09 - Monday Refer to...

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Monday, March 16, 2009 Refer to Page 95 of textbook The Business Environment And its Impact on Business. External Influences on Business Government Legal Regulations Competition Health and safety Politics Social Constraints Stakeholders The environment Technological impacts Population Demographic: changes The Economy Business cycle Unemployment Inflation Interest rates Exchange rates Taxation Morals Business ethics Conflicting aims Appreciating different cultures
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Economic and social factors Economic cycles (or business cycles) Are the periods of growth (‘boom’) and recession (‘bust’) that occur as a result of fluctuations in the general level of economic activity Characteristics of a ‘boom’ period: Higher level of employment Inflation may increase Wages increase The level of spending by consumers increases Characteristics of a recession period: Unemployment levels rise Inflation may remain stable or fall Wages are less likely to rise The level of spending usually decreases Economic Influences Characteristics of Peak/Boom Periods Characteristics of Troughs / Recessions GDP at high levels Higher levels of employment Inflation may increase Wages increase The level of spending by consumers increases GDP at lowest levels Unemployment levels rise Inflation may remain stable or fall Wages are less likely to rise The level of spending usually decreases Refer to Text Book Page 97 Figure 5.2 The recessionary and ‘boom’ cycles. The government uses it
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