1.5 - Understanding External Influences on a Business Flashcards
Business stakeholders Technology and business Legislation and Business The economy and business The importance of external influences
1
Q
Stakeholder
A
An individual or group that is directly or indirectly affected by the actions of a business
2
Q
Technology
A
How businesses uses machines and devices to improve their operation
3
Q
Economic climate
A
How a business is affected by economic variables such as interest rates or inflation in a country or in other countries
4
Q
External influence
A
Factors that affect a business but they cannot control
5
Q
External finance
A
Sources of money from outside of a business
6
Q
External growth
A
Growth which occurs by a merging with or taking over another business
7
Q
External recruitment
A
Where a business aims to finds new workers from outside of its current workforce
