external factors

Question 1

political

Answer 1

this is any action taken by the governement

Question 2

economic policy

Answer 2

is how much they spend and how much they tax firms and individuals

Question 3

competition policy

Answer 3

government policies to prevent and reduce companies that hold back or limit competition. abuse of monopoly can leat to market failure.

Question 4

economic

Answer 4

this is the current state of the economy that will influence the business

Question 5

socio cultural

Answer 5

1. the cultural trends and buying habits of the market
2. population trends

Question 6

technological

Answer 6

this is the latest developments with technology

Question 7

environmental

Answer 7

this involves action and laws that promote the upkeep of the environment

Question 8

competitive

Answer 8

this is the actions of the competitors that force a firm to react