external factors Flashcards
what is urbanization
urbanization is the process of constructing more buildings in villages and rural areas, leading to the growth of towns and cities
what does capital intensive mean
using more machinery than labor in production processes
what is market-oriented
market-oriented means a business focuses more on consumer needs and preferences rather than just its products
what is sustainable development
the idea that people should satisfy their basic needs and improve living standards without compromising the quality of life for future generations
how do external factors affect businesses
external factors can impact businesses positively or negatively, but businesses have no control over these factors
what are pressure groups
organizations that try to influence public opinion and persuade governments to take actions on certain issues
how does increased consumer awareness affect businesses
increased consumer awareness, aided by technology, gives consumers more choices and drives businesses to be more market-oriented and set up e-commerce platforms
how does changing demand patterns impact businesses
changing demand patterns, driven by evolving lifestyles, lead to new product demands, such as automated cars or more advanced technology
how does the increase in women at work affect businesses
the increase in women at work has expanded the labor supply and increased income levels, leading to higher demand for goods and services
how does urbanization affect businesses
urbanization increases labor supply and leads to higher profits for businesses as more people move from rural areas to cities
how has technology affected businesses
technology has made businesses more efficient, reducing costs, saving time, increasing productivity, and improving communication through social media
how does technology impact the primary sector
in the primary sector, technology like pesticides helps crops grow faster and safer
how does technology impact the secondary sector
in the secondary sector, robots increase labor productivity and save time, although machinery is expensive
how do businesses benefit from technological developments
businesses benefit from technology as it saves time, reduces labor costs, increases productivity, and reduces advertising costs through social media
how does technology impact the tertiary sector
in the tertiary sector, ATMs allow customers to perform banking transactions without going to a bank, making businesses more capital-intensive
