Topic study hub
Business and the external environment
Students assess competition, market conditions, income, interest rates, demographic factors, environmental issues and fair trade.
0
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaA LevelBusinessWhat is business?
Choose a revision tool
Start revising Business and the external environment
Syllabus checklist
What you need to know
0 objective pages available
External influences on costs and demand2 objectives
- Explain how competition, market conditions, incomes, interest rates and demographic factors can influence business costs and demand.
- Analyse how environmental issues and fair trade expectations can affect business decisions and objectives.
Key terms
financial decision-makingExternal influences on costs and demandcompetitionmarket conditionsincomesanalyseenvironmentalissues
Exam tips
- External influences on costs and demand exam tip 1: Write the method before the answer so the examiner can follow each step. Apply this to explain how competition, market conditions, incomes, interest rates and demographic factors can influence business costs and demand..
- External influences on costs and demand exam tip 2: State the exact concept or formula you are using before substituting values. Apply this to explain how competition, market conditions, incomes, interest rates and demographic factors can influence business costs and demand..
Common mistakes
- External influences on costs and demand common mistake 1: Show the method first, then give the final answer in the required form. Apply this directly to External influences on costs and demand.
- External influences on costs and demand common mistake 2: Name the relevant value or feature from the question and explain how it is used. Apply this directly to External influences on costs and demand.
Practice preview
- Explain how you would analyse how environmental issues and fair trade expectations can affect business decisions and objectives. in the context of Business and the external environment.
- Describe one business decision or mechanism that helps you analyse how environmental issues and fair trade expectations can affect business decisions and objectives..
- Explain how you would explain how competition, market conditions, incomes, interest rates and demographic factors can influence business costs and demand. in the context of Business and the external environment.
Continue by objective
Objectives are grouped by subtopic so students can jump straight to the exact skill they want to revise.
Related topics