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Business and the external environment key terms
Study Business and the external environment with curriculum-aligned Key Terms resources, practice links, and exam-focused support.
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key terms
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Topic
Business and the external environment
Key terms
financial decision-making
financial decision-making is a Business concept used to analyse Explain how competition, market conditions, incomes, interest rates and demographic factors can influence business costs and demand.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.
External influences on costs and demand
External influences on costs and demand should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.
competition
competition affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.
market conditions
market conditions has a financial impact when it changes costs, revenue, profit, cash flow, investment return, break-even output or ratio interpretation.
incomes
incomes becomes evaluative when advantages, disadvantages, risk, opportunity cost and business context are weighed rather than listed separately.
financial decision-making
financial decision-making is a Business concept used to analyse Analyse how environmental issues and fair trade expectations can affect business decisions and objectives.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.
External influences on costs and demand
External influences on costs and demand should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.
analyse
analyse affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.
environmental
environmental has a financial impact when it changes costs, revenue, profit, cash flow, investment return, break-even output or ratio interpretation.
issues
issues becomes evaluative when advantages, disadvantages, risk, opportunity cost and business context are weighed rather than listed separately.
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