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The Business Environment and Decision-Making

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The Business Environment and Decision-Making

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Questions and Answers

Which of the following is NOT an external factor that can influence a business?

Competitors

Local communities

Suppliers

Employees (correct)

What is one of the learning outcomes of this unit?

Understand how businesses can respond to external factors

Understand the reasons why particular decisions are made

Understand how financial and performance information can help a business plan for success (correct)

Understand how businesses are structured

What is the purpose of this unit?

To learn about different types of businesses

To understand how different functions work together within a business

To learn about the reasons why particular decisions are made (correct)

To understand how businesses are run

What is one of the topics covered in this unit?

<p>How businesses are structured</p> Signup and view all the answers

What is one of the ways businesses can remain competitive?

<p>By understanding how financial and performance information can help a business plan for success</p> Signup and view all the answers

Study Notes

External Factors Influencing Business

Government policies and regulations are external factors that can influence a business.
Economic conditions, such as inflation and unemployment, are external factors that can influence a business.
Social and cultural changes, such as shifts in consumer behavior, are external factors that can influence a business.
Technology advancements, such as digital transformations, are external factors that can influence a business.
The option not listed is NOT an external factor that can influence a business.

Learning Outcomes

One of the learning outcomes of this unit is to understand the external factors that can influence a business.

Unit Purpose

The purpose of this unit is to understand the external factors that impact business operations and decision-making.

Unit Topics

One of the topics covered in this unit is the analysis of external factors that influence business.

Remain Competitive

One of the ways businesses can remain competitive is by adapting to changes in the external environment.

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Description

Test your knowledge on the business environment and how it influences decision-making in this quiz. Learn about the various factors that impact businesses, including suppliers, competitors, government, and more.