Business Chapter 13 External Factors

Features of a business environment that are outside the control of a business

Process of constructing more and more buildings on rural land

Use of more machinery than labour during the production process

These are influenced by changes in society e.g. increased consumer awareness, consumer tastes and fashions, changing lifestyles, women at work, part time worker

These are influenced by changes in technology e.g. disruptive technologies like AI, new production processes, adoption of mobile technology

These are influenced by the government e.g. competition policy, industry regulation, government spending, taxation

These are influenced by changes in the environment e.g. global warming, resource depletion, habitat destruction

Meets the needs of the present without compromising the needs of future generations