(P5)
In this task, you need to describe the influence of two contrasting economic environments on business activities within a selected organization.
Scenario
You are still working at ‘Business Education in Schools’. Your handbook for students on organisational structures and functional areas was very successful and several schools have ordered copies. The posters were also a great success. Your manager now informs you that a customer has placed an order for materials to help him deliver topics on ‘the economic environment’. Your manager asks you to create these materials and has requested for you to create another handbook and more posters. To complete the handbook and posters, your manager requests that you research and describe one of the organisations you have previously used.
To successfully achieve P5, you need to do the following:
Instructions for handbook
a) Complete a title page for your handbook
b) Write an introduction for your handbook which describes what the economy is and what it involves
c) Illustrate and describe the different stages in an economic cycle
d) Write a short paragraph to introduce the different economic factors that could affect a business (interest rates, inflation, demand and supply, labour, government policy)
e) Briefly describe each economic factor
f) Write a brief introduction about the organisation you are focusing on which describes who they are and what
The economic performance has always been a noticeable issue from old days to modern days, some of countries had already proved their economic in recent years, but other countries still maintain or had a slump with their economic development. Dr.Gallup and Sachs had found out several factors for these kind of circumstances, and the geography is the one of important reasons for the economic performances, the factors that affect the performance of economic will be list as follow. The first reason…
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are some economic theories that will help GM better understand their business and the economic factors affecting it. 1. Opportunity cost - GM is making losses and wants to diversify into its own chain of retail shops. Such a decision involves an opportunity cost. For instance, funds which were previously meant to be used to buy machines and materials will be diverted into setting up new shops. This may lead to a fall in production and a decrease in output and revenue. 2. Economic efficiency…
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Business environment depends on the macro and micro factors. PEST analysis is a good tool to analyze macro factors which can have negative or positive impacts on the overall industry. Micro factors can be harmful to individual business of an organization so it is important to have prior knowledge about resources of an organization, competitive trends and customers through effective marketing research on these elements. PEST Analysis PEST analysis is a beneficial method for the Designer Bear in…
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Week 1 – DQ Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes? Response #1 There are many factors that affect the real GDP such as interest rates, consumer's confidence in spending and/or asset prices. When it comes to interest…
