GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economic growth, supply and demand, interest rates
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stands for Political, Economic, Social and Technological Analysis; examines the overall, external economy affecting a business
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deals with competition in that it pertains to the level of ease for competitors to be able to enter a company’s market
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research and development, rate of technology changes
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determined by the ability and likelihood of customers finding another way to either make or provide the services or products a company offers
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Detailed explanation-1: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.
Detailed explanation-2: -The economic factors that most affect the demand for consumer goods are employment, wages, prices/inflation, interest rates, and consumer confidence.
Detailed explanation-3: -Factors such as taxes and government regulation, the market power of suppliers, the availability of substitute goods, and economic cycles can all shift the supply or demand curves or alter their shapes.
Detailed explanation-4: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.