How economic systems attempt to allocate resources effectively

Unit 1 Business Environment Global

Task 1

Question 1.1 Identify what type of organization is Primark and discuss its purpose.

Question 1.2 Describe the extent to which Primark meets the objectives of its different stakeholders.

Question 1.3 Explain the responsibilities of Primark as an organization and the strategies employed to meet them.

Task 2

Question 2.1 Explain how economic systems attempt to allocate resources effectively.

Question 2.2 Assess the impact of fiscal and monetary policy on business organizations and their activities.

Question 2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organization.

Task 3

Question 3.1 Explain how market structures determine the pricing and output decisions of businesses.

Question 3.2 Illustrate the way in which market forces shape organizational responses using a range of examples.

Question 3.3 Judge how the business and cultural environments shape the behaviour of a selected organization.

Task 4

Question 4.1 Discuss the significance of international trade to UK business organizations.

Question 4.2 Analyze the impact of global factors on UK business organizations.

Question 4.3 Evaluate the impact of policies of the European Union on UK business organizations.

The business environment is the set of external factors that influence a business's operations. It includes the economic, political, social, and technological factors that impact the business.

The global business environment is becoming increasingly complex and dynamic. Businesses are operating in a world that is interconnected and constantly changing. This presents both challenges and opportunities for businesses.

The challenges of the global business environment include:

• Increased competition: Businesses are now competing with companies from all over the world.
• Political instability: Political instability can make it difficult for businesses to operate in certain countries.
• Cultural differences: Cultural differences can make it difficult for businesses to do business in new markets.
• Technological change: Technological change is happening at a rapid pace, and businesses need to keep up with these changes.

The opportunities of the global business environment include:

• Access to new markets: Businesses can now reach new markets that were previously inaccessible.
• Access to new resources: Businesses can now access new resources, such as labor and raw materials.
• Access to new talent: Businesses can now recruit talent from all over the world.
• Increased innovation: The global business environment is fostering innovation, as businesses are constantly looking for new ways to compete.

Despite the challenges, the global business environment also presents many opportunities for businesses. Businesses that can adapt to the changing environment and take advantage of the opportunities will be well-positioned for success in the future.

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