Today we going to be introduced to a new topic which is Business environments.
Business environment refers to those aspects of the surroundings business enterprise, which affect or influence its operations and determine its effectiveness
(i) Economical Environment:
Economic Environment consists of Gross Domestic Product, Income level at national level and per capita level, Profit earning rate, Productivity and Employment rate, Industrial, monetary and fiscal policy of the government etc.
(ii) Social Environment:
Social Environment consists of the customs and traditions of the society in which business is existing. It includes the standard of living, taste, preferences and education level of the people living in the society where business exists.
(iii) Political Environment:
Political environment constitutes all the factors related to government affairs such as type of government in power, attitude of government towards different groups of societies, policy changes implemented by different governments etc. The political environment has immediate and great impact on the business transactions so businessman must scan this environment very carefully.
(iv) Legal Environment:
Legal environment constitutes the laws and various legislations passed in the parliament. The businessman cannot overlook the legislations because he has to perform his business transactions within the framework of legal environment.
(v) Technological Environment:
Technological environment refers to changes taking place in the method of production, use of new equipment and machineries to improve, the quality of product. The businessman must closely monitor the technological changes taking place in his industry because he will have to implement these changes to remain in the competitive market
For this task you will write descriptive essay in which you will explain all the different business environments for your essay. Your essay should Include:
Note:This will allow normal essay format, (Please do not draw pictures).
Allow the resources given to you to guide you with the essay. Gathering additional information will help you ti explore your topic and getting extra marks.
Write a descriptive essay in which you use the statement and resources given to answer questions below:
The South African Constitution recognises the right of every worker to join a trade union. Employer organisations and trade unions must enter into collective agreements to avoid strikes and go-slows, as guided by the Labour Relations Act (LRA), 1995 (Act 66 of 1995)
Write an essay in which the following aspects are included:
Outline the reasons for the establishment of trade unions.
Describe the purpose of the Labour Relations Act.
Differentiate between a strike and a go-slow.
Advise businesses on the functions of trade unions.
Use the given links to help you gain additional information and additional knowledge also to enhance your own knowledge.
What is Business Environment? Definition, Salient Features and Components:
What are the Different Types of Business Environment? https://www.marketing91.com/types-of-business-environment/
The Five Elements of the Business Environment: https://bizfluent.com/info-10070542-five-elements-business-environment.html
20 Examples of a Business Environment: https://simplicable.com/new/business-environment
What is an External Environment in Business?https://study.com/academy/lesson/what-is-an-external-environment-in-business-definition-types-factors.html
As stated on the rubric, the essay will be 40 Marks. This essay will help you for your trail exams in September and you have a week to complete your essay. Due date 12 September 2021.