AS Unit BS1 The Business Framework - External Influences

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Micro-economic Factors: the Market; Competition

• Factors affecting demand and supply.
• Establishing equilibrium.
• Changes in the conditions of demand and supply and their impact on equilibrium.

• Features of businesses operating in different market structures: monopoly, monopolistic competition, and oligopoly.

Technological Change

• The impact on businesses and their customers of rapid technological change.

Exogenous Shocks

• The impact of unforeseen events on business operations.

Change

• The impact of change on stakeholder interests.