How can a business's pricing strategy be influenced by economic factors?
- By increasing employee morale
- By adjusting prices based on supply and demand
- By expanding into new markets
- By improving internal communication
A change in consumer attitudes towards sustainable and eco-friendly products is an example of which influence on business?
- Social and cultural influences
- Governmental regulations
- Competitive pressures
- Technological advancements
A business facing increased competition due to the entry of new firms into its market is influenced by which factor?
- Economic conditions
- Political developments
- Market structure
- Employee morale
How can changes in the global economy affect a business?
- By reducing employee turnover
- By increasing government regulations
- By impacting international trade and market opportunities
- By improving internal communication
An increase to the National Living Wage is an example of which influence?
- Social
- Economic
- Technological
- Governmental
Which of the following is not a definition of a "market"?
- A geographical area where buyers and sellers come together to trade
- Competition to sell a certain type of product
- A type of customer demographic
- Offering short-term price reductions to entice customers
Savers earning less and borrowers repaying less is due to…
- Lower interest rates
- Tax relief
- Fluctuating exchange rates
- Trade credit agreements
Which of the following is false?
- Low-skilled staff can often be replaced by machines
- Technology has made some jobs obsolete
- Recent technological advances have created entirely new job roles
- Once installed, there are no ongoing costs associated with new IT systems
Environmental concerns and sustainability can influence a business through:
- Changes in employee turnover
- Altering the company's recruitment strategy
- Shaping product design and production processes
- Improving workplace safety
How can a change in exchange rates affect businesses involved in international trade?
- It leads to improved environmental sustainability
- It can influence the company's brand image
- It impacts the cost of imports and exports
- It increases employee morale
