Essay
Unit 38 Business and the Economic Environment M3
- Institution
- PEARSON (PEARSON)
M3 assess the impact of changes in the global and European business environment on a selected business.
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Unit 38: Business and the Economic EnvironmentM3: assess the impact of changes in the global and European business environment
on a selected business.
Introduction
This assignment focuses on the how the changes in the business environment of
world and European Union is likely to impact PJ Hegarty and Sons.
IMPACTS OF GLOBAL AND EUROPEAN CHANGES ON A BUSINESS
Global & European Impact on PJ Hegarty and Sons
Factors
European Policies These are policies within the European union. They help to implement rules
and regulations in the economy. If they were to change then;
The business could have more policies that can affect the affairs of
the business. The business may have to cut out certain operations or
implement new operations in order to abide by these policies.
Increase productivity if policies were intended to this. Some policies
are focused on ensuring that business see financial growth and
success because it benefits the economy overall. Therefore, the
business demand and sales would increase if it was in this case.
Due to Brexit, the UK has left the European Union, this gives them room to
create and implement their own laws. This can affect the business if these
laws are not the same and do not have as much lenience or strictness to
assist in the businesses operations.
The Economic This is the union that encourages economic growth. Only countries that
Monetary Union have the euro dollar as their currency will be affected by this. The UK is not
(EMU) a part of this. However, there have been discussion, and if they UK was to
join then;
Currency will change and this will affect all financial areas within the
economy and therefore in the business. This can further cause
financial instability and can decrease productivity in the business.
Change in interest rate (EU-0.32%/UK-0.1%). This will affect the
businesses by increasing spending.
It will weaken any links that the business has with other businesses
in the UK. This limits the amounts of business opportunities that is
available and the amount of access to different international trades
as well.
World Trade This influences how effective and efficient trade is around the world. If it
Organization (WTO) was to change then;
If the business exports/imports, they will have less access to
materials and business connections which can decrease supply
further decrease productivity.
Can increase competition if the limitations become more lenient,
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