Essay
Unit 1 - Business Environment - P5
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- OCR
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Alex Lote-GreenfieldP5- Describe the influence of two contrasting economic environments on
business activities with a selected organisation.
M2- compare the challenges to selected business activities within a selected
organisation, in two different economic environments.
In this assignment I will be describing the influence of two contrasting
economic environments on business activities in Tesco. Then I will compare the
challenges to selected business activities within a selected organisation, in two
different economic environments.
Economics is the state of a country or region in the terms of production and
consumption of goods and services and the supply of money. There are two
main types of economics and they are Macro-economics and Micro-economics.
Macroeconomics is a branch of economics that deal with performance,
structure, behaviour and decision making of an economy as a whole, this
incudes national, regional and global economics. Microeconomics is also a
branch of economics but this side just studies the behaviour of individuals and
small businesses in making decisions.
Stable economy- A stable economy is where inflation isn’t up and down and
interest rates are reasonably low, it is very good for a business because they
can spend more money on things like new machines and products. This means
they can invest for the future. If the economy is stable it gives the business
more confidence. Advantages of having a stable economy include increased
productivity, improved efficiencies, and low unemployment.
Recession- Recession is a period of temporary economic decline during which
trade and industrial activity are reduced, generally identified by a fall in GDP in
two successive quarters. GDP stands for growth domestic product, it is the
measure of all our economic activity. When GDP is increasing it means the
economy is expanding and when it is decreasing it means the economy is
shrinking, therefore less jobs and house prices go up. But if it is increasing then
the house prices are lower and there are more jobs on offer. I am now going to
discuss some of the factors affected by GDP. If the country is in a recession it
would have a huge impact on many businesses because the consumers would
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