AOS 2 Glossary - External environment

Question 1

Organisations that support businesses through the provision of training, advice and information

Accepted Answer

Business Associations

Question 2

The range of suppliers from which the business purchases materials and resources

Accepted Answer

Supply chain

Question 3

the conditions and trends in the economy and society within which a business operates

Accepted Answer

Macro environment

Question 4

other businesses who offer rival goods or services to the ones offered by the business

Accepted Answer

Competitors

Question 5

Organisations formed by employees in an industry, to improve wages and working conditions

Accepted Answer

Unions

Question 6

The practice of moving some of a business’ processes overseas

Accepted Answer

Offshoring

Question 7

the price charged or paid for the use of money that has been deposited or borrowed

Accepted Answer

Interest rate

Question 8

A process to make a written statement of the goals and objectives for the business, with steps

Accepted Answer

Business Planning

Question 9

Managing a business where the broader social welfare of the community, is taken into account

Accepted Answer

Corporate social responsibility

Question 10

the price of one country’s currency expressed in terms of another country’s currency

Accepted Answer

Exchange rate

Questions 10