1. Introduction

Question 1

What is a business?

Answer 1

Organisation or economic system where goods and services are exchanged for one another or for money

Question 2

Micro environment

Answer 2

Nearby environment, under which the firm operates

Question 3

Macro environment

Answer 3

General environment, that can affect working of all business enterprises

Question 4

Micro environment elements

Answer 4

Competitors
Organisation itself
Suppliers
Market
Intermediaries
Customers

Question 5

Micro nature of elements

Answer 5

Specific

Question 6

Macro nature of elements

Answer 6

General

Question 7

Are micro and macro factors controllable?

Answer 7

Micro = Yes
Macro = No

Question 8

Micro and Macro influence

Answer 8

Micro = Directly and regularly
Macro = Indirectly and distantly

Question 9

Key environmental factors

Answer 9

PESTle:
Political
Economic
Socio-cultural
Technological
Legal
Ethical

Question 10

Legal structures

Answer 10

Size
Type of industry
Sector (e.g. private, public)
Legal status (e.g. sole trader, partnership etc)

Question 11

Private sector organisations

Answer 11

Sole trader
Partnership
Limited companies (LTD and PLC)