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Unit 1 Business Structures, Objectives and the External Environment

Primary, secondary and tertiary sectors
The mixed economy private and public sectors
Legal form of business 
Activities of a business: production, marketing, finance
The nature, role and importance of objectives
The hierarchy of objectives
The role and importance of profits
Stakeholders in business and their role in setting of objectives in business
The role of markets
Equilibrium of demand and supply
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
Price elasticity of supply
The business cycle
Interest rates
The impact of interest and exchange rates on business
Exchange rates
Analysing the effects of economic variables
Legislation as both a constraint and a framework in which business operates
Impact of changes in the political environment
Laissez-faire and interventionist approaches to business issues
The impact of demographic trends
Organisational design
Types of communication
Informal and formal networks
Barriers to effective communication
Difficulties for larger organisations and possible solutions
Motivation (links only)
Leadership styles

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