MGM101H5 Chapter : nickels ch 1
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MGM101H5 Full Course Notes
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Lecture 6: analyzing the external environment - nickels ch 1 (11-20) Business environment the surrounding factors that either help or hinder the development of businesses. Businesses grow and prosper in a healthy environment. Results: job growth and weather that makes it possible to have a high quality of life. Wrong environment conditions: business failure, job loss, poor quality of life. Good schools, clean air, good health care, low crime rates. Ppl are willing to start businesses if they believe the risk of losing their money isnt too high. Govts do a lot to lessen risk or starting and running a business through laws (acts) pass by elected officials. Provide consumers with competitive prices and product choices. Each legislation authorizes an agency to write regulations that interpret the law in more detail and how it will be implemented and enforced. Regulations rules or orders made by govt to carry out the purposes set out in statues.