Business Environment Past Papers
Learning Outcome 1
The learner will: Understand the objectives of a business, what resources they need and to whom they are accountable.
Assessment Criteria The learner can: 1.1 Define and show an understanding of the important business terms related to corporate objectives.
1.1.1 Define and show an understanding of the terms ‘corporate aims’, ‘corporate objectives’ and ‘corporate strategy’. 1.1.2 Explain how objectives and aims might change through the life of a business: survival, break-even, growth, profit maximisation, market share, diversification.
1.2 Describe the human and other resources required …show more content…
2.2.1 Describe advantages and disadvantages of different forms of legal structure: sole trader, partnership, franchise, private limited company, public limited company.
Learning Outcome 3
The learner will: Understand how the external environment creates opportunities and threats for a business.
Assessment Criteria The learner can: 3.1 Describe the effect on businesses of changes in external factors.
3.1.1 Describe the effect on businesses of changes in external economic factors: interest rates, exchange rates, inflation, unemployment, the business cycle, government legislation, technology. 3.1.2 Describe other non-economic influences on business activity: environmental, cultural, moral and ethical.
3.2 Explain how firms can use PESTEL analysis as part of a business strategy.
3.2.1 Explain how firms can use PESTEL (political, economic, social, technological, environmental, legislative influences) analysis as part of a business strategy.
Learning Outcome 4
The learner will: Understand the factors that influence the scale of production, the location of production and the choice between different types of production process.
Assessment Criteria The learner can: 4.1 Explain economies and diseconomies of scale.
4.1.1 Explain, and give examples of, economies and diseconomies of scale.