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Internal and External factors of business operation
External factors: A firm can't exercise any control over these factors. Thepolicies, plans and programmes of the firm must be formulated in the light of these factors. Significant external factors imposing on the decision-making process of a firm are economic system of the country, cycles, fluctuations in national production and nationalincome, industrial policy of government, trade and fiscal policy of government, licensing policy, taxation policy, trends in foreign trade of country, general industrial relation in country and so on.
Internal factors: These factors fall under the control of a firm. These factors are associated with business operation. Knowledge of these factors aids the management in taking sound business decisions.
Assumptions of Monopolistic Competition Monopolistic competition as the name implies, combines features from both perfect competition and monopoly. It has the following featu
THEORY OF COMPARATIVE ADVANTAGE In his theory put forward in a book published in 1817, David Ricardo argued that what was needed for two countries to engage in international t
if market demand is Q= 30 - 3P how do you write the marginal revenue function as a function of Q
Question: i) Briefly explain the importance of forecasting for managers? ii) To what extent will managers rely on surveys in business forecasting? iii) What do you mea
Balance of Payments Perhaps the most immediate reason for bringing in protection is a balance of payment deficit. If a country had a persistent deficit in its balance of paym
gap between economic theory and business practice
The Basis of Wage Claims The union's demand for higher wages is normally based on one or more of the following four arguments: 1. The cost of living argument This is
Quality and Quantity Controls: Demand forecasting is a necessary and valuable instrument in the control of management of an organisation to provide finished goods of correct quant
BUSINESS CYCLES Meaning: The business cycle is the tendency for output and employment to fluctuate around their long-term trends. The figure below presents a stylised
INDIRECT TAXES These are imposed on an individual mostly producers or traders but they can be passed on to be borne by others usually the final consumers. They can also be de
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