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What is the external environment in business?

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The external environment consists of factors outside of a business's control that impact its operations, decision making, and strategies.

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What does PESTLE stand for?

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Political, Economic, Social, Technological, Legal, Environmental / Ethical

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What is the political environment?

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The political environment includes government actions that impact strategic and functional decisions made by businesses.

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What support can governments provide to businesses?

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Governments can provide grants, training, and support for specific purposes such as relocation and financial management.

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What is a Trading Bloc?

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A Trading Bloc is an agreement between governments of a group of countries to trade freely, usually without trade barriers.

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What is the economic environment?

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The economic environment consists of key economic factors that influence the behavior of businesses and their customers.

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What is Fiscal Policy?

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Fiscal Policy manages economic growth by influencing demand and employment through government spending and taxation.

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What is Monetary Policy?

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Monetary Policy manages economic growth with stable prices and sustainable high employment, controlled by the Central Bank.

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What is Supply-Side Policy?

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Supply-Side Policy includes actions taken by the government to increase the productive capacity of the economy.

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What is inflation?

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Inflation is a general rise in prices or a fall in the value of money, indicating changes in the cost of living.