True or False: Operating/Macro environments are internal forces within a business

• True

• False

Which of the following are considered Macro Environment forces: (hint: more than one answer)

• Economic

• Suppliers

• Customers

• Technological

• Political

Explain the importance of business laws/legal requirements of a business. Provide 3-5 examples of laws related to a new business. (This question is unmarked and will be assessed by your teacher)

If a business does not obey laws they...

• Will be fine and can continue trading

• Risk losing customers, their reputation and may be fined

• Are able to change laws to suit their business practices

• Are able to charge more for their business practices

Social values and beliefs in a business should be...

• Trends that follow only the business owners values and do not consider other stakeholders

• Shared trends that follow the general direction of societies general attitudes and behaviours. These are often changing.

What does it mean for a business to be socially responsible? Provide 3-5 examples of how a business can be socially responsible.

Technological issues...

• Relate to the growing use of unused technology devices that are no longer used by businesses

• Relate to the growing use of tools, techniques or systems by businesses to solve problems or serve a purpose

• Relate to the growing use of offshoring

• Relate to the growing use of environmental considerations that aren't being considered in technological developments

True or False: Technology is set to change the way we live and work

• True

• False

Offshoring labour refers to...

• The range of suppliers from which the business purchases materials and resources

• Price of one country's currency expressed in terms of another country's currency. Determines how much of one currency has to be given up in order to buy a given amount of a different currency.

• The practice of moving some of a business's processes or services to the same or another business located in an overseas country

• Effect of high-tech communications, lower transportation costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.

Which of the following are considered part of the 'triple bottom line' ? More than one answer...

• Economic

• Technological

• Social

• Environmental

• Political