Unit 1 AOS 3 Business Management_External Environment_Glossary

Records a business’s claims for input tax credits and accounts for GST payable

• business activity statement (BAS)
• franchisor
• debt
• balance of payments

Organisations that support businesses through the provision of training and education programs, advice and information

• assets
• business associations
• business
• business idea

The surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.

• goodwill
• business opportunity
• business environment
• business mentors

The ability of a business to develop strategies that ensure it has an ‘edge’ over competitors

• corporate social responsibility
• boycott
• economic growth
• competitive advantage

Other businesses or individuals who offer rival, or competing, goods or services to the ones offered by the business

• competitors
• goal
• imports
• economy

Managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions

• feasibility study
• corporate social responsibility
• innovation
• market conditions

The people who purchase goods and services from a business, expecting high quality at competitive prices

• incorporated
• industry
• customers
• effectiveness

The set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation

• Business Activity Statement (BAS)
• bricks and clicks
• efficiency
• economic conditions

Special interest groups that promote environmental issues to the public, government and businesses

• environmental lobby groups
• entrepreneurship
• exports
• entrepreneur

The price of one country’s currency expressed in terms of another country’s currency

• zoning
• exchange rate
• working capital
• incorporation