Unit 1 : Exploring Business Study Guide Graded A+

Supply {Ans: The quantity of something that producers have available for sale}Competition {Ans: A set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition}Government Policies {Ans: Measures that the government puts in place to try to improve the workings of the economy. The main types are fiscal policy and monetary policy.}Environmental Factors {Ans: Can be explained as identifiable elements within the cultural, economic, demographic, physical, technological or political environment which impacts the growth, operations and survival of an organisation. These factors can be both internal as well external for the business.}Influences {Ans: The power to change someone's mind or actions}Social Attitudes {Ans: Our evaluations of people and a predisposition to act in a particular way toward them}Elasticity of Demand {Ans: Consumers' responsiveness or sensitivity to changes in price and to measure the change in demand as a result of a change in price.}Demand {Ans: The quantity of goods or services that consumers are willing and able to buy}Saving {Ans: Setting aside money for future use}Spending {Ans: Amount of money spent on what a person