Lecture 2– intro to business
LO
-Define economics, ways of measuring economic activity.
-Identify macroeconomic issues essential to understating.
-Describe elements of pest
Chapter 2 – fundamentals of strategy: environment of business
Economy – sum of all economic activity within given region
Micro – suppliers competition demand of the business quality of services, prices
Macro – its about the whole economy / country
Neom – Saudi Arabia – “new world” heavy investment multiple countries £500 Bn
Saudi have oil money $Tn with land so they are able to experiment compared to uk which has a lot
less opportunity dues to lack of land, knowledge, human resources, natural resources, capital.
UK – Knowledge/human resources
Saudi – Natural resources
China/Saudi – Entrepreneurship
Singapore – low pop, richest countries in world due to capital attraction and entrepreneurial spirit
Germany – Capital
Key economic indicators – price indexes, unemployment rates, gross domestic product (GDP)
u/e – uk has a rising u/e rate above 5% problem
GDP – total output of economy
Trading bloc – asean.org
PEST
P- political
E- economic
S- Social
T- technological
assignmentu/e rates
company info
countries current economic condition