Business studies Unit1

How do business cycles affect small businesses? understand that economic activity tends to rise and fall and that changes in the level of economic activity can have serious effects on small businesses
What effect do business decisions have on stakeholders? that stakeholders are those groups or individuals with an interest in a business recognise that business decisions have different effects on different stakeholders and the problems a business may face in meeting the demands of all stakeholders
Market demand and supply: the prices of commodity markets are determined by the balance between supply and demand the difference between commodity markets and normal markets the effect on small firms of price changes in raw materials and energy costs

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