We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

The Economic Environment of Business - Essay Example

On that note, we are going to delve into highlighting the significance of the competition policy in the industrial and business world in the United Kingdom. First and foremost, in order to understand the significance of competition in this sector of the economy, we must first delve to establish some of the characteristics of a perfectly competitive market and consequently, appreciate its significance in the oil business and also in the business sector of the economy. On a similar theme, a perfectly competitive is one in which competition is the core of the principle. In addition to that, it is evident that in a competitive market setting the interest of the consumer is paramount in order to promote the particular service or product being offered which in this case is petroleum based products. Although, it is hectic in nature on the part of the companies and industries, competitive market has numerous advantages on the consumer. In fact, through competition new products have been innovated which have benefited the consumer. Moreover, competitive market has served to decrease the cost of commodities and services since they are being offered by a number of companies and this has served to greatly benefit the consumers. Secondly, the fact that there is no hindrance in the entrance and the exit of the market has also facilitated the growth of the business enterprise. On the contrary, competitive market is characterized by a number of principles. For instance, risks are minimal and the entrepreneurship

Check these samples - they also fit your topic

The Financial and Economic Environment of a US website business targeting South African students
The research studies interest rates, inflation, 10-Year treasury yields, currency exchange rate movements, exports-imports and various economic indicators of US and South Africa such as unemployment and education. The foreign exchange risk has been analyzed if the new business revenue is going to be exposed to various types of exchange rate risks.
16 pages (4000 words)Essay
The diagram below shows the equilibrium point where the demand curve and the supply curve intersect. [McConnell, Brue, Flynn, 2009] Figure 1 Price Elasticity of Demand – This measures the rate of response of quantity demanded due to a price change. Where the demand and supply meet to show the market equilibrium, an increase in the price may show a fall in the demand.
6 pages (1500 words)Essay
Technological and Economic Factors Affecting Business Environment
It continuously grows because of innovation and adaptability that the operation management employed so that the company could cope up with the dynamic changes of the environment. The travel industry matches prices with the different segment and classes of society to attract travellers.
8 pages (2000 words)Essay
The Economic Environment of Business (Museums)
75) define museum as “an institution where objects of historical, scientific, cultural significance and artifacts are exhibited and stored”. Museums relay several essential roles in the art world. Visits to museums are becoming a crucial holiday and leisure activity.
6 pages (1500 words)Essay
The Economic Environment of Business
Milk products are generally purchased by all households, however liquid milk accounts for the largest share of this market. On the other hand cheese faces strong competition from other complimentary goods. Health agendas such as the need to consume omega fats, cholesterol lowering products and probiotics in 2005 and 2006 have led to a growth in the market of milk products.
12 pages (3000 words)Essay
The Economic Environment of Business questions
Although, Aldi offers only 1,000 lines at its 430 stores compared to average of 40,000 a supermarket typically offers, it has received great consumer response that has increased its market share to a record 2.2% (growth of more than 35% year-on-year basis)
3 pages (750 words)Essay
International Economic Environment of Business
This paper discusses the transformation of United Arab Emirates from a local Middle East trading outpost to becoming a center for international business. Analyses of the recent trade and investment reforms in the country reveal that international businesspeople continue to flock into UAE because of the prevailing comfortable business environment.
7 pages (1750 words)Essay
The Economic Environment of Business
Moving with the times has been one major strategy while others expand at every available opportunity. Ryanair is one such airline that has expanded significantly since 1985 (Ryanair 2010). The 2000s for Ryanair have been years of success and have gone down in
14 pages (3500 words)Essay
Explored in the essay are the major political events threating DirectTV’s operations in Latin America and possible actions that can be undertaken to safeguard the company. The Latin American subsidiary of DirectTV
2 pages (500 words)Essay
The Economic Environment and Anatomy of Business
The relationship between price and the way abundant of an honest or service is equipped to the market gets thought because they provide relationship. Price, therefore,
8 pages (2000 words)Essay
role is greatly reduced since information is readily available to those who wish to participate in this line business. In fact this is one of the reasons behind the championing of the competitive market which has in turn contributed to the growth of the economy. In addition to that, the competitive market is marked by huge profits in the in the immediate future as compared to the long run. However, competition is divided into categories, for instance, the existence of monopolistic kind of competition in the market. On that note, monopolistic completion in the markets entails a market structure in which companies compete but they venture in the production and selling of different products. Apparently, this form of competition in the market is mandated with the task of ensuring the diversity of the market through the ensuring of the uniqueness of the products they produce. On a similar theme, in this case, the prices of the individual commodities produced by each company are determined by that company as opposed to the market. Notably, in this form of competitive market structure, the consumers are often exploited by the high prices of the products offered. In fact, this form of competitive market structure is characterized by: independent determination of the prices of commodities, the role of entrepreneurs is evident, due to the diversity of the products produced. Therefore, it was mandatory to formulate competition policy in the United Kingdom in a bid to safeguard consumers from the exploitative nature of the highly monopolistic market. In addition to that, the policy was also formulated to control the price of basic petroleum products in order to avert exploitation of oil cartels. Apparently, the office of fair trading that is mandated with the task of evaluating the business and marketing environment with the aim of ensuring that the consumer is not exploited


Principles of the Global Business Standards Codex (Author’s name) (Institutional Affiliation) Key words: Principles, Competitors Introduction Competition is an important ingredient in the thriving of a successful business enterprise. On that note, competition in this sector of the economy has contributed to massive growth and diversity in the economy…
Author : nienowjoana
Download 0
The Economic Environment of Business
Read TextPreview
Comments (0)
Click to create a comment
Let us find you another Essay on topic The Economic Environment of Business for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us