economic condition

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Economic Condition

Economy from anywhere it could be from the United States or even from the UK it self. Can have a huge impact on the firm. The main economical influences on a firm are-

1) Inflation

) Exchange rates




) Unemployment

4) Interest rates

1) inflation

In some things the price of them could go up. It’s because prices in things when time past generally goes up. For example a time piece costing £1000 today mite go up to £1050 in about a years time, But that is if they area no scratches and it’s in a perfect condition.

)Exchange Rates

Exchange Rates is the rate of exchange between currencies in different countries for example. £1 is worth about $10 in Hong Kong.

)Unemployment

Unemployment is a amount of people who are unemployed but are willing to work and that are actually looking for work or that they can work but they can’t find any. But it could be lots more reasons too.

4)Interest rate

Interest rate is the way that bank makes money. What they do is when people needs money to buy a house or a car they will need money so they get loan from a bank. The bank will lend them money but they want a repayment in a certain amount of time and they also want another amount of money which is called interest. So for example if a person borrows £1000 to buy a car they mite have to pay back £1100 back to the bank. So that is 10% on the interest rate.

But people can also befit from interest rates too. Because if some one or company puts their saving in a bank they will get interest from it. If they keep the money in a certain amount of time. Could be something like half a year to a year. And the more you pay in the more you will get back from the bank.

Inflation

Inflation can have affects on businesses too and below I have listed some of the different types of inflation.

1) Cost of raw material

) Sales will go down

) Further consequences-

• Reduce costs,

• Lower wages,

• Dismiss some staff,

• Eventually bankrupt

Interest rates (increase)

Interest rates can have a affect on a company too. That shows anything can small can have a big effect on a business. That why it is hard to have your own business. Below I have listed different types of interest rates-

• Firms cost of borrowing will increase also that means less likely to invest in new equipment.

• Consumers will spend less. A) because they are encouraged to save more so you get better interest rate. So that means they will get more money. Who doesn’t want that B) because more expensive to borrow

Unemployment

Unemployment also has a large affect on a business it’s because if lots of people is unemployed that means they will have no money to spend on the goods that you are selling. So the company will get no money and go bankrupt. Below I have more points on how it can affect a business.

• Cost saving to a firm

• Consumers spend less because their wages or income are reduced because they are not working.

Exchange rates

Exchange rate also has quite a large affect on the business because some times some one mite buy something from other countries and if they do they will have to exchange their money if the exchange rate is really low they have to spend more. But sometimes it can be the opposite it can be that the value of £ incease, foreign goods appear a lot cheaper. So that will attract a lot more people to buy from out of the country. But if that does happen. All the businesses will go down because everybody is buying from out of the country.

Firms that export

A company in the uk that export means that they make the goods in uk but send them out to other countries around the world. So the business in the uk will want the exchange rate of pounds to be cheap so people in other countries will think that things in the uk is cheap and buy from them. So the business in uk is getting more customers and more customer means more money.

Firms that import

A firm that import is a company that import goods from other countries. When importing good the company is looking for the countries currency to be cheap so it’s cheap for them to import. But importing goods cost money to import because importing goods can be from something from an aero plane, truck, train.



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