The paper "Four External Factors That Have an Influence on Business - Wal-Mart and Ford" is a perfect example of a business assignment. The four external factors are; economy, government, consumer trends and the public pressure to act as good corporate citizens. A strong economy means that people are able to make more purchases in a global retailer such as Wal-Mart. Ford motors also depend on a strong economy to make sales. Preference to buy vehicles or to do shopping at Wal-Mart is influenced by consumer trends. Wal-Mart and ford have to comply with government standards.
Government agencies control the regulation of business. For Ford or Wal-Mart to operate in a specific country, they have to adhere to government rules and regulations. Government policies will affect both organizations. The desire to be a good citizen is seen by the decisions made by both Wal-Mart and ford. Ford has been engaging in the production of environmentally friendly vehicles in line with current environmental concerns. This is also seen in Wal-Mart's initiatives to engage in social welfare and charities (the University of Canberra, (n. d). 1.2.1 If you started a business that made surfboards, what factors of production would you need to make your product?
Where would you get them? Where would you find the money you’ d need to pay? The factors of production would include; the land in which the factory will be situated, the electricity to run the plant and raw materials from which the surfboard will be made. There will be laborers who will make the surfboards, factory equipment to be used in the manufacturing process and capital to operate the firm. Entrepreneurship skills will be required to coordinate and start the production process and distribution of goods to the market place.
The households will be able to provide the business with labor, land and buildings through the landlords and use the investors to provide the capital. The revenue obtained from selling goods to the households will be used to pay the households for the resources provided. This leads to a continuous cycle where households play a dual role (the University of Canberra, (n. d).
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