Question
In a PEST Analysis, the economic factors to consider include taxes, interest rates, demand and supply, and recessions. These factors are crucial as they directly influence the operational cost and profitability of a business. For instance, high taxes can reduce profit margins, high interest rates can deter investment, fluctuations in demand and supply can impact production and sales, and recessions can lead to a decrease in overall business activity.
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Start with the history – familiarize yourself with your topic: read about its history, find out how it was established, how long it's been around and who was it founded by. Also, pay attention to major achievements associated with the topic that happened over the past few years Find political information – common political regulations to search for are tariffs, employment laws, health and safety, tax policies and trade control. Find economic information – some economic issues to pay attention to are taxes, Interest rates, demand and supply and recessions. Find social information – here, you'd examine how consumers are affected by political and economic factors. It is acceptable to draw conclusions based on the information you've already gathered from your political and economic factors research.
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