To understand about reviewing political, economic, social, l

To understand about reviewing political, economic, social, legal,… To understand about reviewing political, economic, social, legal, technological and policy context.PoliticalThese factors determine the extent to which a government may influence the economy or a certain industry. A government may impose a new tax or duty due to which entire revenue generating structures of organizations might change. Political factors include tax policies, Fiscal policy, trade tariffs etc. that a government may levy around the fiscal year and it may affect the business environment. Example Index Terms – Embargoes & Sanctions, Coups. EconomicThese factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects. A rise in the inflation rate of any economy would affect the way companies’ price their products and services. Adding to that, it would affect the purchasing power of a consumer and change demand/supply models for that economy. Economic factors include inflation rate, interest rates, foreign exchange rates, economic growth patterns etc. It also accounts for the FDI (foreign direct investment) depending on certain specific industries who’re undergoing this analysis. Example Index Terms – Ownership Changes, Bankruptcy, Company Relocations. SocietalThese factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics etc. Example Index Terms – Child Labor Laws, E Coli, Medical Ethics. TechnologicalThese factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably. This refers to automation, research and development, workforce; anything that would disrupt the course of company to conduct business. Example Index Terms – Computer Crime, Labor Shortages, Labor Disputes. LegalThese factors have both external and internal sides. There are certain laws that affect the business environment in a certain country while there are certain policies that companies maintain for themselves. Legal analysis takes into account both of these angles and then charts out the strategies in light of these legislations. Example Index Terms – Class Actions; Fines & Penalties, Patent Infringement From: LexisNexis (Access: March 2021)  Read the explaination of Political, Economic, Societal, Technological and Legal categories, then apply these to the case study of Bicycle Retail Shop. You must explain how these risks may influence the shop in accordance with the current risk.                                        Health Science Science Nursing BUSINESS BSBRSK501

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