2.5

• What is a boom in the economic cycle?

  High growth, low unemployment
• What characterizes a recession in the economic cycle?

  Negative growth, rising unemployment
• What does recovery in the economic cycle refer to?

  Slow return to growth
• How do interest rates impact consumer spending?

  They affect borrowing costs
• What is one effect of inflation on businesses?

  Increased costs
• What causes inflation?

  Cost-push and demand-pull factors
• How do exchange rates affect import/export prices?

  They impact the cost of goods traded
• What is fiscal policy?

  Government spending and taxation
• What does monetary policy involve?

  Interest rates and money supply
• What are supply-side policies aimed at improving?

  Productivity and competitiveness
• What are the key components of employment law?

  • Minimum wage
  • Working time regulations
  • Discrimination laws
  • Health and safety regulations
• What are the main aspects of consumer protection regulations?

  • Product safety standards
  • Advertising regulations
  • Consumer rights and warranties
• What do environmental regulations include?

  • Emissions standards
  • Waste management requirements
  • Energy efficiency regulations
• What does GDPR stand for?

  General Data Protection Regulation
• What is one requirement of cybersecurity regulations?

  Protection of sensitive data
• What are the five forces in Porter's Five Forces model?

  • Threat of new entrants
  • Bargaining power of suppliers
  • Bargaining power of buyers
  • Threat of substitute products or services
  • Rivalry among existing competitors
• What does PESTLE analysis stand for?

  • Political factors
  • Economic factors
  • Social factors
  • Technological factors
  • Legal factors
  • Environmental factors
• What is scenario planning used for?

  Preparing for potential future changes
• What is contingency planning aimed at?

  Addressing unexpected events
• What do agile business practices focus on?

  Flexibility and responsiveness to change
• Why is innovation important for businesses?

  It drives growth and competitiveness
• What role does R&D play in a business?

  It fosters new product development