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What is the importance of insurance in business world?

So if anything were to happen to your business e.g a fire then you can use the insurance claim to fix it


What would happen if the business costs and budget are not monitored?

In what sense? Work? Personal finances?


What is social environment in business?

A business does not function in a vacuum. It has to act and react to what happens outside the factory and office walls. These factors that happen outside the business are known as external factors or influences. These will affect the main internal functions of the business and possibly the objectives of the business and its strategies.


How do you write a letter to supplier to reduce price due to reduction in raw material price?

In an ideal world, when the price of a raw ingredient is reduced, the price of the product should also be reduced. When this does not happen it would be appropriate to request this price reduction in writing. In the letter, the fluctuation in prices should be noted along with any precedent of the action.


What is likely to happen when a major business closes or moves out of an area?

When a major business closes or relocates, it often leads to significant economic repercussions for the local community, including job losses and reduced consumer spending. This can result in a decline in property values and increased vacancies in commercial real estate. Additionally, the local economy may experience diminished tax revenues, affecting public services and infrastructure. Overall, the closure can create a ripple effect, impacting small businesses and the overall community vitality.