For example, in 2016, California citizens voted for a law to ban the use of single-use plastic bags, affecting the majority of retailers in that state. Useful links. Businesses also consider geographic and climactic factors. Clusters are geographic concentrations of interconnected companies and institutions in a particular field. There are two great economic factors affecting business models work – demand and supply. Remote external environment B. Read National Geographic's latest stories about the environment. A. Department of Geography and Environment, St Clement's, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE Follow us LinkedIn FaceBook Twiiter Instagram YouTube. Direct competitors are those that sell very similar goods and services. Clusters encompass an array of linked … (p. 3) The _____ comprises economic and social conditions, political priorities and technological developments, all of which must be anticipated, monitored, assessed and incorporated into the executive's decision making. LSE Careers. The term "competitive environment" refers to the number and types of companies against which a given business competes in its industry. Additionally, start-ups currently in Tel-Aviv have been successful in selling to U.S. markets. Geographic segmentation is when a business divides its market on the basis of geography. Indirect environmental factors can affect any business by creating changes in societal expectations and government laws and regulations in efforts to protect the environment. Economic Factors Affecting Business Environment Demand and Supply. 4. New Zealand is an island country located 1,000 miles (1,600 km) southeast of Australia in Oceania.It consists of several islands, the largest of which are the North, the South, Stewart, and Chatham Islands. Geographic literacy will also be necessary for reasons of enhancing economic competitiveness, preserving quality of life, sustaining the environment, and ensuring national security. The industry environment directly influences a firm and its competitive actions and responses. In terms of the geographic and environmental competitive landscape, Israel has an ideal environment to foster technological advancement. Find out more. Economic and geographic environmental factors impact businesses that are beginning, expanding or currently competing. There are several ways that a market can be geographically segmented. Demand is how willing and able a consumer is to purchasing what a business offers and supply is how able the business is to make available what the consumer needs. 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