Glossary: External environment

IB Business Management: Glossary: External environment

Business cycleDescribes the regular fluctuations in the level of economic activity in an economy, over time.Direct taxA category of tax, imposed on the income, wealth or profit of an individual or organization. Examples include income tax (imposed on wages and salaries, for example) and corporate tax (imposed on the profits of businesses).Economic growthStage / phase in the business cycle when the value of a country’s...

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