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Type of Business Risk: Economic Risks

Type of Business Risk: Economic Risks. Travis Bryant Haven Frye. Economic Risks Definition. Risks that result from changes in overall business conditions. Product Obsolescence. Products that become obsolete or outdated

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Type of Business Risk: Economic Risks

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  1. Type of Business Risk:Economic Risks Travis Bryant Haven Frye

  2. Economic Risks Definition • Risks that result from changes in overall business conditions

  3. Product Obsolescence • Products that become obsolete or outdated • Frequently impacts businesses that depend on the latest trends to market goods and services • Occurs because new products are constantly being developed

  4. Major Risks • Foreign Competition • Consumer Lifestyles • Population Changes • Products becoming outdated • Limited Usefulness or style of products • Changes in the general business environment caused by inflation or recession

  5. Government Regulations • Government laws and regulations can result in economic risks • Product recalls can affect sales and profits • Laws that require businesses to pay for things will reduce profits

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