Structure and operation of UK economy

External Environment
TASK 1

Structure and operation of UK economy
UK economy is considered to be as the fastest growing and
one of the largest economies that features GDP rate. Thus, for
operating the services in this economy, there are various forms of
market structure in which a company can perform their business
activities. Among all the forms of market structure, if the company
selects suitable market for operations then it directly influences the
behaviour and culture of organization.
The forms of market structure available in the UK economy
are perfect competition, imperfect, oligopoly, etc. St. James' Court
operates its services under oligopoly market as there are few firms
and large number of buyers in this industry. Further, when measured
in size, UK economy is 5th largest national economy and 2nd
largest in EU and in nominal GDP, it is 10th largest in the world
while 3rd largest in EU.

Contd...
The economy of UK is the fastest growing in the G7 for 3
consecutive years. Moreover, it is one of most globalized economies
in the world. The service sector of the UK contributes 78% of the
GDP in the economy. This sector includes hospitality industry,
aviation, banking and financial sector, etc.
Moreover, taxation policies of UK is low because UK economic
system stable and helps businesses in establishment of various new
ventures. It also covers number of regulatory frameworks and
provide transparency to the work culture. Therefore, job security
has been increased and this way inflation rate came down.