LO1 Understand the impact of socio-economic change on the development of commercial organisations in a business and services industry context Structure and operation of UK economy: market structure; perfect/imperfect competition; oligopoly; duopoly and monopoly; national/local factors; determinants of free-market economy Government economic policy: aims and influence; effects on employment policy; inflation; balance of payments; economic growth in industry sector; current issues Income, wealth, employment and occupational distribution: structure and composition of business and services industry; patterns of demand for business and services; the socioeconomic framework of demand; labour demand in industry sector Demographic trends: geographical pattern of labour demand; nature of employment in business and services industries; employment profiles eg age, sex Social structures: types of people employed; geographical variations; self-employed; unemployed; labour turnover; levels of pay Industry context: contexts eg hospitality and catering, hairdressing and beauty therapy, sports and leisure, travel and tourism