3. The business world is shaped by a number of key factors, including the competitive, economic, global, and technological environment. Your business plan should indicate how these environments will affect your business, starting with competition. What degree of competition (monopolistic competition, oligopoly, or monopoly) is typical of the industry in which you will operate? What are the implications for your ability to compete? Write a few sentences describing the competitive situation. Identify at least two main competitors and list two ways that your goods or services will be unique, and better. 4. Next, write a few sentences about the current economic situation, not just in your specific business location but also in the broader economic context. Are economic conditions, including the business cycle and employment trends, favorable or unfavorable for your business? What changes in the local, national, or international economic situation could affect your business, and in what ways? 5. Looking at the global environment, would you expect to compete mainly with domestic companies, or will global competition be a factor? Will the global environment affect your choice of suppliers, your costs, and your access to customers? Is import or export an opportunity for your business? Write a few sentences about how the global environment is likely to affect your ability to establish and grow your business. 6. Within the technological environment, what are the key trends that could be positive or negative for your business? Write a few sentences about how technology (including social media) will help you to develop innovative products, connect with suppliers and customers, contain costs, or otherwise affect your business, either in a positive or a negative way