Consumption patterns are one of the most important drivers of development patterns in the industrialized world and will serve as case for the study of scenarios and transition management. Eco-finanzascom. Orgullosamente hecho con, 18. [11] Tradingeconomicscom. To asses the (2016). The general state of the economy (e.g., … Looking forward, they estimated Inflation Rate in Colombia to stand at 5.17 in 12 months time. (2016). IPC is the weighted sum of variation of the items. Retrieved 8 February, 2016, from, [9] Eco-finanzascom. The index used as adjustment factor in determining salaries, financial statements, in resolving labor claims and tax. http://www.portafolio.co/opinion/entrevista-septima-partners. Oecdorg. have a tremendous impact on business firms. Economic forces refer to the nature and direction of the economy in which business operates. (2014). Los Rosales 122, 28021, Madrid. Of course, excessive lending and borrowing usually end up in financial crises but, in principle, credit availability is good for economic development”[4], have an availability of credit gives the engine to move forward, but we must use it by establishing a constant desire for savings. Interest rates are essential when starting a new business, as these involve the value for the money in the financial market, ie reflecting how much you pay a debtor to a creditor to use your money for a period. employment, and pricing decisions. The monetary policy decisions are taken based on the analysis of the current state and the outlook for the economy, and in the evaluation of inflation forecast against Goals. It is measured in terms of perecentage and is very close related with the inflation. Investopedia. Retrieved 8 February, 2016, from http://www.forbes.com/sites/ciocentral/2012/04/19/services-not-manufacturing-will-revive-the-u-s-workforce/, [2] Procolombia. (2014). Figura 3.US dollar/Colombian pesos, interday chart, review of the last 5 years, update to February of 2016 taken in: Trading Economics, http://www.tradingeconomics.com/colombia/currency, how the dollar has increased its value in the Colombian market. Below are two graphs that highlight the nominal minimum wage increase and the corresponding value is displayed. And consequently we could say that for this “reasons that have allowed this sector forward rapidly on its way to become one of world class”[3], [1] Forbescom, N.M. (2012). http://www.dinero.com/pais/articulo/panorama-fiscal-colombia-2015-2016/207984, http://www.elpais.com.co/elpais/economia/noticias/gobierno-tendra-duro-apreton-presupuestal-para-2016, http://www.bancomundial.org/es/country/colombia/overview, Figura 1. Retrieved 8 February, 2016, from http://www.portafolio.co/portafolio-plus/tendencias-consumo-colombia, According to the World Economic Forum Colombia occupies the 61th place out of 140 countries in the (GCI) Global Competitiveness Index, in the region Colombia has a good place in the list, according to Revista Dinero, the labor productivity is so low that for 1 American worker is necessary 4,5 Colombian workers, Figura 2. According to Banco de la Republica in the year 2015 Colombia had the lowest unemployment rate of the last 15 years, with a rate of 8,9% different to 2014 where the rate was about the 9,1%, as seen in the chart the unemployment rate has decrease 7% in the last 15 years; that means that the competition has increased in Colombia, there are more companies and more opportunities. political, governmental, and legal forces 4. technological forces 5. competitive forces 8. Natalie McCullough. It is important to know where to invest their money Colombians, because you have to take into account their ability to consume to launch a new product, “so a big trend, evident in the view of the analysis, it is for health as an issue obsessive”[10].