The term "external" is often employed to describe something that exists on the outside or is perceptible from the outside of a particular item or entity. It refers to an outward orientation or location, differentiating from internal, which indicates something situated within or inside. In various disciplines, the concept of "external" takes on specific nuances. For instance, in the realm of anatomy, "external" might describe body parts or features that are on the outer side of the body, such as the exterior skin layer, as opposed to internal organs like the heart or lungs that are housed within the body cavities.
In the world of business and economics, "external" factors are those that a company cannot control, often referred to as the "external environment." These can include economic trends, social shifts, technological advancements, and political or legal changes. Companies often conduct a PESTLE analysis (Political, Economic, Social, Technological, Legal, and Environmental analysis) to understand the external factors that might impact their operations. Such external elements can significantly affect a company's strategy, operational efficiency, and profitability, necessitating adaptive measures to mitigate risks associated with these external influences.
Externality is a term heavily used in economics to describe a situation where the action of one party imposes costs or benefits on others which is not reflected in market prices. Positive externality, for instance, occurs when the actions of an individual or company benefit others who are not directly involved in the transaction, such as when someone's well-kept garden boosts the aesthetic value of a neighborhood. Conversely, a negative externality occurs when the actions of an entity impose costs on others, such as pollution. In these cases, governments often step in to regulate activities to account for these externalities, typically through taxation or legislation.
In technology, particularly in computer hardware, "external" refers to devices or peripherals that are not built into the main system but can be connected to it. Examples include external hard drives, external keyboards, and monitors. These devices are essential for expanding the functionality of computers, allowing for enhanced storage capacity with external drives or better handling input methods with keyboards and other interface devices. The ability to connect and disconnect these devices easily provides flexibility and customization options to meet specific user needs or preferences.
These varied applications of the word "external" illustrate its broad relevance across different fields, emphasizing the outward or situational aspects that influence or define various phenomena or operations.