BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The term economic environment refers to all the external economic factors that influence buying habits of consumers and businesses and therefore affect the performance of a company. These factors are often beyond a company’s control, and may be either large-scale (macro) or small-scale (micro).

Detailed explanation-2: -The economic environment consists of an economic system, economic policies and economic conditions prevailing in a country.

Detailed explanation-3: -A macro environment refers to the set of conditions that exist in the economy as a whole, rather than in a particular sector or region. In general, the macro environment includes trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy.

Detailed explanation-4: -Social environment is concerned with the characteristics of the society in which the organisation or enterprise exists. Economic environment is concerned with economic policy of the government and the economic system prevailing in the country.