BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pervasive
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Continuous
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Dynamic
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Interrelatedness
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Detailed explanation-1: -Inter-related-Different elements of business environment are closely inter-related and interdependent. A change in one element affects the other elements. Economic environment influences the non-economic environment which in turn affects the economic conditions.
Detailed explanation-2: -Business environment includes specific forces such as investors, customers, competitors and suppliers. Non-human or general forces are Social, Legal, Technological, Political, etc. which affect the Business indirectly.
Detailed explanation-3: -The term ‘business environment’ means the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may affect its performance. Features of business environment: (i) Totality of external forces. (ii) Specific and general forces. (iii) Inter relatedness.