BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Social
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Technological
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Legal
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Economic
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Detailed explanation-1: -Legal component of business environment requires that advertisement of baby food must necessarily inform the potential buyers at mother’s milk is best for the baby. Informing the right back to the customer is one of the legal duties of any business.
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 environment provides various inputs (resources) like finance, machines, raw materials, power and water, labour etc. The business enterprise provides outputs such as goods and services to the customers, payment of taxes to the government, interest/dividend to investors and so on.
Detailed explanation-4: -Inter-relatedness is the relevant feature of business environment which is being discussed above.