BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Non-economic Environment-It involves government policies, demographic factors, legal framework, social system, political system, technological development, and more.

Detailed explanation-2: -In contrast, the macro environment refers to broader factors that can affect a business. Examples of these factors include demographic, ecological, political, economic, socio-cultural, and technological factors.

Detailed explanation-3: -Although there are various approaches to complete an analysis of the macro environment forces affecting your business, I will focus on seven (7) distinct forces: competitive, cultural, demographic, economic, natural/physical, political, and technological.

Detailed explanation-4: -Political factors in the macro environment include taxation, tariffs, trade agreements, labour regulations, and environmental regulations. Note that in PESTEL, factors are not characterized as opportunities or threats.

Detailed explanation-5: -Six components of macro environment are Demographic, Economic, Natural, Technological, Political and Cultural environments. Demography can be defined as the study of human population in context of size, density, age, location, gender, race, occupation and other statistics.