BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Social environment
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Political environment
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Legal environment
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Economic environment
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Detailed explanation-1: -The extent and nature of government intervention in business are considered a major element of the political environment. Answer: Option a. Explanation: In a country, its political status and situation leave a direct impact on the economic condition of the country.
Detailed explanation-2: -Major elements of political environment are (a) The constitution of the country (b) The nature and profile of political leadership and thinking of political personalities (c) Political ideology and practices of the ruling party.
Detailed explanation-3: -The political environment is related to the business environment including all the rules and regulations, laws and the role of government in the day-to-day operations of organizations. The business political environment refers to the political or governmental actions that affect business operations.
Detailed explanation-4: -The exchange rate is not a political factor because it is an economic factor.
Detailed explanation-5: -Political Environment is the state, government and its institutions and legislations and the public and private stakeholders who operate and interact with or influence the system. The political atmosphere should be good and very stable for a firm to operate successfully.