BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Customs
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Rate of Interest
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Level of education
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All of the above
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Detailed explanation-1: -Social environment refers to the social forces such as customs, traditions, social values, social trend etc. that affect the business opportunities and performance.
Detailed explanation-2: -Social environment depends on the social constructs (generally accepted ideas and characteristics) of the target society. It is made up of factors such as beliefs, traditions, ethnicity, occupation, disposable income, consumption trends, and gender of consumers and the general public.
Detailed explanation-3: -The social environment of business includes social forces like customs and traditions, values, social trends, society’s expectations from business, etc. Traditions define social practices that have lasted for decades or even centuries.