Question

Explain the impact of changes in government policy on business and industry ​

Answer 1

✨☆ Impact of Government policy changes on business and industry are:-

(1) Increasing competitions :

As a result of liberalisation privatisation and globalisation number of players increased in all sectors and increased competition for everyone.

(2) More Demanding Customers:-

Increased competition in the market gives the customer wider choices in purchasing better quality of goods and services which makes them more demanding.

(3) Rapidly Changing :-

Technological Environment New technologies help to improve machines process products and services. The rapidly changing technological environment creates tough challenges before smaller firms.

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