Give an explanation of consumption as a component of business and explain importance of business environment in national policy decisions
Answers
During the 1970s, American business began experiencing challenges due to the substantial increase in competitive pressures. Companies experienced globalization, deregulation, and rapid technological change which caused the major companies to enhance their strategic planning - a process of predicting future changes in a particular environment and focus on ways to promote organizational effectiveness. This resulted in developing more jobs and opportunities for people to show their skills which were directed to effective applying employees toward the fulfillment of individual, group, and organizational goals. Many years later the major/minor of human resource management was created at universities and colleges also known as business administration. It consists of all the activities that companies used to ensure more effective utilization of employees.
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