How is economic environment different from business environment
Answers
The term economic environment refers to all the external economic factors that influence buying habits of consumers and businesses and therefore affect the performance of a company. These factors are often beyond a company’s control, and may be either large-scale (macro) or small-scale (micro).
Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc. These factors affect the function of the company and how a company works directly or indirectly. Sum of these factors influences the companies or business organisations environment and situation.
Explanation:
because in economic environment is concering with distribution of profit and the wealth of the business .
but business environment is much wider term then evonomic environment because economic environment is just a single factor but business environment consist sum of all factor and forces which effect the business directly and indirectly.