Mention the various dimensions of business environment.
Answers
SOLUTION :
The various dimensions of business environment are as follows :
1. Economic environment :
The economic environment consists of the factors and forces concerning with means of production and distribution of wealth.
2. Social environment :
The social environment consists of all the social cultural forces within which business firms operate.
3. Political environment :
The political environment consists of the forces concerning management of public affairs and their impact on business.
4. Technological environment :
It refers to the change taking place in the method of production and use of equipment to improve the quality of product.
5. Legal environment :
The legal environment consists of laws and regulations of the country.
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Answer:
There are 5 dimensions to business environment. These are economic, social, legal, political and technological