What do you mean by business environment and economic environment?
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Definition and examples. The economic environment refers to all the economic factors that affect commercial and consumer behavior. ... “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.”
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BUSINESS ENVIRONMENT : It refers to the forces and situations outside the firm with which its members must deal to achieve the organization's purpose.
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ECONOMIC ENVIRONMENT :
It consists of gross national product, corporate profits, inflation rate, balance of payments, interest rates,tax rates and consumer income, debt and spending . Economic environment has stronger influence over organization's policies and actions.
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