what is meant by business environment ? Describe breifly various components of non economic business environment ?
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nderstanding the environment within which the business has to operate is very important
for running a business unit successfully at any place. Because, the environmental
factors influence almost every aspect of business, be it its nature, its location, the prices of
products, the distribution system, or the personnel policies. Hence it is important to learn
about the various components of the business environment, which consists of the economic
aspect, the socio-cultural aspects, the political framework, the legal aspects and the
technological aspects etc. In this chapter, we shall learn about the concept of business
environment, its nature and significance and the various components of the environment.
In addition, we shall also acquaint ourselves with the concept of social responsibility of
business and business ethics.
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