Name the different environment of a business and give Three examples of elements in the external environment
Different environments of a business include:
1. Economic Environment: This includes factors such as inflation rates, exchange rates, economic growth, and unemployment levels.
2. Technological Environment: This includes factors such as advancements in technology, changes in communication methods, and improvements in automation.
3. Political and Legal Environment: This includes factors such as government regulations, tax policies, trade agreements, and political stability.
Examples of elements in the external environment include:
1. Social Environment: This includes factors such as demographics, cultural trends, and social norms that can impact consumer behavior and market demand.
2. Competitive Environment: This includes factors such as the actions of competitors, entry of new competitors, and changes in market share.
3. Environmental Environment: This includes factors such as climate change, natural disasters, and sustainability concerns that can impact business operations and practices.