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Question

Define Business Environment. State any of its features.

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Solution

The term 'business environment' means the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may affect its performance.

Features of business environment:

(i) Totality of external forces

(ii) Specific and general forces

(iii) Inter relatedness

(iv) Uncertainty

(v) Complexity

(vi) Relativity

(vii) Dynamic nature


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