Question

Define Business Environment. State any three of its features.

Answer 1

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: (any three)
(1) Totality of external forces
(ii) Specific and general forces
(iii) Inter relatedness
(iv) Uncertainty
(v) Complexity
(vi) Relativity
(vii) Dynamic nature.