Give an example to show that a business firm operates within numerous inter related factors constituting the business environment. (Hint: example highlighting the inter relatedness of dimensions of business environment).

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Solution

Business organisations work in a complex environment consisting of numerous interrelated and dynamic conditions. For example, ABC Ltd is an automobile company. Its performance is affected by the following factors:
Economic: Global recession
Social: Changed consumption habits of people due to the improved standard of living of customers
Technological: Advanced technology leading to automation in manufacturing
Legal: 28% GST levied on automobiles

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