What are the three dimensions of business environment? Give an example of each.

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Solution

The various dimensions of the business environment are — Economic, political, technological, legal and socio-cultural

(i) Socio-cultural dimension: Joining a runners' group in your locality for fitness and health.

(ii) Legal dimension: The Factories Act, 1948 covers the health and safety of workers.

(iii) Political dimension: A political party believes in promoting swadeshi or 'Make in India' products/services.

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