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Question
Answer in brief.
Describe any two factors of economic environment.
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Solution
The economic environment has a direct influence on business.
- The Economic System: Economic activities depend upon the nature of the economic system which are:
(a) Capitalist economy: e.g. USA.
(b) Socialist economy: e.g. China
(c) Mixed economy: e.g. India - Economic Policies: The various economic policies of the government has a direct influence on the economic environment. For e.g. import and export policy, educational policy, agricultural policy, industrial policy, foreign investment policy, etc.
- Economic Condition: The stage at which the growth stands, employment rate, rate of interest, etc. All those determine the development of the country.
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