Question

Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household?.

Answer 1

The component of an environmental scan which pertains to the income, expenditures, and resources affecting the cost of running a business or household is called economy.

An environmental scan refers to an industry analysis where one discusses external environmental factors that have, or could have, an impact on a business operations. This scan is done to identify and interpret potential trends occurring outside the organization.

An economy is a area of production and consumption activities that determines how resources are allocated among all of its participants. An economy is usually region-based, for instance, a country or a town. Thus, it is the component of an environmental scan.

Hence, a country's economy is the wealth that it gets from business and industry.

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