You are most likely discussing the general business environment in which your company must operate.
<h2>
What is the general environment in business?</h2>
The diversity of external elements that have an impact on an organization's performance and operation is known as the general environment, or macro-environment. These outside factors can decide whether a company encounters market opportunities or failures.
The overall environment can influence how a firm identifies itself, the products it sells, and how it interacts with other businesses and regulatory bodies. When performing market research and strategic analysis, businesses often consider the overall environment.
<h2>
What are the six elements of the business environment?</h2>
Sometimes, economic and legal aspects are combined to form five major components of the business environment. Political, economic, social, technological, legal, and environmental factors are the six components of the business environment.
<h3>
What is the external business environment?</h3>
- Economic, political and legal, demographic, social, competitive, international, and technological sectors make up the external business environment.
- Managers need to be aware of how the environment is changing and how those changes are affecting the company.
learn more about area(s) of the general external business environment:
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Answer:
- The possibility of traveling from coast to coast in the US in under a week ⇒ SECOND INDUSTRIAL REVOLUTION
- Feedback loops ⇒ BOTH
- The internet ⇒ NEITHER
- The flying shuttle ⇒ NEITHER
- The steam engine ⇒ FIRST INDUSTRIAL REVOLUTION
- Railroads ⇒ BOTH
- Telegraph ⇒ SECOND INDUSTRIAL REVOLUTION
- A technological (as opposed to political) revolution ⇒ SECOND INDUSTRIAL REVOLUTION
Explanation:
The first industrial revolution took place between 1760-1830 (roughly) and its main characteristics were the industrialization of production processes using stream power.
The second industrial revolution took place between 1870-1914 (beginning of WWI). Production processes were enhanced as well as the production of steel. Even though some systems were invented much earlier, during the second industrial revolution they became "popular" and were adopted in many places and became common things, e.g. railroad networks, telegraph and telephone, water systems, sewage, electricity, and even pencils.
Answer:Is always the same; a straight line
Explanation:
If there is always a 4-for-1 tradeoff between producing good X and good Y, it follows that the opportunity cost of X (in terms of Y) is always the same and the PPF for these two goods is a straight line
PPF Production Possibility Frontier plays an important role in that It is used to demonstrate the point that any nation's economy reaches its greatest efficiency level. This happens when it manufactures only what it is qualified to manufacture and trades with other nations for the rest of what it needs.
Also called transformation curve, It is a decision making tool That supports that manufacturing of one commodity may increase only if the manufacturing of the other commodity decreases.
Answer and explanation:
Inflation is the increase in prices of goods or services over time. Under this scenario, consumers' purchasing power decreases. Typically, under inflationary stations, the government tends to intervene as a regulator of the market increasing interest rates to offset the economic phenomena.
The most likely result of inflation is the <em>increase in prices of the overall market but it also causes investments to fall and unemployment to rise</em>.
Answer:
Corporate policy
Explanation:
A corporate policy can be defined as a formal declaration of the guidlines, principles and procedures by which an organisation will function. It is established by either its board of directors or by a senior management policy committee.
Infused in corporate policy are the company's mission statement, objectives and the principles by which strategic decisions are to be made. It also forms the basis for measuring the performance of employees and also ensuring accountability at all levels of the organisation.