Business Environment — Flashcards
ICSE · Class 11 · Business Studies
40 flashcards for Business Environment (ICSE Class 11 Business Studies) to test yourself on key terms and facts. Sample: "What is business environment?"
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What is business environment?
Answer
Business environment means the forces, factors, and institutions that are internal or external to a business and beyond its control. These forces affect the working, growth, and success of a business …
Define business environment in simple terms.
Answer
Business environment is the set of external factors, geographical factors, and other conditions that are uncontrollable and affect the decisions of a firm or company.
What does the dynamic feature of business environment mean?
Answer
Dynamic means that business environment keeps changing over time and is not static. For example, GST introduced in 2017 changed the indirect tax system and affected business operations.
Why is business environment called a relative concept?
Answer
It is relative because it differs from country to country and even from region to region within the same country. Business conditions in a metropolitan city and a village are not the same.
What does inter-related mean in the context of business environment?
Answer
Inter-related means that the different elements of business environment are closely connected. A change in one element affects other elements. For example, economic liberalisation can influence social…
Why is business environment considered complex?
Answer
Business environment is complex because it contains many interconnected components that keep changing. A change in one part can create far-reaching effects in other parts, making it difficult to under…
What does uncertainty mean in business environment?
Answer
Uncertainty means that future events in business environment are difficult to predict accurately. Political, technological, and social changes can happen quickly, so business firms must stay alert.
What is meant by the totality of internal and external forces?
Answer
It means that business environment includes both internal factors and external factors that influence business performance. Internal factors are under the control of business to a large extent, while …
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