In the context of business environment, what does the term 'macro environment' refer to?
Practice Questions
1 question
Q1
In the context of business environment, what does the term 'macro environment' refer to?
Internal company policies
Industry-specific trends
Broad external factors affecting all businesses
Individual consumer behavior
The macro environment includes broad external factors such as economic, political, and social influences that affect all businesses.
Questions & Step-by-step Solutions
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Q
Q: In the context of business environment, what does the term 'macro environment' refer to?
Solution: The macro environment includes broad external factors such as economic, political, and social influences that affect all businesses.
Steps: 4
Step 1: Understand that the macro environment is about the big picture outside of a business.
Step 2: Recognize that it includes factors that are not controlled by the business itself.
Step 3: Identify the main categories of these external factors: economic (like inflation and unemployment), political (like government policies and regulations), and social (like cultural trends and demographics).
Step 4: Realize that these factors can influence how businesses operate and make decisions.
