Which of the following is an example of a social factor in the business environm
Practice Questions
Q1
Which of the following is an example of a social factor in the business environment?
Interest rates
Cultural diversity
Technological innovation
Trade agreements
Questions & Step-by-Step Solutions
Which of the following is an example of a social factor in the business environment?
Correct Answer: Cultural diversity
Step 1: Understand what a social factor is. A social factor refers to the influences that society has on individuals and businesses, such as culture, demographics, and social trends.
Step 2: Identify examples of social factors. Look for things like cultural diversity, family structure, education levels, and lifestyle choices.
Step 3: Recognize how these factors affect businesses. For example, cultural diversity can change how consumers behave and what products they prefer.
Step 4: Conclude that cultural diversity is a social factor because it impacts both consumer behavior and business practices.
