Introduction to Business Environment

Flashcards covering key concepts related to the business environment, including definitions, differences between internal and external factors, and components of each.

What is the business environment?

Factors, elements, or entities that affect or determine the operations of a business organization.

What are internal factors that influence the business environment?

Factors found inside an organization, such as employees, managerial capacity, financial resources, physical assets, and organizational structure.

What is the difference between internal and external business environments?

Internal business environment refers to factors within the organization, while external business environment includes factors outside the organization.

Name at least three components of the internal business environment.

Employees, managerial capacity, financial resources.

What can hinder or enhance the performance of business entities?

Causes within or outside the organization that impact their operations.

What are external business environment factors?

Factors that cannot be found within an organization and influence its operations.