Business Environment Test - 47

Example of recent changes made old techniques obsolete:

• Digital watches to traditional watches
  
• Word processor to Typewriter
  
• LED TV to CRT TV
  
• Xerox machine to photo copier etc.
  

Consumer Protection Act, 1986 seeks to protect and promote the consumer's interest through speedy and inexpensive redressal of their grievances.

Capital investment helps in the development of business. It is used as a source for creating new and improved products or services, which, on the other hand, help in technological advancement and allows effective production. Also, capital investment promotes growth.

Business environment is the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise and it may affect its performance. Thus while analysing through SWOT analysis, trends and changes comes under threats.

Employees are an integral part of business.
Whereas A customer, investor, competitors etc are the specific forces which affects the business environment. 
Specific and general forces, Uncertainty, Relativity and Complexity are the main features of business environment.

Legal environment consists of various laws and legislations passed in the parliament. These can not be overlooked. Statutory warnings come under legal environment.

Business environment through environment Scanning helps in finding out the opportunities of the business and strategies can be made to grab these opportunities. The major planning and policy formulation are done keeping in mind the business environment.

Globalisation refers to integration of domestic economy of a country with the international economy. It involves greater interaction and interdependence among various nations of global economy.

Economic environment consists of interest rates, inflation rates, stock market indices and increase and decrease in the value of rupee etc.

The prices by which the government buys food grain for the maintenance of the public distribution system and to build a buffer stock are known as Procurement Price.