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The ICFAI center for management research state that the global business environment can be defined as the environment in different sovereign countries, with factors exogenous to the home environment of the organization, influencing decision making on resource use and capabilities. This includes the social, political, economic, regulatory, tax, cultural, legal, and technological environments.
The political environment in a country influences the legislations and government rules and regulations under which a foreign firm operates. The economic environment relates to all the factors that contribute to a country's attractiveness for foreign businesses.
Every country in the world follows its own system of law. A foreign company operating in that particular country has to abide with its system of law as long as it is operating in that country. The technological environment comprises factors related to the materials and machines used in
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What is legal environment of a business?
* Describe the basic environments (legal, social, economic) in which a business operates.
What are the sectors of the business environment and how do changes in the economic and political and legal environments influence business decisions?
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What are the five part of the business environment?
1,the economic and legal environment 2, technological 3, competitive 4, social 5, global
What are the 7 key environment of business?
1. Economic environment 2. Technological environment 3. Cultural environment 4. Political environment 5. Legal environment 6. Natural environment 7. Internal environment
What are the four elements of the international business environment?
There are more than four elements of the international business environment. Some of them are economic development, monetary and fiscal policies, the legal environment, and cultural concerns. Others include the political environment, and ecological issues.
