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National Institute of Business Management
Chennai – 020
THIRD SEMESTER MBA
Subject : Business Environment
Question.1 What are the characteristics of a Business? Explain.
Answer : The term “business” typically refers to the development and processing of economic values in society. Normally, the term is applied to that portion of economy whose primary purpose is to provide goods and services for society in an effective manner.
CHARACTERISTICS OF BUSINESS
Business possesses the following characteristics
Question 2. Discuss the basic features of an Economic System.
Answer: By “economic system is meant the different forms of economic organizations that arise in the community from the organization or mode of product”. In other words, it is a set-up, which comprises various institutions and bodies, with the ultimate purpose of satisfying the wants of the people living within a particular territory and in the way in which those people want.
Question 3. Describe Mixed Economy or Democratic Socialism.
Answer: A number of major economic systems have developed with the passage of time through capitalism, fascism, communism, socialism and mixed economy. Each of these systems has devised different means for making products and services available to the consumer.
Mixed Economy : Mixed economy may
Question 6. Explain how Environmental factors interact with each other to accomplish its objectives?
Answer: INTERACTION OF ENVIRONMENTAL FACTORS
Environmental factors interact with each other. But business also has its influence on these factors in so far as it selects the environment within which it will operate and ‘then ‘continually attempts to shape the environment to accomplish its objectives. In the paragraphs that follow, we shall see how environmental factors interact with each other.
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