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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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