Answer in brief.
1) State any four factors of social environment.
The four features of the social environment are as follows:
(1) Customs and Traditions: This decides the celebration of various festivals like Diwali, Id, Christmas, and its effect on business.
(2) Social Institutions and Groups or Social Aspects: Literacy level, educational system, cultural heritage standard of living of the various groups of people affect the social environment of business.
(3) Social Values: Cultural and social justice, national integration affect the business. Beliefs also help the business to meet customer needs.
(4) Social Trends: Nowadays people have become health conscious and therefore there is a sale of various types of goods like organic food, sugar-free products, etc.
2) Describe any two factors of economic environment.
The economic environment has a direct influence on business.
1. The Economic System: Economic activities depend upon the nature of the economic system which are:
(a) Capitalist economy: e.g. USA.
(b) Socialist economy: e.g. China
(c) Mixed economy: e.g. India
2. Economic Policies: The various economic policies of the government has a direct influence on the economic environment. For e.g. import and export policy, educational policy, agricultural policy, industrial policy, foreign investment policy, etc.
3. Economic Condition: The stage at which the growth stands, employment rate, rate of interest, etc. All those determine the development of the country.
3) State any four features of globalization.
Features of globalization are as follows:
1. Purchase and sale of goods and services from one country to another.
2. Opportunity to start and do business in any part of the world.
3. Reduction in the gap between the domestic and international markets.
4. Possibility of quick and rapid economic development. Enhances the opportunity to exchange new ideas and technology across the nations.
4) State any four reason of need for privatization.
There is need for privatisation because of the following reasons:
1. To bring more efficiency in the working of business firms.
2. To reduce political interference in the working of the firms and companies.
3. To improve the quality of the products.
4. To bring efficiency in the management of the organization.
5. To create discipline in the capital market.