What do you understand by legal environment? Give two examples which protect ‘consumer’s interests’.

Solution

Legal environment consists of rules and regulations, framed by the Parliament, under which business must operate. To exist and grow, business is required to follow all the rules and regulations that constitute this environment.

Two examples protecting ‘consumer’s interests’ are:

Advertisement of alcoholic beverages is prohibited.
Packets of cigarettes should mention the statutory warning ‘Cigarette smoking is injurious to health’.

Some More Questions From Business Environment Chapter

Explain, with examples, the various dimensions of business enviornment.

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Business Environment

What do you understand by legal environment? Give two examples which protect ‘consumer’s interests’.

Some More Questions From Business Environment Chapter

Explain, with examples, the various dimensions of business enviornment.

How is business environment helpful in the ‘improvement of performance’?

How ‘first mover advantage’ is made available by the business environment? Give an example.

Explain ‘Dynamic nature’ and ‘Uncertainty’ as features of Business Environment.

Business environment includes both 'specific and general forces'. List any four specific forces.

Why is business environment known as ‘totality of external forces’?

‘Nothing can be said with any amount of certainty about the factors of the business environment.’ Why?

Is the effect of various factors of business environment on business can be recognised separately?

Explain ‘Relativity’ as one of the characteristics of business environment.

'The understanding of business environment helps the managers to identify threats'. What is meant by 'threats' here?

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