Economic Environment of Business: Definition, Elements, Examples, and Strategy

economic environment of business

What is Economic Environment? The economic environment of business encompasses external economic influences that impact consumer and business behavior, thus affecting a company’s performance. It comprises macroeconomic (large-scale) and microeconomic (small-scale) factors that interact and shape an organization’s strategies. These factors include market conditions, consumer purchasing power, resource availability, and economic trends. For instance, agricultural … Read more