Which of these sets of external environmental factors affects a business operation?
Answer Details
External environmental factors can have a significant impact on the success or failure of a business operation. The set of external environmental factors that affects a business operation are Economic, social and legal factors. Economic factors such as inflation, interest rates, and exchange rates can affect the cost of goods, customer spending power, and overall economic growth. Social factors like demographics, consumer preferences, and cultural trends can influence the demand for products and services. Legal factors such as regulations, taxes, and government policies can affect the operations and profitability of businesses. All of these factors need to be considered and managed effectively by a business to ensure its success.