Economic Environment: The multiple variables in the macro environment system which has a bearing on a business include:
1. The nature of economy is based on the stage of development. The countries across the globe can be categorized on the basis of growth and per capital income as developed nations, developing nations and under developed nations.
2. The economic systems can be classified as Capitalistic, Socialistic and Mixed economy.
3. The economic policies of a nation are: Monetary policy, Fiscal policy, Industrial policy, Foreign exchange policy and Export-import policy. Social -Cultural environment: Social environment refers to the sum total of factors of the society in which the business is located. It is dynamic and includes the behaviour of individuals, the role and importance of family, customs, religion and languages, the ethical values.
