Question : The social environment of business includes factors related to:
Option 1: Government policies and stability
Option 2: Technological advancements
Option 3: Cultural customs and beliefs
Option 4: Economic conditions
Correct Answer: Cultural customs and beliefs
Solution : Answer: C) Cultural customs and beliefs
The social environment of business includes factors related to cultural customs, beliefs, values, and social attitudes. This environment encompasses the influence of society on businesses and the impact of social norms, values, and customs on business operations, marketing, and decision-making. While government policies and stability, technological advancements, and economic conditions are important, they typically fall under the political, technological, and economic environments, respectively.
