A recent rate cut in the interest on loans announced by the banks encouraged Amit a science student of Progressive School to take a loan from State Bank of India to experiment and develop cars to be powered by fuel produced from garbage. He developed such a car and exhibited it in the Science Fair organised by Directorate of Education He was awarded first prize for his invention
Identify and explain the dimensions of business environment discussed in the above case.

Explanation

Business environment consists of factors that influences many enterprises at the same time These are called dimensions of business environment. These factors are categorised as social, economic, political, legal and technological environment which are considered relevant for decision-making and improving the performance of an enterprise The dimensions of business environment discussed in the above case are
(i) Economic environment
(ii) Technological environment
(iii) Political environment