The ________ Environment Consists of Institutions and Other Forces That

question 25

Multiple Choice

The ________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.

• A) social
• B) cultural
• C) political
• D) physical
• E) natural

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Definitions:

Goods and Services

The physical objects (goods) and intangible benefits (services) that fulfill consumer needs and wants.

Unemployment Rate

The ratio of jobless individuals in the labor force who are not just unemployed but are actively pursuing employment opportunities.

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.

Unemployment

The situation when individuals who are capable of working and are actively seeking work but are unable to find employment.