Identify and Describe the Three Major Parts of the External

question 101

Essay

Identify and describe the three major parts of the external environment.What is the purpose for a firm to collect information about these aspects of its environment?

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Definitions:

Fee Simple Absolute

The most complete ownership in property, unlimited in duration, inheritable, and without conditions or obligations.

Ownership Rights

Legal rights that confer the ability to use, control, and dispose of property or assets.

Fixed-Term Tenancy

A lease agreement for a property that is set for a specific period of time, at the end of which, the agreement either ends or must be renewed.

Express Contract

A clearly stated agreement, either written or spoken, where the terms are explicitly stated by all parties involved.