BUSN 1101 Lecture 1: BUSN 1101 Lecture : VOCAB BUSN 1101

• School: Northeastern University
• Department: Business Administration
• Course: BUSN 1101
• Professor: Vincent C.Muscolino

Document Summary

The law of supply supports that marco has made the right decision. This principle explains that producers will offer (supply) more of a product for sale as its price rises and less as its price drops. If the price of grapes were to decrease, marco might consider decreasing the size of his vineyard. The domestic business environment is the external environment in which a company operates in proximity to its customers and gets its revenues. A characteristic of the economic environment is monopolistic competition. Other examples include information, resources, and demand and supply. The economic environment refers to the relevant conditions that exist in the economic system in which a company operates. The technological environment is all the ways by which firms create value for their constituents. The sociocultural environment is the customs, mores, values, and demographic characteristics of the society in which an organization functions. The global business environment is the international forces that affect a business.