The nonmarket environment is characterized by the social, political, and legal arrangements that structure interactions outside of, but in conjunction, with markets and private agreements.

Question

Quizplus · Accepted Answer

This is a correct definition of the nonmarket environment. It includes factors such as cultural norms, government regulations, and social values that impact economic activity but are not directly part of market transactions.

The Nonmarket Environment Is Characterized by the Social, Political, and Legal