Howard is reflecting on the rapid changes in the economy. The increasing volatility of oil prices over the past year has caused many firms to reconsider their options. What environment is oil part of?

Question

Quizplus · Accepted Answer

Oil prices and their volatility are part of the general environment of a business. This encompasses broad external conditions that can impact organizations, including economic, technological, sociocultural, political/legal, international, and natural forces. The general environment affects industries and firms on a macro level, unlike the specific environment which directly impacts an organization's daily operations.

Howard Is Reflecting on the Rapid Changes in the Economy