Business Environment (eco-13) - Part 1 - Free Notes PDF

Business Environment (ECO-13) - Part 1

June 29, 2026

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Exam Questions (3 & 5 marks)

From Business Environment

Q1. Explain WTO objectives/functions (any three points).

3 marks

Answer

WTO objectives/functions (any three):

promote free and fair trade by reducing trade barriers
provide a platform for trade negotiations
settle trade disputes through dispute settlement
monitor trade policies and ensure transparency

Thus, WTO supports rules-based global trade.

Q2. Explain the impact of globalization on business (any three merits and one demerit).

3 marks

Answer

Merits (any three):

access to larger markets and customers
access to better technology and management practices
improved quality and efficiency due to competition
more investment and employment opportunities

Demerit (any one):

intense competition can hurt small/local firms and reduce margins.

Q3. Explain macro environment and PESTLE with a table and examples.

5 marks

Answer

Macro Environment and PESTLE (with examples)

Macro environment includes broad forces affecting all firms. PESTLE is used to study these forces and identify opportunities and threats.

Factor	Meaning	Example
Political	government policy, stability, trade rules	change in import duty
Economic	GDP, inflation, interest rates	inflation reduces demand
Social	culture, lifestyle, demographics	health trend boosts organic foods
Technological	innovation, automation, digital	digital payments growth
Legal	laws, standards, compliance	data privacy law
Environmental	ecology, sustainability, pollution norms	plastic ban

Hence, PESTLE helps businesses plan strategy according to external changes.

Complete Youtube Videos for this Subject - Business Environment

Definition of Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.

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Business Environment (ECO-13) - Part 1

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Related Videos for Business Environment (ECO-13) - Part 1

Exam Questions (3 & 5 marks)

Macro Environment and PESTLE (with examples)

Complete Youtube Videos for this Subject - Business Environment

Download our app for easy access

Exam Questions (3 & 5 marks)

Macro Environment and PESTLE (with examples)

Related Notes