There are several aspects to the Business Environment. In this paper I’m going to touch on five of these different aspects of business. I will touch on the role of business in the economy, comparing and contrasting the roles of for-profits and nonprofits, discussing the impact of current fiscal and monetary policy, outlining strategies of a product or service to access global markets, and selecting an organization and discussing the impact it has on social responsibility in regards to a stakeholder group. Business plays a large role in the economy, without business there would be no economy. By definition business is “any activity that provides goods and services in an effort to earn a profit” (McGowan, 2012, pg 3). Economy’s definition is “a financial and social system of how resources flow through society, from production, to distribution, to consumption” ( McGowan, 2012, pg 17). Entrepreneurs risk their money and time to start businesses which produce products that get distributed throughout a financial and social system, which gets consumed. Businesses build wealth that gets redistributed throughout an economy, if businesses start to fail so will the economy that they are in. In an economy there are two main organizations, for-profit and nonprofit. For-profit organizations are businesses or companies that focus on solely generating financial gain. Nonprofit organizations are “business like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain” (McGowan, 2012, pg 6). Although they seem very different, both for-profit and nonprofit organizations are similar in their structure. They both have a board of directors that set policies and appoint a CEO or president that handles the day to day management of things such as hiring and firing of personnel. Both Fiscal and Monetary policies impact the economy. Fiscal policy is “government efforts to influence...
References: McGowan, Kelly. (2012). BUSN (4th edition). Mason, OH: Cegage Learning
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