What Are The 5 Components Of Business Studies?


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Business studies can be classed into five different components. Check them out below.


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These business components each have direct or indirect influence over the business transactions and operations. 

The five business components are:

Economical Environment

The economic environment consists of Gross Domestic Product (GDP), Income level, Profit earning rate, Productivity, Employment rate, Industrial, monetary and fiscal policy of the government. 

Political Environment

The political environment constitutes all the factors related to government affairs. For example, government in power, attitude of government towards different groups of societies, policy changes implemented by different governments. 

Social Environment

The social environment consists of the traditions of the society in which business is existing. The standard of living, taste, preferences and education level of the people living in the society are examples of factors in the social environment.

Legal Environment

The legal environment consists of the laws and legislations passed in the parliament. Businesses need to adhere to the legislations of the country they are located in.

Technological Environment

The technological environment refers to changes taking place in the country which affects method of production, use of new equipment and machineries, the quality of product and more. In order for businesses to remain competitive and relevant, they must closely monitor the technological changes taking place in his industry.






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Post-Matric Options

 

We helped you with past papers for your matric exams, so hopefully you are happy with your Matric results. So now you are faced with a lot of post-matric options that can shape your future paths. You might want to study law, teaching, or nursing. Of course studying is expensive so we have helpful advice about student loans, NSFAS bursaries, Fundi loans, ISFAP, and lots of other funding options.

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Latest SASSA articles

Sassa distributes 18 million permanent grants to vulnerable people living in South Africa. Individuals who require relief submit Sassa grant applications every month to access this relief provided by the government and will need to do a Sassa status check.

There are millions of grant beneficiaries in South Africa. Sassa has confirmed when all grant beneficiaries will be paid in July 2025. 


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