How the Economic and Legal Environment Affects Business


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question 1 of 3

Which of the following is considered part of an external business environment?

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1. How do macroeconomic factors and microeconomic factors differ?

2. Which of the following is a factor of microeconomics?

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About This Quiz & Worksheet

The questions will test you on definitions and concepts related to economic and legal situations. The quiz will have you identify what a term or concept describes.

Quiz & Worksheet Goals

The quiz will test you on these concepts:

  • External environments
  • Components of economic environments
  • Macroeconomic factors
  • Legal environments

Skills Practiced

The quiz will help you cover the following skills:

  • Making connections - use understanding of the concept of economic, legal and external environments
  • Critical thinking - apply relevant concepts to identify examples of macroeconomic and factors in the legal environment
  • Information recall - access the knowledge you've gained regarding the two components of economic environments

Additional Learning

The quiz is just one part of your journey to understand economic and legal environments for business. Make sure to peruse our lesson called How the Economic and Legal Environment Affects Business. The lesson covers these objectives:

  • Understanding the impact of external environments on a business
  • Exploring types of external environments
  • Detailing the parts of the economic environment
  • Characterizing the legal environment