It is because the world is about to face crisis on may counts if current rate of consumption of materials continues without check. These factors are uncontrollable and the company is powerless and incapable of exercising any control over them. (b) The stock exchange (the secondary market). its structure, condition, working, performance, issues, remedies, etc. 3. Social institutions like caste system, joint family system and laws of inheritance play an important role in economic development. People now prefer to use mobile phones in place of landline phones. Noise pollution refers to an unwanted and unwarranted sound created at a wrong time and in a wrong place, causing physical and psychological disturbances to the people who are subject to the hearing of these noises. It is related to the improvement in the economic … The increasing domestic competition is compelling many companies to pursue International Trade. Although, individually the business firms cannot change the economic environment prevailing there on but collectively they can change the economic environment to their favour under capitalist and mixed economic system by putting pressure on the government through their associations. Economic and non-economic activities are undertaken with a different object and purpose and they are different from each other in the following ways: 1. The choice of manufacturing or trading site would be influenced by the size of the population. For example, planting of trees (Afforestation programmes) can substantially reduce air pollution near the industrial area. Physical labour is the labour supply and skill is the knowledge embodied in humans. The measurement of economic activities is in monetary terms, whereas non-economic activities lack money measurement. Determinants of development are broadly classified into economic factors and non-economic factors. The history of business legislation during the past hundred years has been characterised by three distinct legislative philosophies, that is. So, check out this article to get some more differences amidst these two types of human activities. Alexis Downs. The rightist inclination of the ruling party will formulate liberal pro-business policies while its leftist inclination will accept measures like nationalisation and expansion of the public sector. For this, business must follow the regulations laid down by the government to control pollution. The low income may be the reason for very low demand for a product in a country. The foreign collaborations is enabling Indian companies to upgrade their production methods. These add value to the national income. Image Guidelines 5. The expectation of performing economic activities is to earn income or profit. However, heterogeneity prevailing in respect of ethnicity, religion and language make the task of management quite complex. Accordingly, people venture to make investment in diverse areas of economic activity. Knowledge of business law is necessary for many management decisions. Content Filtrations 6. A social worker, on the other hand, serves a patient out of his zeal and its activity has no money value because he provides it without the aim of getting anything. Report a Violation, Business Environment: Nature and Significances of Business Environment, The Interface between Business and Various Types of Business Environment. This is a question I commonly receive as a local and experienced med mal lawyer in Gainesville, here are the differences: The best way to think about economic and non-economic damages is that one is more tangible or certain than the other.

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