IGNOU ECO 13 Solved Assignment 2022-23

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IGNOU ECO 13 Solved Assignment 2022-23

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Important Note – IGNOU ECO 13 Solved Assignment 2022-2023  Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.

Download Question Paper 

Submission Date :

  • 31st March 2033 (if enrolled in the July 2033 Session)
  • 30th Sept, 2033 (if enrolled in the January 2033 session).

All questions are compulsory.

1. What are the three components of business environment? Discuss.

The term “Business environment” represents the sum of all the individuals, institutions, competing organisations, government, courts, media, investors, and other factors outside the power of the business organisations but affects the business performance. Hence, changes in government economic policies, rapid changes in technology, changes in consumer tastes and preferences, increasing market competition, etc. are outside the business organisations’ power but affect the business performance immensely.

For example, an increase in taxes by the government makes everything expensive in the market; technology changes may make the existing product obsolete, political uncertainty creates fear in the mind of investors, increase in competition in the market due to competitors may affect business profit, and changing in demand and preferences may increase the need for a new product and decrease the demand for old product.

Business Environment Definition

The term “Business environment ” is the sum of all conditions, events, and influences that surround and affect business activities and growth.

Components of Business Environment

Internal – It combines the factors that exist within the company. These are –

  • Human resources
  • Value system
  • Vision and mission
  • Labour union
  • Corporate culture

External – An external Environment includes those outside factors that exercise an influence on a business’s operations. It is further classified into two segments.

  • Macro – Socio-cultural, political, legal, and global factors fall into this category.
  • Micro – This environment has a direct and immediate impact on a business. It consists of customers, investors, suppliers, etc.

Features of Business Environment

  • The business environment is the sum of all external factors that affect its growth.
  • The business environment includes both general and specific forces. Specific forces include investors, customers, competitors, and suppliers. These factors affect individual enterprises directly and immediately in their day-to-day working. General forces include social, political, legal, and technological conditions. The general forces affect the business environment individually.
  • The business environment is dynamic.
  • The business environment is highly uncertain.
  • The business environment is a relative concept as it differs from country to country and even region to region.

Dimensions of Business Environment

The dimension of the business environment refers to the sum of all factors, enterprises, and forces that constitute direct or indirect influence over business activities. Such five key elements are listed below. 

  • Social Environment 

It implies the tradition, culture, customs, and values of a society in which the business exists. 

  • Tradition: In India, festivals like Diwali, Christmas, and Holi provide a financial opportunity for several market segments like sweet manufacturers, gifting products suppliers, etc. 
  • Value: A company that follows long-held values like social justice, freedom, equal opportunities, gender equality, etc. excels in that given society.
  • Recurrent Trends: It refers to development or general changes in a society like consumption habits, fitness awareness, literacy rate, etc. which influence a business. For example, the demand for organic vegetables and gluten-free food is increasing; therefore, companies that manufacture food items keep this in mind to attract more crowds. 

Legal Environment 

It includes the laws, rules, regulations, and acts passed by the government. A company has to operate by abiding by the rules and regulations of laws like the Consumer Protection Act 1986, Companies Act 1956, etc. A proper understanding of these laws assists in the smooth operations of a company. 

Example: A cigarette-selling company compulsorily has to put the slogan “smoking is injurious to health” on every packaging.   

  • Economic Environment 

It involves market conditions, consumer needs, interest rate, inflation rate, economic policies, etc. 

  • Interest Rate – For example, interest rates of fixed-income instruments prevalent in an economic environment impact the interest rate it will offer on its debentures.
  • Inflation Rate – A rise in the inflation rate leads to a price hike; hence, it limits businesses. 
  • Customer’s Income – If the income of customers increases, the demand for goods and services will rise too. 
  • Economic Policies – Policies like corporate tax rate, export duty, and import duty influence a business.
  • Political Environment 

It consists of forces like the government’s attitudes towards businesses, ease-of-doing-business policies, the stability of the governing body, and peace within the country. All of these factors are extremely crucial for a company to sustain itself.  If the central and local government sanctions, policies, or acts are in favour of businesses, the nation’s overall economy strengthens due to increasing employment, productivity, and import and export of various products. 

Example – A pro-business government will make foreign investments more attractive in that country.   

  • Technological Environment

It comprises the knowledge of the latest technological advancements and scientific innovations to improve the quality and relevance of goods and services. 

A company that regularly keeps track of these news can mould its business strategies accordingly.

Example: A Watch Company that sells smartwatches and traditional watches will prosper as smartwatches are trendy recently. 

2. Explain the nature and implications of regulatory role of the government.

Many sectors of the business world have long complained about government regulation. Corporations and their spokespeople often denounce government rules as irrational impediments to profits, economic efficiency, and job creation. Unsurprisingly, many firms have used loopholes, moved operations abroad, and violated antitrust laws as they attempted to deal with regulations.

In reality, American businesses have both prospered and suffered due to an ever-increasing number of rules and a complicated tax code. As a result, the relationship between firms and the government can be either collaborative or adversarial. More importantly, the rules have protected consumers from exploitative practices. Below, we’ll look at some of these regulations to see why their impacts on businesses can be difficult to determine.

Restraining Businesses

Congress passed the first antitrust law in 1890 and followed that with periodic changes in corporate tax rates and increasingly complex regulations governing business.1 The business community has generally opposed laws, regulations, or tax levies that it thinks impede its operations and profitability. A common argument against overregulation and excessive taxation is that they impose a net cost on society in the long run. According to critics, government regulations slow disruptive innovations and fail to adapt to changes in society.

Others argue that there are good reasons for regulation. In pursuit of profit, businesses have damaged the environment, abused labor, violated immigration laws, and defrauded consumers. Proponents say that is why publicly accountable elected officials are in charge of regulation in the first place. Furthermore, some rules are essential for civilized competitive businesses to flourish. Few legitimate firms wish to engage in racketeering or participate in the underground market.

In any case, we now have entities and regulations to limit the alleged excesses of the free market. Businesses complain about many of these rules while also lobbying to have other rules changed in their favor.

In the wake of major corporate fraud at several companies, including Enron, Tyco, and WorldCom, Congress passed the Sarbanes-Oxley Act in 2002. The act governs accounting, auditing, and corporate responsibility. Many in the business world opposed the bill, claiming that compliance would be difficult, time-consuming, and ineffective. Furthermore, they predicted that the law would not protect shareholders from fraud.2 This position gained some support when numerous financial frauds, such as Bernie Madoff, were exposed during the 2008 financial crisis.
The Environmental Protection Agency (EPA)
President Richard Nixon created the EPA by executive order in 1970. The agency regulates the disposal of waste materials, restrictions on greenhouse emissions, and controls on other pollutants. Companies required to comply with these rules have complained that the restrictions are costly and compromise profits.
The Federal Trade Commission (FTC)
Some firms regard the FTC as a foe of business. It was created in 1914 to protect consumers from deceptive or anti-competitive business practices. These can include price-fixing, the formation of monopolies, and fraudulent advertising.
The Securities and Exchange Commission (SEC)
Congress created the Securities and Exchange Commission (SEC) in 1934.6 It regulates initial public offerings (IPOs), ensures full disclosure, and enforces rules governing stock trading.
The Food and Drug Administration (FDA)
Pharmaceutical companies often complain that the FDA needlessly delays the approval and marketing of certain drugs. They often demand additional or more extensive clinical trials, even when the drugs have already shown effectiveness. The high costs of getting drugs approved may deter small firms from entering the market. Furthermore, the FDA has been criticized for delaying approval and human trials of drugs for people facing life-threatening conditions.
Regulatory Capture
Perhaps the most substantial criticism of government regulations is that they create the potential for regulatory capture. When that happens, the agencies supposedly responsible for protecting consumers come under the control of the industries they are supposed to regulate. The regulator may actively create barriers to entry and divert public funds for bailouts to benefit favored firms.

3. Critically evaluate the government policy towards small scale industries .

4. Distinguish between the following:
(a) Foreign Direct Investment and Portfolio Investment.
(b) Direction of Exports and Direction of Imports.

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IGNOU ECO 13 Solved Assignment 2022-23

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5 Write short notes on the following:
(a) Changing Value System
(b) Economic development
(c) Indication of Sickness
(d) Joint Ventures

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IGNOU ECO 13 Solved Assignment 2022-2023 Download Free  Before attempting the assignment, please read the following instructions carefully.

  1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
  2. Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
  3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
  4. Use only foolscap size paperfor your response and tag all the pages carefully
  5. Write the relevant question number with each answer.
  6. You should write in your own handwriting.

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IGNOU ECO 13 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:

  1. Planning: Read the questions carefully. IGNOU ECO 13 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
  2. Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU ECO 13 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
  3. Presentation: IGNOU ECO 13 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

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ECO 13 Handwritten Assignment 2022-23

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