Reflection on Business Environment and Economic Principles

MGT 501

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAN BODY....................................................................................................................................1
CONCLUSION................................................................................................................................1
REFERENCE...................................................................................................................................2

INTRODUCTION
Business environment includes those factors which influence company practices. In the current
market situation it is important that business should have consider external business environment
because that can affect profitability of business. This report will discuss reflection on business
environment and economic principles.
MAIN BODY
I believe that business environment means the surrounding in which business operates. Business
affects from external as well as internal environment. It is important that business should have
evaluate environment properly if they want to work for the longer time period. Contemporary
business environment is complex. i believe that economic principles are important because it
helps the company in making strategic decisions. Effective strategic decisions will help
company in achieving their objective timely (Gaganis, Pasiouras & Voulgari (2019)). There are
various economic principles which provides help to the company in gaining marginal cost,
opportunity cost, law of diminishing etc. I believe that after o have attend the module I have
develop understanding about business environment and also how positive business environment
can be helpful for the company. I have studies various models and I have found that business
environment is important and positive business environment is more important. I also believe
that having practical knowledge can help employees in attaining the organisational objectives
(Hamilton & Webster (2018)). My professional goals are achieving teamwork skill. I am
lacking this skill and I think that company gives preference to those candidates which have
teamwork skill. When you work in a team than objectives can be easily attained. Teamwork also
brings collaboration and coordination. My another professional goal is problem solving skill.
Problem is normal to arise. There can be small or large problem. By using problem solving skill
I can able to solve problems which will come in my professional career.
I have found that modules which are business environment, economic practice,
contemporary business etc can be derived (Črešnar, & Jevšenak (2019)). Now I have attain
knowledge about current market trend, sustainability etc. I believe that if company have
knowledge about the current market trends than they can easily achieve their objectives. I think
that there are many personal objectives which I wanted to achieve which are improving
communication skills, my personality etc. if I wanted successful career than it is important that
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