2017 WAEC Commerce Theory a) List four elements that make up the external environment of business   b) State two...

a) List four elements that make up the external environment of business

b) State two responsibilities each that a business owes the following:

(a) Elements that form the external environment of a business:

(i)      Political
(ii)      Social
(iii)     Economic/financial

(vi)     Infrastructural
(vii)    Legal
(viii)   Demographical
(ix)     Natural/ecological condition

(b) (I) Responsibilities of business to customers

(II) Responsibilities of business to employees

Compliance with legal requirements relating to the employer-employee relationships.
It must pay employees their wages and salaries timely.
It must ensure that enabling and conducive atmosphere prevails at workplaces to enhance productivity.
It must assist employees to advance on their jobs by providing good training programmes and facilities.
The welfare of employees must be adequately taken care of.

(III) Responsibilities of business to investors

Engaging in profitable ventures that will generate the needed dividend or returns on investors’ money.
Ensuring that investors have a good return on their investment.
Conducting annual general meetings as contained in the articles of association.
Preparation and publication of all statutory records i.e. balance sheet and statement of income.

(IV) Responsibilities of business to society

Creation of employment opportunities to the host community.
Provision of social amenities such as hospitals, pipe-borne water and electricity.
Awarding scholarship to deserving individuals in society.
Organizing sports and games to promote good neighbourliness.
Provision of quality goods and services to society.
Maintaining a good environment by controlling pollution and enabling proper waste disposal.