Section: Principles of Management

7) The external environment factor that includes: Factors that have a less immediate effect on a business such as the nation's rate of inflation or recession, unemployment rate, or standard of living, is

1. political factors
2. sociological factors
3. direct economic factors
4. technological factors
5. indirect economic factors

Factors than effect that nation as a whole and occur over long periods of time are known as indirect economic factors.