Which of the following does not characterize the business environment?

The correct answer is option 3- Employees.

Employees does not characterize the business environment.

The term business environment means the totality of all individuals, institutions and other forces that are outside a business but that potentially affect its performance. Business environment can be characterised in terms of
(a) totality of external forces
(b) specific and general forces
(c) inter-relatedness
(d) dynamic nature
(e) uncertainty
(f) complexity
(g) relativity