Which of the following is not a component of social environment ?

Stock market indices

The correct answer is option (2) : Stock market indices

2. Stock market indices

Stock market indices are not a component of the social environment. They are financial indicators used to measure the performance of a specific group of stocks in the financial markets. The other options (1, 3, and 4) are elements of the social environment:

1. Customs and traditions: These are part of a society's cultural and social practices.

3. Values: Values are beliefs and principles that guide individuals and societies in making decisions and setting priorities.

4. Celebration of festivals: Festivals are cultural and social events that are an integral part of a society's customs and traditions.