Describe the business environment in the city or town that you live in. You should explain what the current economic environment is and how this environment encourages or inhibits business activity. Don't simply say the environment is good or bad. You must justify your view and give examples to support your answer.
In answering this question, you should also examine the level and nature of competition in at least five different types of product markets. You should explain the type of market structure that exists in each of these product markets. You should clearly explain whether firms mainly engage in price or non-price competition and whether there is much or little competition and why? Based on your answers above, discuss the effects that the above business environment has on consumers and society in general.