To what does the term economic environment refer?
A. It refers to the application of science to convert resources to output.
B. It refers to the macro-economic factors that affect patterns of consumer and business spending.
C. It refers to the unique micro-economic factors of local markets.
D. It refers to a marketing mix that customers see as better than a competitor's mix.
E. It refers to the evaluation of the strengths and weaknesses of current competitors' marketing strategies.
Answer: B
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