Which factor in the external environment includes all factors that influence the wealth or buying power of consumers?SocialPoliticalEconomicLegal

Identification of Relevant Factors

The factor in the external environment that influences the wealth or buying power of consumers is primarily Economic.

Explanation of the Economic Factor

1. Economic Conditions: This includes factors such as inflation rates, interest rates, unemployment rates, and overall economic growth, which directly affect consumer purchasing power.

2. Income Levels: Economic factors also encompass average income levels and distribution of wealth within a society. Higher income levels typically lead to greater buying power.

3. Consumer Confidence: Economic factors influence how consumers feel about their financial situation, which in turn affects their spending habits.

Conclusion

In summary, the Economic factor is crucial as it encompasses various elements that, collectively, determine the wealth and buying power of consumers. This affects not only individual consumers but also businesses and overall market trends.