Final answer:
The prior business environment differed from the contemporary business environment in terms of market size, competition, and opportunities. Technology and globalization have expanded the market and increased competition for businesses.
Step-by-step explanation:
The prior business environment differs from the contemporary business environment in several ways. In the past, businesses operated in a more localized and limited market, with less competition due to geographical constraints. However, with the advancements in technology and globalization, the contemporary business environment is characterized by a larger, global market with increased competition from both local and international businesses.
For example, in the past, a local retail business would primarily face competition from other local stores. But now, with the internet and e-commerce, consumers can order products from anywhere in the world, opening up a much wider range of competitors for local businesses.
This shift in the business environment has both advantages and challenges. On one hand, it offers businesses the opportunity to reach a larger customer base and access a wider range of suppliers. On the other hand, it also increases the level of competition, requiring businesses to be more innovative and adaptive to stay competitive.