In 100 words, respond to: Hey class, A firm's macro-environment refers to the broader conditions and forces that affect the entire industry and all the firms within it. Managers use PESTEL, an acronym for Political, Economic, Sociocultural, Technological, Environmental, and Legal factors, to understand this environment. The PESTEL framework helps managers to identify and analyze the key drivers of change in the macro-environment. Political factors include government policies, regulations, and political stability. Economic factors include economic growth, inflation, and unemployment rates. Sociocultural factors refer to societal norms, values, and consumer attitudes. Technological factors include technological advancements and innovation rates. Environmental factors refer to ecological and environmental aspects such as weather and climate change. Legal factors include laws and regulations affecting the industry. By understanding these factors, managers can anticipate potential opportunities and threats, and strategically position their firms to leverage these macro-environmental factors for competitive advantage