Business Studies deals with the knowledge, skills, attitudes and values that are critical for informed, productive, ethical and responsible participation in the formal and informal sectors.

The micro environment is also known as the internal environment and contains all the factors that influence the business from within.

The micro environment is also known as the internal environment and contains all the factors that influence the business from within. Some businesses may not have all of the functions.
This will depend on the nature and size of the business.

In the previous lesson we discussed the challenges macro environment
In today’s lesson we discuss how businesses can adapt to challenges in the three business environments.

Macro environments: Physical/Natural environment. Economic environment. Social and demographic environment.

We already discussed how businesses can adapt to challenges in the macro environment.We continue to unpack how businesses can adapt to more challenges in the Macro Environment.

More macro environment components such as the international or global environment and the institutional environment. In this lesson we will explore contemporary socio- economic issues and their impacts on businesses.

Discuss the inter-relatedness of the business as well as the inter-relatedness between the micro, and market environments.

Learn to distinguish between the formal and informal sectors, as well as the public and private sectors.

We will continue discussing the Benefits of a company over other forms of ownership's.