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The subject Business Studies deals with the knowledge, skills, attitudes, and values critical for informed, productive,
ethical and responsible participation in the formal and informal economic sectors. The subject encompasses business
principles, theory, and practice that underpin the development of entrepreneurial initiatives, sustainable enterprises
, and economic growth.
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.
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.