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.

We will continue to discuss the other 4 Business Functions.

The market environment is also known as the industry environment and is immediately outside of the micro environment.

Let us talk about Macro environments: Physical/Natural environment. Economic environment. Social and demographic environment.

These macro-environment includes all the forces/events and circumstances that affects the business and its market environment.

More macro environment components such as the international or global environment and the institutional environment.

This lesson will bring to light that the micro, market and macro environments are interrelated and cannot function independently. We discuss the inter-relatedness of the business as well as the inter-relatedness between the micro, and market environments.

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

Revise the term 1 work that was covered by going through some exam past paper questions.