After reading this chapter, you will understand the environment within which business operates and how it interacts and transacts its activities within this environment. This chapter gives you a bird's-eye. view of the subject and enables you to understand and appreciate the complexities involved in doing business and making business decisions.

A business firm does not operate in a vacuum but in a given environment, and has to interact and transact its business within this environment. A business organization is a microeconomic unit influenced by its environment—both economic and non-economic, internal and external; the value system prevalent in the society in which it operates; the laws enacted by the government—both ...

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