CBSE Class 12 Business Studies Chapter 3

Business Environment Class 12 Revision Notes

In the business environment class 12 notes, we will begin by going through the Pepsi-Cola controversy. Then, we will study the meaning and features of the Business Environment. We will study the various terms in which Business Environment can be characterized. Moreover, we will consider some facts to understand the importance of the business environment. Furthermore, we will discuss the Dimensions of Business Environment. Thus, we will study the economic, social, technological, political and legal conditions that constitute the business environment. These will be discussed in detail. Then, we will discuss the economic environment in India. Here, we will study the various macro-level factors related to the means of production. Also, we will study the main objectives of India’s development plans.

We will see that the government took several steps. These included control by the state of key industries, central planning and reduced importance of the private sector. However, it led to serious foreign exchange crisis, high government deficit and a rising trend of prices. Thus, the Government introduced a new industrial policy in July 1991, as a part of economic reforms. Hence, we will study the concept of liberalization, privatization, and globalization. Then, we will study the impact of Government policy changes on Business and Industry. Thus, we will study these in terms of increasing competition, more demanding customers, rapidly changing technological environment. Also, in terms of the need for developing human resources, market orientation, etc.

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Sub-topics under Business Environment:

Introduction & Meaning & Importance of Business Environment: In this Sub-topic, we will study the meaning and features of the Business Environment. Also, we will discuss the importance of the business environment.
Dimensions of Business Environment: Here, we will discuss the economic, social, technological, political and legal conditions that constitute the business environment.
Indian Industrial Policies: In this Sub-topic, we will study the policies of liberalization, privatization, and globalization.

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