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Describe the basic environments (legal, social, economic) in which a business operates.

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The legal environment a business operates in is basically the laws of the land in which they do business. It also includes the type of legal tradition the market has. For example is a civil code of laws where everything is codified, leaving not much to interpretation like continental Europe or is an interpretive tradition based on legal precedent and legal interpretation of the judges like we and the British have. In the later case, a business would do well to have excellent legal council to help in the interpretive tradition based on precedent. Also, though this may drift over ...

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The legal environment a business operates in is basically ...

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