The document discusses the international business environment. It identifies three sets of environments that an international trading firm encounters: the domestic environment of its home country, the foreign environment of markets it operates in, and the global environment of international regulations. The business environment has both internal aspects like organizational structure and external aspects like various macro factors in the political, economic, social and technological spheres that firms cannot control but must adapt to. Understanding these multiple environments is key for firms to succeed in the changing global economic landscape.