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Introduction to Business Studies | High School Form 1

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BUSINESS STUDIES REVISION QUESTIONS

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Introduction to Business Studies

- It is defined as the study of activities that are carried out in and around production, distribution and consumption of goods and services. 

Definitions of Common Terms in Business Studies

  1. Business- Any activity that is carried out by an individual or an organization concerning provision of goods and services with a view to making profit
  2. Business Studies- defined as the study of activities that are carried out in and around production, distribution and consumption of goods and services
  3. Goods- These are items that are tangible .i.e. they can be touched and felt
  4. Services- These are efforts or acts/actions or activities that may be sold and are intangible (cannot be touched nor felt)
  5. Production- Refers to the creation of goods and services or increasing their usefulness. People who are involved in production of goods and services are referred to as producers
  6. Distribution- Refers to the movement of goods and services from producers to the users
  7. Consumption- Refers to the act of using the goods or services produced consumption is the ultimate goal of production. The persons who uses a good or a service is referred to as a consumer

Disciplines of Business Studies

  1. Commerce- This is the study of trade and aids to trade
  2. Accounting- This refers to a systematic way of recording business activities which all used for decision making
  3. Economics- This is the study of how human beings strive to satisfy their endless wants using the available scarce resources
  4. Office practice- This refers to all activities that are carried out in an office
  5. Entrepreneurship- This is the study of activities involved in the process of identifying a business opportunity and acquiring the necessary resources to start and run a business

Importance of Business Studies

  1. Assists in acquiring knowledge and awareness of business terminologies which are necessary when discussing business issues such as profit and loss
  2. Assists in appreciating the role of business in society/in provision of goods and services
  3. Enables learners to acquire basic knowledge, skills and attitudes necessary for the development of self and the nation by starting and operating business
  4. Equips people with knowledge and skills necessary to start and run a business comfortably
  5. Makes people to appreciate the need for good business management practices
  6. Assists individuals to acquire self-discipline and positive attitude towards work
  7. Equips individuals with abilities to promote co-operation in society through trade
  8. Equips the individual with knowledge and skills required to evaluate business performance
  9. It enables learners to acquire skills for wise buying and selling.
  10. It creates a firm foundation for further education and training in business and other related fields

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