Objectives: By the end of the topic, the learner should be able to:
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.
Business studies: Is the study/examination of the business activities in society. These activities are related to the production of goods and provision of services.
-It can also be defined as the study of activities that are carried out in and around production, distribution and consumption of goods and services
Goods: These are items that are tangible .i.e. they can be touched and felt.
Activity 1: The students to list items in the classroom that can be touched and felt
-Furniture, buildings, books, vehicles e.t.c
iv) Services: These are efforts or acts/actions or activities that may be sold and are intangible (cannot be touched nor felt).
Activity 2: The students to list items that money is paid to get but they cannot touch.
v) Production: Refers to the creation of goods and services or increasing their usefulness through activities such as transporting them to where they are required. People who are involved in production of goods and services are referred to as producers
vi) Distribution: Refers to the movement of goods and services from producers to the users. Some activities that take place as goods and services all moved include transportation, storage, insurance, communication, advertising.e.t.c
vii) 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.
COMPONENTS/SCOPE OF BUSINESS STUDIES
Business studies as a subject is composed of topics drawn from various disciplines such as:
This is the study of trade and aids to trade. Trade refers to the exchange of goods and services for other goods and services or money.
Aids to trade are human activities (services) that assist trade to take place.
This is the study of how human beings strive to satisfy their endless wants using the available scarce resources.
This refers to a systematic way of recording business activities which all used for decision making.
This refers to all activities that are carried out in an office e.g. communication, filling, clerical work, reproduction of documents e.t.c
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. The person who carries out these activities is referred to as an entrepreneur.
Importance of Business studies in society
Business studies is meant to prepare learners to function as informed consumers, producers and workers in society.
Some of the benefits of learning business studies include: