Introduction to Business Studies Form 1

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Introduction to Business Studies Form 1

Meaning of business studies

The term business is derived from the word busy which literally implies a state of being involved in some activity.
Study means to make a close examination of a particular subject or thing with a view to learning or gaining knowledge.

Business studies is therefore a subject that deals with activities taking place in production, distribution, buying, selling and consumption of goods and services.

What is business studies then?

Businesses are very important to a country .They are the main vehicle by which countries grow.

Businesses are found in production, distribution and consumption of good and services. One can start a business in virtually all aspects of life Examples are;.



 

Introduction to business studies
 

By the end of the topic, you should be able to:
(a) explain the meaning of business studies.
(b) explain the importance of business studies in the society.


Business studies will give you knowledge, skills and attitudes that will help you to be self reliant and understand business activities around you. Learn it and start your journey of success.

Types of business activities

A business activity involves provision of goods or services in order to earn a profit.

Business activities can be undertaken in virtually all aspects of life. Examples are;

  • Agriculture e.g. growing tomatoes for sale.
  • Trade e.g. operating a retail shop.
  • Constructing e.g. road construction.

Other business activities can be found in processing, mining ,fishing, manufacturing and provision of services.

EXERCISE;8


The term business is derived from the word "busy" which literally implies a state of being involved in some activity.
Study means to make a close examination of a particular subject or thing with a view to learning or gaining knowledge.
Business studies is therefore a subject that deals with activities taking place in production, distribution, buying, selling and consumption of goods and services.

Meaning of business studies

The term business is derived from the word 'busy' which literally implies a state of being involved in some activity. Study means to make a close examination of a particular subject or thing with a view to learning or gaining knowledge.
Business studies is therefore a subject that deals with activities taking place in production, distribution, buying, selling and consumption of goods and services.

Importance of Business studies in our society

  • The knowledge gained enables one to be self reliant or become self employed
  • It enables people to start and operate business profitably.
  • It enables business people to make wise business decisions.
  • It enables people to keep records of the business activities
  • It is a vital source of information about trade.

Purpose of a business

  • To make profits
  • To provide goods and services
  • To maximise wealth
  • To create employment

Business Activities

Business activities involve provision of goods and services in order to make profit. Business activities can be undertaken in the following areas:

  • Agriculture: e.g growing tomotoes for sale
  • Trade : e.g operating a retail shop
  • Constraction : e.g constuction of a road

Other business activities can be found in processing, fishing, mining, manufacturing and provision of services.

Importance of Business studies in society

  • The knowledge gained enables one to be self reliant or become self employed.
  • It enables people to start and operate business profitably.
  • It enables business people to make wise business decisions.
  • It enables people to keep records of the business activities
  • It helps the learner the role of government in business.

Importance of Business Studies in society

  1. The knowledge learned equips one to be self reliant as he/she takes up self employment opportunities available in the society.
  2. It enables people to start and operate business profitably.
  3. It enables business people to make wise business decisions.
  4. It enables people to keep records of the business activities
  5. It is a vital source of information about trade.
  6. It enables learners to form a foundation for further studies.
  7. It enables one to understand and appreciate basic economic issues in the country and world at large like inflation and recession.

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