Essential Business Studies (Grade A)

Summary:

This text introduces the subject of Business Studies, aiming to impart an understanding of its meaning and significance. “Business” is activities involving providing goods and services for profit. “Business studies” encompasses the study of goods and services production, distribution, and consumption. Production, distribution, and consumption are explained as creating, moving, and using goods and services.

The discipline of Business Studies comprises several components, including Commerce (study of trade), Accounting (systematic recording of business activities), Economics (study of resource allocation to fulfil wants), Office Practice (office-related activities), and Entrepreneurship (study of identifying and running businesses). The importance of Business Studies in society is highlighted through its various benefits, such as enhancing the understanding of business activities, facilitating interdisciplinary connections, and equipping individuals for business endeavours. The text sets the stage for subsequent discussions on Business and its environment.

Excerpt:

Essential Business Studies

INTRODUCTION to Business Studies

Objectives: By the end of the topic, the learner should be able to:

• Explain the meaning of Business studies
• Explain the importance of Business studies in society

MEANING OF BUSINESS STUDIES

• Business: This is any activity carried out by an individual or an organisation concerning the provision of goods and services with a view to making a profit.
• Business studies: This is a field of study that deals with the production, distribution and consumption of goods and services.
• Production: Refers to the creation of goods and services. People involved in producing goods and services are referred to as producers – e.g., manufacturers, farmers, drivers, teachers and doctors.
• Distribution: Refers to the movement of goods and services from producer to the consumers – e.g. through buying and selling, transporting, storing,
  insuring e.t.c.
• Consumption: Refers to the using up of goods and services to satisfy human wants. Those who use up goods and services are called consumers.

COMPONENTS OF BUSINESS STUDIES

Business studies are made up of the following disciplines:

a. Commerce
b. Accounting
c. Economics
d. Office practice
e. Entrepreneurship