- State the term given to each of the following statements. Around production, distribution and consumption of goods and services – Business study.
Items those are tangible. – Goods.
Actions or increasing of goods and services. – Production.
Movement of goods from producers to consumers – Distribution.
Using of goods and services. – Consumption.
2. State the term given to each of the following disciplines.
Study of how man strives to satisfy his unlimited wants using the limited resources. – Economic.
Study of trade and aids to trade – Commerce.
Study of the activities that are carried out in an office – office practice.
Study of the process of identifying a business opportunity and acquiring resources to start and run a business. – Entrepreneurship.
Study of systematic of recording business activities which are used for decision making. – Accounting.
3. Highlight five importance of business studies in society.
Imports skills and knowledge about wise buying and selling.
It enables a society appreciate important role of government in the business.
It enables people to appreciate the role of entrepreneurship in the economic growth of a country.
It gives the people to learn the basic education required for further studies in business related fields.
Develop positive attitude towards environment and health.
4. Define the term Business.
Defined as an activity that is carried out by a person or persons with the objective of making a profit.
b. Outline four purposes of business activities.
To earn profit
To be your own boos or manager.
It creates employment.
To utilize spare time or extra time.
5. State any four types of business activities.
Processing of raw materials.
Provision of services.
Distribution of goods.
6 Explain the following terms as used in business environment.
Internal business environment. –Refers to the factors that are within and outside the business which have influence on its performance.
External business environment. – these are factors that are not within the business but which may have a bearing or an influence on its performance.
7. State any two internal business environments.