INTRODUCTION TO BUSINESS STUDIES

MEANING OF BUSINESS STUDIES

Some decades ago, the means by which people earned their living was through trade by barter system. Trade by barter is a means of exchanging good s for goods and services for services. In this system, someone who needs one thing or the other has to look for someone who has what he wants and also needs what he has. But on the invention of money, people in the society started thinking of what to do in order to earn a living. This was the beginning of business in large volume because money started serving as a means of exchange.

Business can be defined as a legal means (i.e good means) of earning a living by people in a society. People in the society earn their living on daily or monthly basis by engaging in one trade or the other. Therefore we can define business studies as the study of the means through which people in a society earn their living by engaging in commercial activities or occupational services.

Some people in the society today engage in trading that is, they buy goods from one place and another and sell the goods at a price higher than the purchase price in order to make profit. The profit made by the trader is his/her daily or monthly earning which he or she will use to satisfy his/her needs.

SCOPE OF BUSINESS STUDIES/ COMPONENT OF BUSINESS STUDIES

Business studies as a subject covers many areas of human endeavor. The study of business studies enables many people in our society today to know much on the following subjects and how these subjects can be applied in their practical lives. The subject covered by the studies of business are mainly:

Business Administration or business management

Economics 5. Shorthand
Bookkeeping/ accounting 6. Typewriting
Banking and finance 7. Computer
Office practice 8. Marketing
Insurance

CAREER OPPORTUNITIES IN BUSINESS STUDIES

It is possible with hard work and focus, to choose a career in any of the areas we discussed in the above paragraph. A student can study business administration or economics or accountancy or become a banker. It is also possible for a student to study marketing, insurance or transportation. The choice of career all depends on the interest of the student.

IMPORTANCE OF BUSINESS STUDIES

Since man has advanced beyond a stage of trying to produce everything required by his family, no individual or country can survive without engaging in one form of business or another. The study of business therefore enables the students to understand various business activities that exist and the profit they make. Finally, business studies enables students to develop keen interest in various forms of business which they can take up after leaving school.

EVALUATION

Write a short note on the scope of business studies
What is a business study?

GENERAL EVALUATION / REVISIONAL QUESTIONS

Mention five occupations you know.
What is business?
Mention four subjects covered by business studies.
When can a business person be said to have made a profit?
Why is business important?

WEEKEND ASSIGNMENT

Section A

The legal means by which people earn their living is called A. business services C. Goods D. Trade
The exchange of goods for goods and services for services is called trade by barter b. trade by exchange c. trade by engage d. trade by moving
The activities or services engaged in by people in the society in order to earn a living are called commercial occupation b. commercial services c. commercial and art d. art and service
The means through which people in a society earn their living by engaging in commercial activities or occupation is called social studies b. school studies c. business studies d. financial studies
The subject covered by business studies are the following except shorthand b. commerce c. book-keeping d. biology