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This is the Business Studies textbook. It is a free textbook for revision.
BUSINESS STUDIES FORM ONE CHAPTER ONE INTRODUCTION TO BUSINESS STUDIES Definition of terms used in business studies Business - refers to any activity that is carried out by an individual or an organization concerned with provision of goods and services with the aim of making profits Business studies- it is the study of the activities that are carried out in and around production, distribution and consumption of goods and services Business environment - these are the business surroundings which may be internal or external Goods - These are items which are tangible i.e. can be touched and felt e.g. furniture, buildings, bread. Etc Services - These are actions or activities that may be sold. They are intangible e.g. teaching, banking, hairdressing etc Production - It is the creation of goods and services or increasing their usefulness. Its done by producers e.g. farmers. Distribution - It's the movement of goods and services from the producer to the user. Involves transport, communication etc Consumption - Refers to using of goods/service mostly done by consumers Disciplines in business studies - Economics - it's the study of how human beings strive to satisfy endless wants using the available scarce resources. Human wants are the desires that people strive to satisfy using goods and services. Resources - Things that are required in order to satisfy human wants - Commerce - Study of trade and aids to trade. Trade is the exchange of goods and services for other goods or services or for money. - Accounting - It's a systematic way of recording business activities which are used for decision making. - Office practice - these are activities carried out in the office e.g. communication, filling, reproduction of documents etc. - Entrepreneurship - It's the study of activities involved in the process of identifying a business opportunity and acquiring necessary resources. Importance of business studies in the society - Assists members to relate the knowledge, skills and attitude acquired to day to day business activities. www.arena.co.ke 0713779527