This all is called Bookkeeping. 1.1 INTRODUCTION Business studies is the study of the management of individuals to maintain collective productivity, which accomplishes particular creative and productive goals, usually to generate profits. Suppose that this household has a fixed income of $1800 per month. ii) Business studies: Is the study/examination of the business activities in society. Defining business and its environment, discussing the purpose of business. This session was created in 2016 for a business studies GCSE group. vi. By considering this, the course introduction to business has been designed. 2. The below problem Problem 1 Text: A family has to decide how much of their monthly income to spend on good 1 and good 2. Trade by barter is a means of exchanging good s for goods and services for services. The outcome of the activity should be profitable and be rewarding because the primary goal of setting up a business is to make profit. Changes in the demographic environment can result in significant opportunities and threats presenting themselves to the organization. iii. econdary education, can study the following courses, accountancy, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Telegram (Opens in new window), Click to email a link to a friend (Opens in new window). Typewriting Meaning Of Business Studies Chapter 1: Understanding Economic Systems and Business Chapter 2: Making Ethical Decisions and Managing a Socially Responsible Business Chapter 3: Competing in the Global Marketplace Chapter 4: Forms of Business Ownership Chapter 5: Entrepreneurship: Starting and Managing Your Own Business This page was last edited on 9 January 2018, at 21:50. Tangible goods include products like text books, food items, such as bread, biscuits, yams, rice etc. Business is economic activity that involves the exchange of products and/or services for profits, or other motives. introduction to business studies 2. the office 3. departments in an office organization 4. the office staff 5. the right attitude to work 6. introduction to commerce 7. division of commerce 8. production 9. types of business organization 10. consumer, market, and society 11. factors of production 12. occupation i 13. occupation ii A market is people or organizations with wants to satisfy, money to spend, and the willingness to spend it. iv. 2.3 Pervasive. Simply defined, business is any activity directed to provide service or exchange goods for money or payments lieu, for the purpose of satisfying human needs and wants. Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics. Organizations closely monitor their customer markets in order to adjust to changing tastes and preferences. motor mechanic at work etc. This cookie is set by GDPR Cookie Consent plugin. Online MBA programs significantly reduce the cost to existing managers of obtaining an MBA, as they permit students to maintain their existing residence and employment while working toward an advanced degree in business. The word "business" means the state of being busy. Furniture, buildings, books, vehicles e.t.c, These are efforts or acts/actions or activities that may be sold and are, Refers to the creation of goods and services or increasing their, usefulness through activities such as transporting them to where they are required. 5. Foreign portfolio and direct investment flows have risen significantly since reforms began in 1991 and have contributed to healthy foreign currency reserves ($32 billion in February 2000) and a moderate current account deficit of about 1% (1998-99). 6. It widens knowledge and exposes an individual to various occupations and careers through its integrated nature. Foreign investment is particularly sought after in power generation, telecommunications, ports, roads, petroleum exploration and processing, and mining. Necessary cookies are absolutely essential for the website to function properly. roadsides restaurants, with people eating. It also explores how the world's economies and governments shape economic activity. Components Of Business Studies An example of response by marketers to special interests is green marketing, the use of recyclable or biodegradable packing materials as part of marketing strategy. Business can be defined as a legal means (i.e good means) of earning a living by people in a society. Goods are tangible items produced and traded by businesses in order to generate profits. 4. Therefore we can define business studies as the study of the means through which people in a society earn their living by engaging in . to the class (in your groups) After you have pitched your ideas the class will. 3. Marketing service agencies help the organization target and promote its products and include marketing research firms, advertising agencies, and media firms. We hope you enjoyed the class. Physical distribution firms help the organization to stock and move products from their points of origin to their destinations. Introduction to Mathematics for Business Studies. Stockholders/shareholders are investors who become co-owners or partial owners of firms by buying the firm's stock. The activity must produce tangible ( visible) goods or intangible goods ( services). WEEK 1. People who, are involved in production of goods and services are referred to as, Refers to the movement of goods and services from producers to the. Importance of understanding the environment, Changing profile of Indian economic environment, Your Article Library: Business Environment: Nature and Significances of Business Environment, https://en.wikiversity.org/w/index.php?title=Introduction_to_Business_Studies&oldid=1801853, Creative Commons Attribution-ShareAlike License, a)Businesses may be doomed to be non starters due to. Bookkeeping is concerned with the recording of business transactions in an orderly and meaningful manner. The cookies is used to store the user consent for the cookies in the category "Necessary". iv. v. Financier However, you may visit "Cookie Settings" to provide a controlled consent. This introductory free business course online, has been designed for those interested in taking their current careers to new heights, or perhaps exploring an entirely different profession.All of free online business coursesare not subject to time restrictions or deadlines, allowing you to study from anywhere in the world at your own pace and in your own time. In the context of business[1] the environment refers to the sum of internal and external forces operating on an organization. BUSINESS STUDIES TOPIC BY TOPIC QUESTIONS AND ANSWERS WAREHOUSING Q WAREHOUSING ANS TRANSPORT Q TRANSPORT ANS jabu sibuyi Follow General Assistant at Macsteel Tube and Pipe Advertisement Recommended BCG matrix Meaning/Definition of Business Studies. The organization must continuously monitor and adapt to the environment if it is to survive and prosper. Computer Studies Computer Studies deals with the use of computers. vii. Add to cart. Company administration These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Each day in the United States, thousands of new businesses are born. Easy to prep activities that introduce students in a simple way to business activity, needs and wants, and entrepreneurship. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Office practice deals with the study of the principles & procedures of running an office. Introduction to Mathematics for Business Studies. (b). We also use third-party cookies that help us analyze and understand how you use this website. (c). Organisation spends focus on giving motivation by various ways so that employees can contribute in organisational goals . i. busy shops and supermarkets, here and there. Copyright 2022 FORTMI | Powered by Astra WordPress Theme. goods, services, production, distribution, consumption , economic and commerce. 6. Business Consultant etc. The cultural environment is made up of forces that affect society's basic values, perceptions, preferences, and behaviors. The intermediaries between an organization and its markets constitute a channel of distribution. An Introduction to Business Studies Question 1 Arena flowers is one of the renowned UK based company delivering fresh flowers to the customers directly from the growers avoiding the middlemen. Components of Business Studies. Economics - This is the study of how human beings strive to satisfy their endless wants using the available scarce resources 4. Commerce is that part of a business endeavour that deals with trade and aids to trade. When you have completed the free practice test, click 'View Results' to see your results. Form 1 Introduction to Business Studies Notes. Business studies as a subject is composed of topics drawn from various disciplines such as: This is the study of trade and aids to trade. The attached document contains a summary in introduction in system software/operating system which i have tried to expand broadly to equip learner with IT essentials majorly on Software as a package. Business studies is a subject that provides us with the knowledge, understanding and skills needed for productive work or activity. Your email address will not be published. Furthermore, students can differentiate between types of businesses. Categories: Secondary School, Secondary Topical Notes. In a small firm, all these jobs may be done by one or two people. It encourages one to think or how and why one should start a business. Introduction to Business Studies Revision Questions and answers State 4 reasons why people engage in business - Suggested Answer Outline four ways in which a business can be socially responsible to its immediate environment - Suggested answer Highlight four benefits that a community should derive from a manufacturing firm - Suggested answer 3. Course Hero is not sponsored or endorsed by any college or university. In our next class, we will be talking about the Office. barbing saloon at work There is also cross over with IGCSE/GCSE economics. Commerce - This is the study of trade and aids to trade 2. topic 1: forms of business units; chapter 1 : - introduction to business studies; chapter seven : home trade; topic 2 : government and business; office management and office administration knec pdf notes ii) Business studies:Is the study/examination of the business activities in society. It is imperative for an organization to know their customers, how to reach them and when customers' needs change in order to adjust its marketing efforts accordingly. Major trends for marketers in the demographic environment include worldwide explosive population growth; a changing age, ethnic and educational mix; new types of households; and geographical shifts in population. He or she needs to record them in the books of account. It develops and prepares you for office occupations in future. DEFINATION OF TERMS i) Business: Any activity that is carried out by an individual or an organization concerning provision of goods and services with a view to making profit. India's trade has increased significantly since reforms began in 1991, largely as a result of staged tariff reductions and elimination of non-tariff barriers. However, in recent decades there has been a renewed interest in the . In todays class, we will be talking about the introduction of business studies. What can you explain the owners of these centres are doing? 2. This unit covers the basic concepts that give context to a business. These cookies track visitors across websites and collect information to provide customized ads. By the end of the topic, the learner should be able to: Explain the meaning and purpose of a business, Identify various types of business environments. Commerce: Commerce is the heart of business and refer to production, distribution and exchange of goods and services, in other to satisfied human want. How To Become A Recharge Card Distributor In Ghana, How To Start A Supermarket Business In Ghana, How To Start A Phone Charging Business In Ghana, How To Become A Profitable Car Dealer In Ghana. The public expects organizations to be ethical and responsible. These cookies ensure basic functionalities and security features of the website, anonymously. They must identify, evaluate and react to the forces triggered by the external environment. They must identify, evaluate and react to the forces triggered by the external environment. Business studies can be regarded as the study of the methods and techniques of setting up and running a business venture profitably. 1. Accordingly, the factors of the environment will need to be considered as inputs in the planning and forecasting models developed by an organization. The Resource An introduction to business studies, Book 2, An introduction to human resource management in business, written by Diane Preston An introduction to business studies, Book 2, An introduction to human resource management in business, written by Diane Preston 1. This website uses cookies to improve your experience while you navigate through the website. Stenographers who take dictations in shorthand in offices. WHAT YOU NEED TO DO. The reform process has had some very beneficial effects on the Indian economy, including higher growth rates, lower inflation, and significant increases in foreign investment. Good luck! School of Advance Business and Commerce, Faisalabad, INTRODUCTION TO BUSINESS STUDIES.pdf - INTRODUCTION TO BUSINESS STUDIES. Because of the integrated nature of the study, ones is exposed to a variety of opportunities for a vocation or profession or career. i. busy shops and supermarkets, here and there. Each target market has distinct needs, which need to be monitored. viii. Table Of Contents You are on the right spot to know the answer of this question. It is important for marketers to understand and appreciate the cultural values of the environment in which they operate. Meaning of Commerce Commerce can be defined as human activities that deal with buying and selling of goods and services. Sorry, preview is currently unavailable. 2.What Then Is Business It introduces one to many careers such as accountancy, finance, sales, marketing and management Changes in social/cultural environment affect customer behavior, which affects sales of products. they can be touched and felt. Manufacturing, which was dominated by the jute and cotton textile industries, accounted for only 10.3 percent of GDP at that time. b) Customers These are the people who buy companies products or services from the business. They include: In groups of 3 you must come up with a business. Clerical officers who keep general office records. For example, income affects consumer spending which affects sales for organizations. The trader cannot rely on his memory for all these transactions. 4. The five components of Business Studies include:- Office Practice This is to help them acquire skills and knowledge for office occupation and administration. KSh 25.00. Business studies can be regarded as the study of the methods and techniques of setting up and running a business venture profitably. Toward this endeavor firms are now classifying their employees as the internal customer and giving them their deserved attention. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and . 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