Introduction to business studies

Business studies study module

Business studies as a subject is composed of topics drawn from various disciplines such as:

  1. Commerce
  2. Accounting
  3. Economics
  4. Office practice
  5. Entrepreneurship

Commerce

This is the study of trade and aids to trade. Trade refers to the exchange of goods and services for other goods and services or money.

Aids to trade are human activities (services) that assist trade to take place.

Economics

This is the study of how human beings strive to satisfy their endless wants using the available scarce resources.

Accounting

This refers to a systematic way of recording business activities which all used for decision making.

Office practice

This refers to all activities that are carried out in an office e.g. communication, filling, clerical work, reproduction of documents e.t.c

Entrepreneurship

This is the study of activities involved in the process of identifying a business opportunity and acquiring the necessary resources to start and run a business. The person who carries out these activities is refered to as an entrepreneur.

Importance of Business studies in society

Business studies is meant to prepare learners to function as informed consumers, producers and workers in the society.

Some of the benefits of learning business studies include:

  • Assists the learners/members of the society to acquire knowledge and awareness of business terminologies which are necessary when discussing business issues such as profit and loss.
  • Assists the individuals in appreciating the role of business in society/in provision of goods and services.
  • It enables the learners to acquire basic knowledge, skills and attitudes necessary for the development of self and the nation starting and operating business.
  • Equips the members of society with knowledge and skills necessary to start and run a business comfortably.
  • Makes the members of society to appreciate the need for good business management practices
  • Assists individual to acquire self-discipline and positive attitude towards work
  • Equips individual with abilities to promote co-operation in society through trade
  • Enables the individual to understand the role of government in business activities
  • Equips individuals with abilities to understand the role of communication and information technology in modern business management
  • Helps the individuals to develop positive attitudes towards the environment
  • Equips the individual with knowledge and skills required to evaluate business performance
  • It helps individual to develop various intellectual abilities such as inquiry, critical thinking, analysis, interpretation, rational judgement, innovation and creativity.
  • It enables learners to acquire skills for wise buying and selling.
  • It creates a firm foundation for further education and training in business and other related fields.
  • It enables one to understand and appreciate the basic economic issues that affect the society such as increase in prices of goods and services.



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