Get premium membership and access revision papers with marking schemes, video lessons and live classes.
Processing. Please wait.

 Form 1 Business Studies online lessons on introduction to business studies

Introduction to Business Studies:definition of terms

 (10m 33s)
822 Views     SHARE

Download as pdf file

Answer Text:
Definition of terms:
-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.
-Business studies: Is the study/examination of the business activities in society. These activities are related to
the production of goods and provision of services.
-It can also be defined as the study of activities that are carried out in and around production, distribution and consumption of goods and services.
-Goods: These are items that are tangible .i.e. they can be touched and
-Services: These are efforts or acts/actions or activities that may be sold and are intangible (cannot be touched nor felt).
-Production: Refers to the creation of goods and services or increasing their usefulness through activities such as transporting them to where they are required. People who are involved in production of goods and services are referred to as producers.
-Distribution: Refers to the movement of goods and services from producers to the users. Some activities that take place as goods and services all moved include transportation, storage, insurance, communication, advertising.e.t.c
-Consumption: Refers to the act of using the goods or services produced consumption is the ultimate goal of production. The
persons who uses a good or a service is referred to as a consumer.