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 Form 1 Business Studies online lessons on introduction to business studies

The components of business studies

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Answer Text:
The components of business studies
Business studies as a subject is composed of topics drawn from various disciplines such as:
a. Commerce
b. Accounting
c. Economics
d. Office practice
e. 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 referred to as an entrepreneur.


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