INTRODUCTION TO BUSINESS STUDIES
Meaning of Business
Business is any lawful activity that people engage in to provide goods and services with the aim of satisfying human wants and making a profit.
Meaning of Business Studies
Business Studies is the study of the activities involved in the production, distribution and exchange of goods and services for the satisfaction of human wants.
It is also the subject that equips students with the basic knowledge, skills and attitudes needed to understand how business activities are carried out in everyday life.
Origin / Reason for Business Studies in Schools
Business Studies was introduced into the Junior Secondary School curriculum in Nigeria to:
- Expose students early to vocational and practical skills.
- Prepare students for self-reliance and entrepreneurship.
- Give a foundation for future careers in business-related fields.
IMPORTANCE OF BUSINESS STUDIES
- Business Studies Provides students with the knowledge of how to establish and run a business.
- It Prepares students for office work and business-related occupations.
- It Equips students with basic skills (like bookkeeping, typewriting, and office practice) needed for self-reliance.
- It Helps students to develop an interest in business and entrepreneurship.
- It Enables students to understand different types of business activities in society.
- It Helps students to become useful and productive members of society.
- Provides a foundation for further studies in commerce, accounting, economics, management, banking and finance, etc.
Components of Business Studies
Business Studies is made up of different areas which are:
- Commerce – the study of trade and aids to trade (e.g. transport, banking, insurance, communication, etc.).
- Office Practice – the study of the principles, procedures and activities carried out in an office on a daily basis.
- Book-keeping – the process of recording business transactions in an orderly and systematic manner.
- Shorthand – a system of rapid writing using symbols to represent sounds or words.
- Keyboarding (Typewriting) – the skill of using a typewriter or computer keyboard to produce documents accurately and neatly.
Practical Examples of Business Studies in Everyday Life
- Buying and selling in the market → Commerce.
- Recording money spent in a shop → Bookkeeping.
- Typing a letter or CV on a computer → Keyboarding.
- Writing notes quickly in class → Shorthand.
- Filing student records in the school office → Office Practice.
Values and Attitudes Learnt from Business Studies
- Honesty in keeping records.
- Hard work and punctuality in business.
- Neatness and accuracy in office work.
- Creativity and innovation in entrepreneurship.
Career Opportunities in Business Studies
- Accountant / Book-keeper.
- Banker / Cashier.
- Office Clerk / Administrator.
- Secretary / Typist / Stenographer.
- Sales Representative / Marketer.
- Business Owner / Entrepreneur.
- Teacher / Lecturer in Business-related subjects.
Differences Between Business and Business Studies
| Business |
Business Studies |
| The actual activity of producing, distributing and exchanging goods and services. |
The subject that studies and teaches how these activities are carried out. |
| Concerned with practical business transactions. |
Concerned with learning the principles and skills of business. |
Summary
- Business = human activity of providing goods and services for profit.
- Business Studies = study of production, distribution and exchange of goods and services.
- Importance = develops skills, prepares for careers, encourages entrepreneurship.
- Components = Commerce, Office Practice, Bookkeeping, Shorthand, and Keyboarding.
- Careers = accounting, banking, administration, entrepreneurship, teaching, etc.
Evaluation Questions
- Define Business Studies.
- List five components of Business Studies.
- State three importance of Business Studies.
- Differentiate between Business and Business Studies.
- Mention three career opportunities in Business Studies.