Month: December 2020

The term ‘market’ is usually used to mean the place where buyers and sellers meet to transact business. In Business studies, however, the term ‘market’ is used to refer to the interaction of buyers and sellers where there is an Read More …

Meaning of firm and industry A firm is an individual enterprise or business unit under one control an ownership e.g. a business unit carrying the production of a good or service such as production of soap or a legal service Read More …

Meaning of demand Demand is the quantity of a product that buyers are willing and able to buy at a given price over a given period of time.   Factors that determine the demand for a product (determinants of demand) Read More …

Product is an item or service offered to the consumers at a price. Therefore, product promotion is the communication or any activity undertaken to inform the consumers, persuade and remind them to buy the product from the market.   The Read More …

Insurance-This is an undertaking or contract between an individual or business and an insurance an occurrence of risk(s) (i.e. against events whose occurrences are unforeseen but causes financial losses or suffering to the affected parties. Risks are also referred to Read More …

Warehouse; This is a building or a part of a building where goods are received and stored until need arises for them. -Other terms used to refer to a warehouse are depot, a go down or a silo. Warehousing; This Read More …

TOPIC OBJECTIVES By the end of the lesson, the learner should be able to: Explain the meaning and importance of transport to business. Explain the essential elements of transport. Describe the modes and means of transport. Discuss the advantages and Read More …

COMMUNICATION Meaning of communication Communication is the transfer or conveyance of messages or information from one person to another. Communication is the process of sending and receiving meaningful messages, information and ideas between two or more people located at different Read More …

GOVERNMENT AND BUSINESS BY THE END OF THE TOPIC, THE LEARNER SHOULD BE ABLE TO: Explain reasons for government involvement in business. Explain how the government gets involved in business. Discuss the merits and demerits of government involvement in business. Read More …

TOPIC OBJECTIVES BUSINESS UNITS A business unit is an organization formed by one or more people with a view of engaging in a profitable activity. Business units are generally classified into private or public sector business units’ i.e Note: Private Read More …