Month: December 2020

Trade is the buying and selling of goods and service with the aim of making profit Importance of trade Avails a variety of goods and service Helps producers to dispose their surplus produce Creates employment It encourages specialization and division Read More …

An office is a place, a room or a building set aside in an organization where communication, secretarial, accounting, administration and clerical work take place Functions of an office Receiving and recording information The office receives information by such means Read More …

The process of identifying a business opportunity and getting necessary resources to start and run a business. ENTREPRENEUR- A person involved in entrepreneurship Importance to the economy creation of employment formation of capital reducing rural urban migration raising standards of Read More …

It’s the creation of goods or provision of services to satisfy human wants It involves activities of transforming of materials into finished goods, transportation and storage Utility Utility_-is the ability of a good or services to satisfy human wants. Types Read More …

Human wants These are desires that people have or strive to satisfy e.g. thirst is a desire for drink Goods and service provide by the business are intended to satisfy a human want. Classification of human wants Basic/ primary wants/needs Read More …

The main purpose of a business is to make profits. To achieve this, a business needs to Satisfy customer needs Reduce operating costs Strive to survive by competing favorably Types of business activities Extraction – means obtaining goods from their Read More …

Definition of terms used in business studies Business – refers to any activity that is carried out by an individual or an organization concerned with provision of goods and services with the aim of making profits Business studies– it is Read More …

Decision making take too long Size of market may be too small Complexity of the organisation may create difficulty in management Lack of enthusiasm due to size which kills commitment- no personal contact High risks due to change in fashion, Read More …

To enable infant industries to grow without  interference from foreign industries. To avoid entry into the country of commodities which might be harmful to the moral culture and health standard of its people. To eliminate dumping of inferior or substandard Read More …

Sources of capital to small scale enterprises. Personal funds /owners capital Borrowing from friends and relatives Members contribution Loans from bank and other non bank financial institutions Going public i.e borrowing from public by use of stocks. Venture capital i.e  Read More …