Introduction to Business Studies – JSS1 Business Studies Lesson Note (First Term)

Business studies is the study of the means through which people in a society earn their living by engaging in commercial activities or occupational services. Business is a legal means of earning a living. The subject covers areas such as economics, bookkeeping, banking, insurance, marketing and computer, and it prepares students for careers and business after school.

Behavioural objectives

By the end of the lesson, students should be able to:

1. explain trade by barter;
2. define business and business studies;
3. list the subjects covered by business studies;
4. name some careers open to students of business studies;
5. state why business studies is important.

What is business studies?

How did people earn a living before money?

Some decades ago, people earned their living through trade by barter.

Trade by barter is a means of exchanging goods for goods and services for services. In this system, someone who needs one thing or the other has to look for someone who has what he wants and also needs what he has. But with the invention of money, people in society started thinking of what to do to earn a living. This was the beginning of business in large volume, because money started serving as a means of exchange.

What is business?

Business can be defined as a legal means of earning a living by people in a society. People in society earn their living on a daily or monthly basis by engaging in one trade or the other. Therefore, we can define business studies as the study of the means through which people in a society earn their living by engaging in commercial activities or occupational services.

Some people in society today engage in trading. They buy goods from one place and another and sell the goods at a price higher than the purchase price to make a profit. The profit made by the trader is his or her daily or monthly earnings, which he or she will use to satisfy his or her needs.

What is the scope of business studies?

Business studies as a subject covers many areas of human endeavour. It enables many people in our society today to know much about the following subjects and how they can be applied in practical life. The subjects covered by business studies are mainly:

• Business administration or business management
• Economics
• Bookkeeping/Accounting
• Banking and finance
• Office practice
• Insurance
• Shorthand
• Typewriting
• Computer
• Marketing

What career opportunities are there in business studies?

With hard work and focus, it is possible to choose a career in any of the areas listed above. A student can study business administration, economics or accountancy, or become a banker. A student can also study marketing, insurance or transportation. The choice of career depends on the interest of the student.

Why is business studies important?

Since man has advanced beyond the stage of trying to produce everything required by his family, no individual or country can survive without engaging in one form of business or another. The study of business therefore enables students to understand the various business activities that exist and the profit they make. It also enables students to develop a keen interest in various forms of business which they can take up after leaving school.

Evaluation

1. Write a short note on the scope of business studies.
2. What is business studies?

General evaluation and revision questions

1. Mention five occupations you know.
2. What is business?
3. Mention four subjects covered by business studies.
4. When can a business person be said to have made a profit?
5. Why is business important?

Assignment

Reading assignment

Business Studies for JSS Revised Edition Book 1 (WABP) by Ehiametalor, Osu-Nwyfoetc, pages 1 to 3.

Weekend assignment

Section A

1. The legal means by which people earn their living is called: A. business, B. services, C. goods, D. trade.
2. The exchange of goods for goods and services for services is called: A. trade by barter, B. trade by exchange, C. trade by engagement, D. trade by moving.
3. The activities or services engaged in by people in the society to earn a living are called: A. commercial occupation, B. commercial services, C. commercial and art, D. art and service.
4. The means through which people in a society earn their living by engaging in commercial activities or occupations is called: A. social studies, B. school studies, C. business studies, D. financial studies.
5. The subjects covered by business studies are the following except: A. shorthand, B. commerce, C. bookkeeping, D. biology.

Section B

1. What is trade by barter?
2. Mention five subjects covered by business studies.