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Business refers to activities of people who are engaged in the production, distribution
and exchange of goods and services in an attempt to satisfy human wants and with an
intention of making profit. In the ordinary language of business, a number of words,
such as “trade”, “trading”, “merchandising”, “Commercial dealings” and “commercial
transactions" are commonly used interchangeably to refer to business. Businesses
produce a wide range of goods and services to satisfy the demands of every human
being. Since time immemorial, mankind has been involved in the production of goods
and services to satisfy human wants. Today, business activities greatly influence the
behavior and life of human beings.
Business, as a term, also has another meaning. It may also be used to refer to an
organization which produces a good or a service to satisfy human wants and whose
main intention is to make profit. It is used to refer to a firm or industry which produces a
good or a service. For example, Hotel Business, Matatu Business, Wholesale Business,
Retail Business, Transport Business, etc.
To carry out a business successfully, produces of goods and services should have a
relevant body of knowledge, skills and attitudes of the business. Similarly, consumers of
goods and services should posses a prerequisite body of knowledge, skills and
attitudes so as to maximize satisfaction from their limited economic resources
(income). The study of the knowledge, skills and attitudes of the Business is referred to
as Business studies.
The body of the knowledge, skills and attitudes of Business has growing since time
immemorial. However, during the Middle Ages and Renaissance period in European
history, the body of knowledge, skills and attitudes of Business expanded tremendously.
During the Renaissance period, clearly distinct sub-branches of Business studies, such
as Commerce, principles of Accounts (Accounting), Economics, Typing, Shorthand,
Office practice and Secretarial studies, emerged.
raphael answered the question on August 10, 2021 at 05:28