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2024 Grade 7 Business Studies Lesson Notes Term 1, 2, 3

Institution: Junior Secondary

Course: Business Studies

Content Category: Grade 7 Notes

Posted By: 35824167

Document Type: DOCX

Number of Pages: 89

Price: KES 150
 
    

Views: 13297     Downloads: 205

Summary

Download High quality prepared grade 7 business studies lesson notes. The notes are well detailed and cover all grade 7 strands.

Brief overview
a. Introduction to Business Studies
• Business: Any activity that is carried out by an individual or an organization concerning provision of goods and services with a view to making profit.
• Business studies: Is the study/examination of the business activities in society. These activities are related to the production of goods and provision of services.
-It can also be defined as the study of activities that are carried out in and around production, distribution and consumption of goods and services.
Components of Business studies
Business studies consist of the following disciplines
a. Commerce
b. Accounting
c. Economics
d. Office practice
e. Entrepreneurship
• Commerce
This is the study of trade and aids to trade. Trade refers to the exchange of goods and services for other goods and services or money. Aids to trade are human activities (services) that assist trade to take place.
• Economics
This is the study of how human beings strive to satisfy their endless wants using the available scarce resources.
• Accounting
This refers to a systematic way of recording business activities which all used for decision making.
• Office practice
This refers to all activities that are carried out in an office e.g. communication, filling, clerical work, reproduction of documents etc.
• Entrepreneurship
This is the study of activities involved in the process of identifying a business opportunity and acquiring the necessary resources to start and run a business. The person who carries out these activities is referred to as an entrepreneur.
Importance of Business studies
Some of the benefits of learning business studies include:
i. Assists the learners/members of the society to acquire knowledge and awareness of business terminologies which are necessary when discussing business issues such as profit and loss.
ii. Assists the individuals in appreciating the role of business in society/in provision of goods and services.
iii. It enables the learners to acquire basic knowledge, skills and attitudes necessary for the development of self and the nation by starting and operating business.
iv. Equips the members of society with knowledge and skills necessary to start and run a business comfortably.
v. Makes the members of society to appreciate the need for good business management practices
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