Scribd
Upload
64 views5 pages

Business Studies Prelim Sample Notes

The document provides notes on the syllabus for a Business Studies course. It covers the following key points: 1) The role of business involves producing goods and services to generate profit and employment, which contributes to incomes and quality of life. Businesses must innovate to remain competitive amid consumer choice and entrepreneurial risk-taking. 2) Businesses can be classified by size, location, industry, and legal structure, which is influenced by factors like ownership and financing. 3) Businesses are influenced by external economic, social, and technological factors as well as internal resources and stakeholders. 4) Businesses go through stages of establishment, growth, maturity, and decline, and must adapt

Uploaded by

mockarr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
64 views5 pages

Business Studies Prelim Sample Notes

The document provides notes on the syllabus for a Business Studies course. It covers the following key points: 1) The role of business involves producing goods and services to generate profit and employment, which contributes to incomes and quality of life. Businesses must innovate to remain competitive amid consumer choice and entrepreneurial risk-taking. 2) Businesses can be classified by size, location, industry, and legal structure, which is influenced by factors like ownership and financing. 3) Businesses are influenced by external economic, social, and technological factors as well as internal resources and stakeholders. 4) Businesses go through stages of establishment, growth, maturity, and decline, and must adapt

Uploaded by

mockarr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Business Studies Preliminary Notes

Syllabus Content + key terms and definitions

Topic: Nature of Business Producing goods and services refers to the process of creating tangible or intangible
items that satisfy the needs and wants of consumers. It involves a combination of
Chapter 1: Role of Business factors such as labor, capital, and natural resources.

Profit is the financial gain earned by a business or organization after deducting


role of business expenses from revenue. It is a measure of the efficiency and success of a business in
· the nature of a business generating revenue.
– producing goods and Employment refers to the number of people who are currently working or seeking
services work. It is an important economic indicator that reflects the health of an economy and
– profit, employment, its ability to provide job opportunities.
incomes, choice, innovation,
entrepreneurship and risk, Incomes refer to the money earned by individuals or households through employment,
wealth and quality of life investment, or other sources. It is a key determinant of a person's standard of living
and is an important factor in economic growth and development.

Choice refers to the ability of consumers to select from a range of goods and services
that meet their needs and preferences. It is a fundamental principle of free market
economies and is important for promoting competition and innovation.

Innovation refers to the creation of new ideas, products, or processes that improve the
efficiency or effectiveness of existing systems. It is a key driver of economic growth
and is essential for businesses to remain competitive.

Entrepreneurship refers to the process of starting and managing a new business


venture. It involves taking risks and making decisions to create a profitable and
sustainable business.

Risk refers to the uncertainty and potential for loss associated with any business
activity or investment. It is an inherent aspect of entrepreneurship and is managed
through strategies such as diversification and risk assessment.
Wealth refers to the accumulated assets or resources owned by individuals or
organizations. It is a measure of economic prosperity and is influenced by factors such
as income, investments, and savings.

Quality of life refers to the overall well-being and standard of living of individuals and
societies. It is affected by a range of factors, including income, health, education, and
access to goods and services.

The production of goods and services involves creating products to satisfy consumer
needs, using resources such as labor and capital. This process generates profit and
employment, which contributes to income and wealth. Consumers have choice in
selecting products, and businesses must innovate to remain competitive.
Entrepreneurship involves taking risks to create successful businesses, which
contributes to economic growth. The accumulation of wealth and overall quality of life
are affected by factors such as income, education, and access to goods and services.

Chapter 2: Types of Businesses

types of businesses
· classification of business
– size – small to medium
enterprises (SMEs), large
– local, national, global
– industry – primary,
secondary, tertiary,
quaternary, quinary
– legal structure – sole trader,
partnership, private
company, public company,
government enterprise
· factors influencing choice of
legal structure
– size, ownership, finance

Chapter 3: Influences in the Business


Environment

influences in the business environment


· external influences – economic,
financial, geographic, social,
legal, political, institutional,
technological, competitive
situation, markets
· internal influences – products,
location, resources, management
and business culture
· stakeholders

Chapter 4: Business Growth and


Decline

business growth and decline


· stages of the business life cycle
– establishment
– growth
– maturity
– post-maturity
· responding to challenges at each
stage of the business life cycle
· factors that can contribute to
business decline
· voluntary and involuntary
cessation – liquidation

Topic: Business Management

Chapter 5: The Nature of Management

nature of management
· features of effective management
· skills of management
– interpersonal,
communication, strategic
thinking, vision, problem-
solving, decision-making,
flexibility, adaptability to
change, reconciling the
conflicting interests of
stakeholders
· achieving business goals
– profits, market share,
growth, share price, social,
environmental
– achieving a mix of the above
goals
– staff involvement –
innovation, motivation,
mentoring, training

Chapter 6: Management Approaches

** Continue your notes by referring to


the syllabus!

You might also like