SPECIFIC OBJECTIVES
The students should be able to:
CONTENT
1.Explain terms and concepts related to business;
Definition and explanation of the following terms and concepts:
(a) enterprise
(b) entrepreneurship
(c) barter
(d) profit
(e) loss
(f) trade
(g) organization
(h) economy
(i) producer
(j) consumer
(k) exchange
(l) goods
(m) services
(n) market
(o) commodity
(p) capital
(q) labour
(r) specialization
2.Trace the development of instruments of exchange;
Brief history of trading instruments from subsistence economy to money economy, including the use of the following:
(a) bills of exchange
(b) credit cards
(c) electronic transfer
(d) tele-banking and e-commerce
3.State reasons why an individual may want to establish a business;
Reasons for establishing a business'
4.Describe the various forms of business organizations and arrangements;
Forms of business organizations and arrangements: definition, formation and management of:
(a) sole trader
(b) partnerships
(c) co-operatives
(d) companies (including conglomerates and multi-nationals)
(e) franchises
(f) state corporations and nationalized industries
(g) local and municipal authorities
(h)government departments
(j) concept of private and public sectors
5.Differentiate among the different economic systems;
Types of economic systems:
(a) traditional (subsistence)
(b) command or planned (socialist)
(c) free or capitalist
(d) mixed (public and private)
6.Identify the stakeholders involved in business activities;
Owners, employees, customers and all other members of society
7.Discuss the role of the stakeholders involved in business activities;
Role of employers, employees, consumers and government.
8.Outline the functions of a business;
Functions of a business in satisfying needs and wants through the provision of goods and services.
9. Describe the role of business within a community.
Economic, financial, social, political and ethical.
Below are some links you can use to do some further reading on the topic:
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