Business Studies

Scope and Importance of Business Studies

len Alfred Ajibola - Mon, 10th June, 2019 @ 13:25: PM

Topics in Business Studies

Franchise Business Structure: Types, Advantages and Disadvantages What is Corporation? Types, Advantages and Disadvantages of Corporations What is Limited Liability Company? Its Advantages and Disadvantages Partnership in Business: Types, Advantages and Disadvantages Business Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender

Academic Questions in Business Studies

Please check out our Test Your Knowledge page to see all Questions and Answers

Which of the following is NOT a characteristics of business?

  • A. The buyer and seller must always come into a contract agreement

  • B. Risk from unforseen circumstances is involved

  • C. They are subject to policies made by the government

  • D. All business transaction is aimed at making profit

  • E. It requires a discontinuous transaction between the buyer and the seller

  • F. Investments are required to begin a business

Which of the following is not a Right of Consumer Protection?

  • A. Right to Education
  • B. Right to Choose
  • C. Right to Safety
  • D. Right to the Good things of Life
  • E. Right to be Assured
  • F. Right to Compel

Which of the following is NOT a government agency of consumer protection?

  • A. Ministry of Sports
  • B. Ministry of Commerce
  • C. Consumer Protection Council
  • D. Ministry of Health
  • E. Ministry of Environment
  •  F. National Drug Law Enforcement Agent

Define Consumer Protection.

In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.

  1. chain store
  2. hyper market
  3. hypo market
  4. warehouse
  5. mobile shop
  6. supermarket

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Scopes of Business Studies:

Scopes of business studies is the same as branches or divisions of business studies.

Students willing to study the academic fields of accounting or banking will need to understand the concept of business studies since both academic fields evolve or emanate from business studies; (that is; they are scopes of business studies).

Please read on Business and Characteristics of Business here.

Below are some of the Scopes or Branches or Divisions of business studies:

  1. Marketing
    Please read more on Marketing here.

  2. International Relations

  3. Human Resources Management
    Please read on the Elements of Management here.

  4. Commerce
    Please read on the Definitions and Scopes of Commerce here.

  5. Economics
    Please read on Supply, Law of Supply and Supply Curve here.

  6. Bookkeeping

  7. Accounting
    Please read more on Accounting and Bookkeeping here.

  8. Banking and Finance

  9. Business Administration and Management
    Please read on Conflict Management in any Organization here.

  10. Entrepreneurship
    Please read how to start a Home based Fish Farming Business here.

  11. Search Engine Optimization

  12. Digital and Social Media Marketing

  13. Real Estate

  14. Business Communications

  15. Foreign Exchange Trading
    Please read on Balance of Trade and Balance of Payments here.

    You can read on Foreign Trade here.


Importance of Business Studies

  1. Business studies facilitate the exchange of goods and services.
    Please read on the Functions and Characteristics of Commerce here.

  2. Understanding how business work can earn you more money.
    Please read on the Concept of Business Studies here.

  3. It will aid students in choosing a career.

  4. As a producer, it helps you to understand the market.
    Please read on Production here.

  5. A good knowledge of marketing makes one relevant in any institution.

  6. It will assist you in making better buying decisions.
    Please read on Scale of Preference and Opportunity Cost here.

  7. Knowledge of business studies will assist you in making better investment decisions.
    Please read on Business Structures here.

  8. It will improve an individual’s calculation ability.

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.

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Amazing facts in Business Studies

The world's 💰💰💰100 richest people 💰💰💰  earned enough money in 2012 to end global poverty four times over

NOTABLE POINTS IN Business Studies

Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.

The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:

  1. Government agencies
  2. Independent agencies
  3. Legislation

Please read on Consumer Protection here

One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.

Below are some of the Government Agencies of consumer protection

  • National Drug Law Enforcement Agency (NDLEA)
  • National Agency for Food, Drug Administration and Control (NAFDAC)
  • Consumer Protection Council (CPC)
  • Rent Tribunal
  • Ministry of Health
  • Ministry of Commerce
  • Ministry of Transportation
  • Ministry of Environment
  • National Wages and Salaries Commission

Please read on the Government Agencies of consumer protection here