Topics in Business StudiesAdvertising and Types of Advertising Advantages and Disadvantages of Land mode of Transportation Advantages and Disadvantages of Water and Air modes of transportation Agencies of Consumer Protection Consumer Right and Protection Methods of payment through commercial Banks, Part 2 Methods of payment through Commercial Banks Meaning, Scope and Importance of Business Studies Meaning and Types of Business Structure Clerical Staff, their Qualities and Functions
Academic Questions in Business Studies
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.
Business Studies is one of the academic subjects taught at the junior level of many secondary schools around the world. It is a commercial and social science subject aimed at financial and managerial aspects of businesses. Students who intend to explore a career in banking, accounting or any other scope of business studies must give a high propriety to this subject. In England, Business Studies can be taken as part of the General Certificate of Secondary Education (GSCE); whereas in some Nigerian schools, the IGSCE version of this subject is also taught to students.
Take a minute to imagine this question. What would our world look like if we had no form of business taking place in it?
Business Studies may simply be defined as the study of how businesses work.
You may think of a business to be any of the followings below:
If you buy and sell goods, then that’s business. Understanding the processes of buying and selling so as to maximize profit is a part of business studies.
When one is in charge of the finances of an institution (an example is the bursar in a school), then that’s also business because such institution will rely on the bursar's financial knowledge for its growth.
If you are a part of the marketing team for a company, that’s business; since the company’s sales will depend on your marketing skills.
Note: Making money through criminal act or dubious means is not considered as business in business studies. It is morally and socially wrong to participate in illegal business activity.
The point is: In any business, you render goods and (or) services.
Peter F. Drucker is considered as the Father of Business Studies and Management Theory
Note: Services in business may be referred to as intangible goods since they cannot be physically held. For instance, this article you are reading is a service we are rendering to every student (all for free) in order to support education in our world. On the other hand, goods are tangible since they can be physically touched. For instance, vegetables purchased from the market are goods since they can be touched.
Scopes of business studies is also the same as branches of business studies. Like I wrote at the beginning of this article, students willing to study accounting or banking will need to understand the concept of business studies since they both evolve or emanate from business studies. Below are some of the scopes or branches of business studies:
Human Resources Management
Banking and Finance
Business Administration and Management
Search Engine Optimization
Digital and Social Media Marketing
Foreign Exchange Trading
Business studies facilitate the exchange of goods and services.
Understanding how business work can earn you more money.
It will aid students in choosing a career.
As a producer, it helps you to understand the market. Please read on production here.
Having a good knowledge of marketing will imply that your services will always be needed.
It will assist you in making better buying decisions. Read scale of preference and opportunity cost here.
Knowledge of business studies will assist in you making better investment decisions.
It will improve an individual’s calculation ability.
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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:
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