Business Studies

Meaning, Scope and Importance of Business Studies

Biola Emmanuel - Mon, 10th June, 2019 @ 13:25: PM

Topics in Business Studies

Advertising 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

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

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

Meaning of Business Studies:

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.

  • I can go on and on but as a rule, any legitimate or legal activity that gets you money is business.

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

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:

  1. Marketing

  2. International Relations

  3. Human Resources Management

  4. Economics

  5. Banking and Finance

  6. Business Administration and Management

  7. Entrepreneurship

  8. Search Engine Optimization

  9. Digital and Social Media Marketing

  10. Real Estate

  11. Business Communications

  12. Foreign Exchange Trading


Importance of Business Studies

  1. Business studies facilitate the exchange of goods and services.

  2. Understanding how business work can earn you more money.

  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. Having a good knowledge of marketing will imply that your services will always be needed.

  6. It will assist you in making better buying decisions. Read scale of preference and opportunity cost here.

  7. Knowledge of business studies will assist in you making better investment decisions.

  8. 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:

  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