Topics in Business StudiesFranchise 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
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?
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 _____.
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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 priority to this subject.
Note: In England, Business Studies can be taken as part of the General Certificate of Secondary Education (GSCE); whereas certain schools in Nigeria requires the IGSCE version of this subject to be taught to students.
Take a minute to imagine the question below:
What would our world look like if we had no form of business taking place in it?
Business Studies can simply be defined as the study of how businesses work.
Peter F. Drucker is considered as the Father of Business Studies and Management Theory.
Think of a business to be any of the followings (as far as they earn you legitimate money):
I can go on and on in regards to the above concepts of business; but as a rule:
Any legitimate or legal activity that gets you money is business.
Note: Making money through criminal acts or dubious means is not considered as business in business studies.
It is morally, socially and constitutionally wrong to participate in an illegal business activity.
The point is: In any business, you render goods and (or) services.
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 rendered by Len Academy to every student and teacher (for free) in order to support and encourage 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 considered as goods since they can be touched.
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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