Grade 7 Business Studies Notes Term 1

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GRADE 7 TERM 1 BUSINESS STUDIES LESSON NOTES

BUSINESS AND MONEY MANAGEMENT
Introduction to business studies
Business – refers to any activity that is carried out by an individual or an organization concerned with provision of goods and services with the aim of making profits
Business studies- it is the study of the activities that are carried out in and around production, distribution and consumption of goods and services
Goods – These are items which are tangible i.e. can be touched and felt e.g. furniture, buildings, bread. Etc
Services – These are actions or activities that may be sold. They are intangible e.g. teaching, banking, hairdressing etc Production – It is the creation of goods and services or increasing their usefulness. Its done by producers e.g. farmers. Distribution – It’s the movement of goods and services from the producer to the user. Involves transport, communication etc Consumption – Refers to using of goods/service mostly done by consumers
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