Business Studies Lesson Notes JSS 1 Second Term
Scheme Of Work
WEEK 1 TYPES OF BUSINESS ORGANIZATION
WEEK 2 CONSUMER, MARKET AND SOCIETY
WEEK 3 FACTORS OF PRODUCTION
WEEK 4 OCCUPATION I
WEEK 5 OCCUPATION II
WEEK 6 HONESTY IN BUSINESS
WEEK 7 TYPES OF OCCUPATION
lesson note on Business studies for JSS1 Second Term
Below are the 2022 business studies lesson notes for JSS 1 Second term
Types of Business Organization
It is important that the business owner seriously considers the different forms of business organization—types such as sole proprietorship, partnership, and corporation. Which organizational form is most appropriate can be influenced by tax issues, legal issues, financial concerns, and personal concerns. For the purpose of this overview, basic information is presented to establish a general impression of a business organization.
A Sole Proprietorship consists of one individual doing business. Sole Proprietorships are the most numerous form of business organization in the United States, however, they account for little in the way of aggregate business receipts. To learn more, Click here.
Consumer, Market, and Society
Need for consumer education
Importance of consumer education
Consequences of lack of consumer education
Consumer education is the preparation of an individual through skills, concepts, and understanding that are required for everyday living to achieve maximum satisfaction and utilization of his/her resources. It is defined as education given to the consumer about various consumer goods and services, covering price, what the consumer can expect, standard trade practice, etc. Such information may be relayed through magazines, websites or word of mouth. While consumer education can help consumers to make more informed decisions, some researchers have found that its effects can drop off over time, suggesting the need for education initiatives to be ongoing or periodically repeated. To learn more, Click here
Topic: Factors of Production
Meaning of factors of production
What are ‘Factors Of Production
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. These production factors are also known as management, machines, materials and labor, and knowledge has recently been talked about as a potential new factor of production.
Factors of production include any resource needed for the creation of a good or service. At the core, land, labor, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. Labor includes all of the work that laborers and workers perform at all levels of an organization, except for the entrepreneur. To learn more, Click here
Topic: Occupation I
- Meaning of Occupation
- Classification of Occupations
An Occupation can simply be defined as a business, trade or profession which occupies a person’s time either permanently or temporarily in other to earn a living.
Occupation is any activity a person does to earn a living.
It could be acquired through training or education, it could also be a natural endowment i.e. talent or a natural skill.
Some occupations do not require any formal education or training. Examples of such occupations are farm labour, factory hands, cattle rearing etc. Such occupations acquire proficiency through experience and practice.
An occupation normally attracts wages or salary as rewards for the work done. To learn more, Click here
Topic: Occupation II
Factors Affecting Occupation
The following points below are factors that affect Occupation
- The level of education: The level f a person’s education will have a long way in determining the type of occupation and salaries such a person will get. Education is an important factor that affects an occupation. With education, a person can go into non-specialized occupations like civil service. A minimum level of education should be set for people entering into the labour market.
- The level of security: The level of security in a country will determine the type of occupation people will engage in. If there is no security of life and property, people will not like to go into any occupation or some certain type of occupation like army or police.
- The level of Economic Development: An economy that is developed will attract people to engage in more occupation than an economy with no or low development. Economic development will make people who engage in a primary occupation to reduce and increase the number of people who engage in manufacturing occupations. To learn more, Click here
Topic: Honesty In Business
- Meaning of truthfulness
- Attributes of truthfulness
- Factors that make people to tell lies
- Rewards of truthfulness
- Consequences of not being truthful
- Meaning of fair play
- Attributes of fair play
A. Meaning of Truthfulness
The purpose for any business or organization is to make profit. Therefore, for a business to make profit, the employee and the employer need to be faithful and honest to one another.
Truthfulness simply means saying what is true. To be truthful is when the truth fact about something is presented. To be truthful is saying what the situation is without lying.
Truthfulness therefore means giving the true facts about something without any form of lies. To learn more, Click here
TYPES OF OCCUPATION
- Meaning of occupation
- Factors which affect occupation
- Difference between direct and indirect services.
Occupation is a business or what someone does to earn a living. Somehow, we all must engage in one job or another at some point in order to meet our needs. These are various kinds of work that a person can do to earn a decent living. Some occupations involve extracting resources from the soil and water e.g. farming, fishing, mining or changing the form of raw materials to finish goods or semi-finished goods e.g. manufacturing, extraction and construction. Others are service provides. E.g. Police, Doctors, etc. To learn more, Click here