BUSINESS

1: what is business?

* is the process of buying and selling goods and services with the view of
making profit.

2: what is business studies?

* is a subject concerned with the study of daily life activities and how they
affect the society.

3: what is production?

* refers to provision of goods and services.

4: list factors of production and explain each factor?

* capital refers all man-made resources used to produce of goods and

services.

* entrepreneurship: an entrepreneur is a person who brings the business

idea and combines the various factors of production and coordinates to
ensure a meaningful production.

* labour refers to all human resources put into the production of goods
and and services .

* land refers to all resources provided by the nature.

5: define distribution?

* distribution refers to the process of moving goods and services

from the producer to the consumer.

6: what is consumption?

* refers to the ultimate goal of production.

7: list three importance of business?

* it enables people to get goods and sevices that they cannot produce.

* it creat jobs.

* it enables those who operate it obtain profit.

8: list four components of business?

* commerce,economics,accounting,business management.