Introduction To Business Studies Year 7 PDF

INTRODUCTION TO BUSINESS STUDIES BUSINESS Business Studies Year 7 INTRODUCTION TO BUSINESS STUDIES LESSON OBJECTIVES 1. To understand the meaning of business. 2. To be able to define Business Studies. 3. To understand why pupils may need to study...

INTRODUCTION TO BUSINESS STUDIES BUSINESS Business Studies Year 7 INTRODUCTION TO BUSINESS STUDIES LESSON OBJECTIVES 1. To understand the meaning of business. 2. To be able to define Business Studies. 3. To understand why pupils may need to study Business Studies. What is a business?  BUSINESS A business refers to the organized efforts and activities of individuals to produce and sell goods and services that satisfy society’s needs for a profit.  Types of income Profit Salary Wages Commission Bonus  Types of income Profit: money that is earned in trade or business after paying the costs of producing and selling goods and services: Salary: Is a fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, made by an employer to an employee Wages: a fixed regular payment earned for work or services, typically paid on a daily or weekly basis.  ACTIVITY Ben owns a small gardening business, which he started 15 years ago. Ben believes providing a quality service is important to his success. Ben’s business has a number of stakeholder groups including 2 full-time and 4 part-time workers who have all been employed by him for a number of years. Each worker is expected to do any job that Ben orders them to do. All workers are paid an hourly wage rate. Ben is planning to change from an hourly wage to a salary to motivate his workers. Do you think this will motivate the workers and improve his business performance? Justify your answer. You can also recommend other payment options or ways that could be used to motivate workers and give reasons for your suggestions.  Types of income Commission: is the amount of money an employee earns when they sell a good or service Bonus: an extra amount of money given to an employee in addition to their salary as a reward for excellent work  ACTIVITY Identify five legal activities that can earn you money Identify five illegal activities that can earn you money  Business Studies The study of business is about how individuals and groups of people organise, plan, and act to create and develop goods and services to satisfy customers. Explain reasons why studying of business studies is important Importance of Business Studies It helps individual to make better investment decisions It provides us with the skills of calculating profit. It teaches us how to motivate people, in order to increase production  It helps students to develop problem-solving skill. You will learn the importance of marketing, how to identify, and satisfy customer wants  Plenary Worksheet