Page 13 - Bisiness Studies

cost of sleeping instead of working is the elements of entrepreneurship, accounting
amount of money one could have earned and fi nance, marketing, organisational
if he or she had spent the time working. studies, human resource management, and
When making a decision, it is important business operations.
to consider the opportunity cost.
The importance of studying Business

Exercise 1.2 Studies
Business Studies provide insights into
1. Baraka is a secondary school student; Studies is important:ONLY
the fundamental principles and dynamics
he needs to buy a laptop for his school that shape the world of business. Here
activities. At the same time, he would are some reasons why studying Business
FOR ONLINE READING
like to buy a bicycle. However, he
does not have enough money to
buy both. If you were Baraka, what Entrepreneurship and innovation: Business
would you consider to make the right Studies nurture an entrepreneurial mindset
choice? why? by teaching how to identify opportunities,
create innovative solutions, and manage the
2. Your neighbour wants to open a risks associated with starting and growing
grocery store. With reasons, advise businesses.
him on the categories of goods he
can sell. Understanding customer needs and
3. Shukuru works in the beverage preferences: Business Studies help students
industry and earns TShs 150,000 to realise and appreciate the role of business
per month. Her father retired from in the provision of goods and services
his work and decided to give her which satisfy customers’ needs and wants.
TShs 4,000,000 to start a business Critical thinking and problem solving:
of selling school shoes and quit the Students develop critical thinking skills
beverage industry. as they analyse business situations, make

(a) What is the opportunity cost decisions, and solve complex problems
of Shukuru’s decision to start related to management, marketing, fi nance,
a business? procurement, and operations.
(b) Will Shukuru’s business meet Global perspective: Business Studies often
consumer needs or consumer explore international trade, globalisation,
wants? Explain your answer. and cross-cultural communication, fostering

an understanding of how businesses operate
The concept of Business Studies in a globalised world.

Business Studies is a multidisciplinary fi eld
that deals with the principles of business, Financial literacy: Studying business
management, and economics. It combines equips individuals with fi nancial literacy

7
Student’s Book Form One