Meaning and Origin
According to the Longman Dictionary of Contemporary English, Business Studies is the study of economics and management. It is the study of subjects connected with money and managing a business. The term business is derived from the word busy. Thus, a business means being busy either as an individual or as a society as a whole, doing commercially viable and profitable work. A business can also be defined as any activity designed to provide goods and services with the aim of making a profit
Introduction
In fact, business activity affects the daily lives of all people, as they work, spend, save, invest, travel, and play. Business influences jobs, incomes, and opportunities for personal enterprise and development. Business has a significant effect not only on the standard of living and quality of life but also on the environment in which people live.
At some point in their lives, all students will encounter the world of business. They, therefore, must be prepared to engage in business activity with confidence and competence, by understanding how businesses function and the role it plays in our society. Students should familiarise themselves with the skills that are required in the business environment and the impact these skills can have on their own lives and on society.
Business Studies is an academic subject taught in our school. Business Studies is a broad subject in the social sciences, allowing an in-depth study of a range of specialities such as organisational studies & operations, human resources, management and marketing and combines elements of accountancy and finance. In fact, it is based on six basic business functions, namely: Production, Purchasing, Personnel (HR), Marketing, Finance and Research & Development (R & D).
Studying business not only involves studying individuals, communities, and organizations, it involves assessing their needs and problems, as well as generating solutions. This subject will build a strong foundation for those students who wish to move on to further study and training in specialised areas such as management, international business, marketing, accounting, information and communication technology, or entrepreneurship. It will also provide practical skills for those who wish to move directly into the workplace.
Business Studies also provides students with a new, practical context for many of the subjects they have or are currently studying, including mathematics, computer science and technology, languages, as well as European, environmental & social studies. It will help students to recognise the relevance of these subjects as they are applied in the world of business – for example, in helping people with their needs, challenges, and problems; and in creating products and services that help to improve the quality of life.
Business Studies demonstrates how a variety of areas of study can be combined in productive activity. It provides an increased understanding of mutual dependence through the business system, as people become increasingly dependent on others. In fact, during the course, we also explore the importance of International Trade and explore how foreign trade contributes to business development. Finally, as the business environment is dynamic and ever-changing, it can be an important tool to develop skills to cope with change: which is the most striking challenge for the years to come! Furthermore, in Business Studies we explore the role of the state in a country and the effects of government policies on business. For instance, the government can change the way businesses work and influence the economy either by passing laws or by changing its own spending or taxes. For example, extra government spending or lower taxes can result in more demand in the economy and lead to higher output and employment, leading to further profits for the business.
Conclusion
In Business Studies, students study the basic skills taught as part of Accounting, Economics & Management courses taught at a post-secondary level. In an increasingly competitive world, however, it is also important to learn skills such as strategising to solve problems, thinking creatively and doing environmental scanning in order to stay in touch with what is happening in the real world, both locally and overseas.
Actually, Business Studies is a very practical subject and relates directly to the real business world and current affairs at all times. Students are expected to read the newspapers, watch the news and carry out practical work such as analysing articles, case studies, observing entrepreneurial businesses, mostly start-ups to acquire hands-on experiences from junior entrepreneurs plus compiling their own CVs, interviewing skills, marketing and production while undertaking research to go through first hand results. Accordingly, Business Studies students are constantly exposed to case studies and are required to analyse the strategies that businesses develop to cope with situations confronting them. An emphasis on aspects such as labour law and entrepreneurial skills also ensures that students are well prepared for the future world of work. Where possible, they are also exposed to the business world through participation in external competitions and other practical assessments and on-site visits.
The subject attracts many top students and potential business leaders of tomorrow, with many of our former students commenting on how well prepared they are when entering post-secondary and then, tertiary education in the field of business-related subjects as well as what good general business grounding it gives them.
The Business Studies Dept