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BUSINESS STUDIES SECOND TERM LESSON NOTE
MEANING AND CLASSIFICATION OF OCCUPATION
CONTENT
1. Meaning of Occupation
2. Factors that Determine Occupation
3. Classification/Division of Occupation
Meaning of Occupation
Occupation is any legitimate activity one engages in order to earn a living.
It is a means of livelihood of a person. For example mining, fishing, plumber,
mechanic, teaching, trading, law, medicine, etc.
Factors that Determine Occupation
The following are the factors that determine occupation:
1. Climatic and Weather Condition: Because of climate and weather
differences from place to place, people engage themselves in one form of
occupation or the other to earn a living.
2. Natural Resources: Natural resources endowment is also a determinant
of one’s occupation. The presence of mineral resources in a particular place
will attract the presence of miners and also determines the location of
different types of industries. The availability of seaports and large bodies
of water like ocean which are part of natural resources has accounted
for people’s engagement in different activities and occupation.
3. Health Factor: There are some occupations which people who are
not physically fit cannot engage in. e.g. Nursing, Teaching etc.
4. Skill and Training: People engaged themselves in occupation in which
they have acquired skill and training.
5. Interest and Aptitude: People engaged in occupation they have interest in.
6. Salary and Wages: The salary and wages attached to a particular
occupation determines the number of people that will be interested in
such occupation
EVALUATION
1. Define Occupation
2. State 3 factors that could determine occupation.
Classification/Division of Occupation
The different occupation in which people engage themselves can be classified
into four main division namely; primary or extractive occupation, Industrial
or secondary Occupation, Commercial or tertiary Occupation and Service
A. Primary/Extraction Occupation
This occupation is concerned with the removal of raw materials from air,
land or sea for the purpose of being worked upon by the manufacturing
and construction industries. For example, Agriculture,
Mining and Quarrying, Fishing and Forestry etc.
B. Industrial Occupation
This industrial work includes extraction, manufacturing and construction.
(i) Manufacturing: This form of Industrial occupation
involves the process of changing raw materials obtained
by workers in the extractive industry into finished goods.
Some of the manufacturing industries are:
1. Plastics-making industries which produce plastic plates, spoons, cups etc.
2. Food industries which produce various types of items like flour.
Sugar, beverages etc.
3. Textile industries that produce various types of clothing for man.
4. Mechanical engineering industries that produce all types and
sizes of machineries such as equipment, industrial engines,
mechanical tools etc.
5. Hardware industries that produce metal, major items of military
equipment electronic and electrical devices, etc.
6. Cosmetic industries that produce various body creams, pomades,
soap, detergent etc.
(ii) Construction: Construction industry is concerned with the process of
putting together or assembling of manufactured products into usable forms.
Those engaged in construction industries are building contractors, architects,
surveyors, bricklayers, plumbers, civil engineers, water engineers etc.
(C) Commercial/Tertiary Occupation
This is the occupation which is directly concerned with making the goods
produced by the manufacturing companies available to the final consumers.
It involves trade i.e. buying and selling; distribution and other activities that
facilitate trade, such as banking, advertising, insurance, warehousing,
transportation, advertising and communication. In order to complete the
process of production, the services of commercial workers are necessary.
(D) Service Occupation/Service Workers
The service workers are those who are not employed to work in industry
and commerce, yet they still earn a living. Those in this category are known
as service workers. They are referred to as service workers because they render
personal and direct services to people who need their services on payment directly
or indirectly. Services may be direct or indirect.
(i) Direct Services: These are services rendered personally and directly to those
who employed them and who are ready to pay for their service. Those engaged
in direct services include tailor, fashion designers, hairdressers, lawyers, private
teachers, family doctors etc.
(ii) Indirect Services: These are services rendered to the public and are paid by
the government. Indirect service providers are directly not paid by the public.
The government pays them from the taxes paid by the public. Those who provide
indirect service include the policeman, soldiers, civil servants, lawmakers,
government hospital doctors etc.
EVALUATION
1. The form of occupation that involves extraction, manufacturing and
construction industry is termed ______.
2. Give five examples of Manufacturing Industry.
3. Give two differences between direct and indirect services.
4. Name four divisions of occupation.
BUSINESS STUDIES SECOND TERM LESSON NOTE
HONESTY IN BUSINESS
CONTENT
1. Meaning of Honesty and Truthfulness
2. Attributes of Truthfulness, Steadfastness and Straightforwardness
3. Factors that Cause People to Lie
4. Rewards for Being Truthful
5. Consequences of Not Being Truthful
6. Meaning of Fair Play
7. Attributes/Qualities of Fair Play
8. The Six Pillars of Character
Meaning of Honesty and Truthfulness
Honesty is the quality of being truthful and trustworthy. To be honest is to tell the
truth at all times even at personal risk to oneself. Honesty in business is also known
as ethical behaviour in business.
Truthfulness means making true statement about something or somebody. It is very
important for developing trust and building lasting relationships among people both
in and outside the business. It helps people to be objective and lead to confidence
and trust between/among business associates. A person who is not truthful is said
to be dishonest or untruthful.
Attributes and Characteristics of Truthfulness
The attributes and characteristics of truthfulness include the following:
1. Consistent behaviour: It is being able to maintain a particular
standard that one has been known for. It means one is reliable and can
therefore be trusted in all circumstances and by everyone concerned.
2. Steadfastness: This means, the quality of being firm in one’s dealing
with people. Those who are steadfast are loyal, they can be depended upon
in all situation.
3. Straightforwardness: It is the ability to be honest and frank.
4. Integrity: is the quality of being honest and having strong moral and
ethical principles.
5. Other attributes of truthfulness include responsibility, courage and
accountability, credibility, objectivity, trustworthiness and sincerity.
Factors that Cause People to Lie
A lie is a false statement deliberately told to be true in order to give a wrong
impression about something. People lie:
1. to escape punishment
2. to make gain
3. to get other people’s attention or sympathy or boost one’s ego
4. to make one look more interesting to others by exaggerating,
bragging or boasting.
5. to cover up their past
6. to cover up lies
7. to cover up the truth
8. to avoid hurting other people’s feeling
9. out of ignorance
10. to avoid embarrassment
11. to avoid work or taking part in an assignment
12. to keep secrets
13. to keep themselves safe
14. to keep a friend from trouble
BUSINESS STUDIES SECOND TERM LESSON NOTE
Rewards for Being Truthful
1. Widespread respect from people.
2. A feeling of liberation and self-worth.
3. Peace of mind.
4. Additional responsibility.
5. Happiness.
6. Courage and integrity.
Consequences of Not Being Truthful
1. Misery: A life of lie lead to misery. It leads to discomfort guilt and
worthiness in the mind of the person.
2. Damaged reputation: People become unkind to you even when you
tell the truth; they find it difficult to believe you.
3. Loss of credibility and respect: Nobody respects a liar no matter
your position in the society.
4. Loss of peace
5. Withdrawal of responsibility
6. Lack of trust.
7. Breakdown of relationships.
Meaning of Fair Play
Fair play in business means fair treatment of people without cheating or being
dishonest to them. It is keeping to established rules without cheating. In business,
there should be fair play. Everyone should be given a chance irrespective of his/her
ethnic, social or religious background.
Attributes/Qualities of Fair Play
1. Equity: this is the ability to be fair to all, that is, equal treatment of
everyone at all times.
2. Openness: being straightforward and truthful, so that people will
easily understand what you do or say.
3. Responsibility: ability to carry out the job given to you properly
and not passing it to other when they have theirs to do.
4. Play by the rules: always keep to the rules and regulation of the
organization.
5. Admitting when you are wrong: it is always good to admit when
you are wrong and apologize. Do not claim to be right when you know
that you are wrong.
6. Truthfulness.
7. Reliability.
8. Not being nepotistic (biased).
9. Not being patrimonial.
10. Impartiality: not taking sides with one person or group against another.
The Six Pillars of Character
1. Trustworthiness
2. Respect
3. Responsibility
4. Fairness
5. Caring
6. Citizenship
EVALUATION
1. Explain the meaning of honesty in business.
2. List five attributes of truthfulness.
3. State four reasons why people lie.
4. Identify four rewards for truthfulness.
5. Explain five consequence of untruthfulness.
6. What is fair play?
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ENTREPRENEURSHIP
CONTENT
1. Meaning of Entrepreneurship
2. Meaning of Enterprise
3. Meaning of Self Employment
4. Facilities Available for Self Employment
5. Successful Entrepreneurs
6. Local, National and International Entrepreneurs
7. Importance or Functions of Entrepreneurship
Meaning of Entrepreneurship
Entrepreneurship is gotten from the French verb ‘entrepreneur’, which
means ‘to undertake’. Entrepreneurship is the process of starting a business
or other organization for the purpose of making profit. The entrepreneur
develops a business model, acquires the human and other required resources,
and is fully responsible for its success or failure. It is defined as an individual
who organizes or operates a business or businesses.
Meaning of Enterprise
Enterprise refers to economic and business, nonprofit and government agencies
responsible for production and distribution of goods and services. It can also be
defined as effort made by people to achieve something. For example people have
the initiative to start project to face challenges and to take risk in order to achieve
their goals.
Meaning of Self Employment
Self-employment is the act of generating one’s income directly from customers,
clients or other organization as opposed to being an employee of a business or person.
Self-employed people generally find their own work rather than being provided
with work by an employer.
There are encouragements from the government to people to become self-employed
rather than seeking for white collar job.
Facilities Available for Self Employment
The following facilities are available for self-employed people:
1. Tax facilities and subsidies
2. Micro credit facilities are available to start-up businesses in need of loan.
3. Social facilities e.g. social amenities, security.
4. Educational facilities; in schools and colleges, (NDE) National Directorate
of Employment.
5. Natural environment: Land, soil, air, weather, animals, plants and
geographical conditions.
Successful Entrepreneurs
An entrepreneur is an individual who organizes or operates a business or businesses.
He has the ability to lead a business in a positive direction by proper planning,
to adapt to changing environment and understand their strengths and weaknesses.
The entrepreneur is commonly seen as an innovator-a generator of new ideas and
business processes. Management skill and strong team building abilities are often
perceived as essentials leadership attributes of successful entrepreneurs.
The following are the successful entrepreneurs:
International Entrepreneurs
BUSINESS STUDIES SECOND TERM LESSON NOTE
National Entrepreneurs
Local Entrepreneurs
These entrepreneurs include the following:
1. Shop owners dealing in provisions and cosmetics
2. Local butchers.
3. Spare part dealers.
4. Kerosene sellers.
5. Restaurant owners.
6. Welders.
7. Fashion designers.
8. Business centre owners.
9. Hair dressers etc.
Importance or Functions of Entrepreneurship
1. Entrepreneurship create job opportunities: He hires people to work
with him
2. Entrepreneurship cause economic growth: By creating wealth to the
people
3. They provide new and best product at low prices
4. They provide strength to small businesses: most of the time, entrepreneurs
prefer to invest their money in small businesses.
5. Entrepreneurship pay taxes: tax paid by entrepreneurs further
contributes to state income.
6. Entrepreneurship creates demand for products which in turn create
job for other business i.e. buying raw materials will in turn more jobs.
7. Entrepreneurship introduces new technologies in the market: they
create new products and provide new services.
8. Entrepreneurship stimulates the economy by instilling confidence in people.
9. Entrepreneurship contributes positively to the growth of G.D.P.
EVALUATION
1. Define the following terms (i) entrepreneurship (ii) self-employment
(iii) enterprise
2. Give three facilities available for self-employment.
3. State any FIVE (5) importance of entrepreneurship.
4. Name any three successful entrepreneurs each in your (i) locality
(ii) country (iii) international community.
ENTREPRENEURSHIP
CONTENT
1. Meaning of Entrepreneurship
2. Meaning of Enterprise
3. Meaning of Self Employment
4. Facilities Available for Self Employment
5. Successful Entrepreneurs
6. Local, National and International Entrepreneurs
7. Importance or Functions of Entrepreneurship
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Meaning of Entrepreneurship
Entrepreneurship is gotten from the French verb ‘entrepreneur’, which means ‘to
undertake’. Entrepreneurship is the process of starting a business or other
organization for the purpose of making profit. The entrepreneur develops
a business model, acquires the human and other required resources, and is
fully responsible for its success or failure. It is defined as an individual who
organizes or operates a business or businesses.
Meaning of Enterprise
Enterprise refers to economic and business, nonprofit and government
agencies responsible for production and distribution of goods and services.
It can also be defined as effort made by people to achieve something.
For example people have the initiative to start project to face challenges
and to take risk in order to achieve their goals.
Meaning of Self Employment
Self-employment is the act of generating one’s income directly from customers,
clients or other organization as opposed to being an employee of a business or
person. Self-employed people generally find their own work rather than being
provided with work by an employer.
There are encouragements from the government to people to become self-employed
rather than seeking for white collar job.
Facilities Available for Self Employment
The following facilities are available for self-employed people:
1. Tax facilities and subsidies
2. Micro credit facilities are available to start-up businesses in need of loan.
3. Social facilities e.g. social amenities, security.
4. Educational facilities; in schools and colleges, (NDE) National Directorate
of Employment.
5. Natural environment: Land, soil, air, weather, animals, plants and
geographical conditions.
Successful Entrepreneurs
An entrepreneur is an individual who organizes or operates a business or
businesses. He has the ability to lead a business in a positive direction by
proper planning, to adapt to changing environment and understand their
strengths and weaknesses. The entrepreneur is commonly seen as an
innovator-a generator of new ideas and business processes.
Management skill and strong team building abilities are often
perceived as essentials leadership attributes of successful entrepreneurs.
The following are the successful entrepreneurs:
International Entrepreneurs
National Entrepreneurs
BUSINESS STUDIES SECOND TERM LESSON NOTE
Local Entrepreneurs
These entrepreneurs include the following:
1. Shop owners dealing in provisions and cosmetics
2. Local butchers.
3. Spare part dealers.
4. Kerosene sellers.
5. Restaurant owners.
6. Welders.
7. Fashion designers.
8. Business centre owners.
9. Hair dressers etc.
Importance or Functions of Entrepreneurship
1. Entrepreneurship create job opportunities: He hires people to work
with him
2. Entrepreneurship cause economic growth: By creating wealth to the
people
3. They provide new and best product at low prices
4. They provide strength to small businesses: most of the time, entrepreneurs
prefer to invest their money in small businesses.
5. Entrepreneurship pay taxes: tax paid by entrepreneurs further contributes
to state income.
6. Entrepreneurship creates demand for products which in turn create
job for
other business i.e. buying raw materials will in turn more jobs.
7. Entrepreneurship introduces new technologies in the market: they
create new products and provide new services.
8. Entrepreneurship stimulates the economy by instilling confidence in
people.
9. Entrepreneurship contributes positively to the growth of G.D.P.
EVALUATION
1. Define the following terms (i) entrepreneurship
(ii) self-employment (iii) enterprise
2. Give three facilities available for self-employment.
3. State any FIVE (5) importance of entrepreneurship.
4. Name any three successful entrepreneurs each in your
(i) locality (ii) country (iii) international community.
SOLE TRADE
CONTENT
1. Types of Business Organisation
2. Meaning of Sole Trade
3. Advantages and Disadvantages of Sole Trade
Forms or Types of Business Ownership
The following are the four forms of business ownership:
1. Sole proprietorship;
2. Partnership;
3. Co-operative societies and
4. Private and public limited liability companies.
Ownership refers to the individual or organization that brings together the
factors of production.
Meaning of Sole Trade
Sole trade is a business owned by one person. The size of the business may be
large or small but it is important to note that it is owned by one man.
Examples are restaurants, supermarkets, filing stations, schools etc.
The owner of the business is called a sole trader or a sole proprietor.
Another name for sole trade is sole proprietorship.
Advantages and Disadvantages of Sole Trade
Advantages of Sole Trade:
1. It is easy to start.
2. The sole proprietor has a close contact with his customers and
attends to them personally.
3. He takes all decisions affecting his business alone.
4. It requires small capital to establish.
5. It can fit any environment.
Disadvantages of Sole Trade
1. The provision of capital and ability is limited.
2. The business ends when a sole trader dies.
3. He suffers and bears risks alone.
4. If business fails, he may have to sell his personal property to pay the debt.
5. Higher unit cost of goods when compared with large business operators
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EVALUATION
1. State at least three advantages of sole trade.
2. Identify at least three disadvantages of sole trade.
3. Mention all the sources of capital of sole trade.
PARTNERSHIP
CONTENT
1. Meaning of Partnership
2. Types of Partnership
3. Advantages and Disadvantages of Partnership
Meaning of Partnership
A partnership is a business owned and managed by two or more persons who
become partners by written agreement. The Partnership Act of 1890 and the
companies Act of 1958 state that the maximum number of people who can form a
Partnership is restricted to 20 persons while the minimum should be 2 persons.
These partners share the profit or losses and the responsibilities of their business.
Those in law and accounting professions are prohibited under the Companies
Act of 1968 from forming partnerships. A document containing the written agreement,
rights and obligations of the partners is called the deed of partnership.
Types of Partnership
There are various types of partnerships as stated below:
(a) Ordinary Partnership: This is a partnership in which all members are held liable
for the debts of the business.
(b) Limited Partnership: This is a partnership with limited liability in that members
will not be asked to contribute more money than the one used to start the business
in case the business fails. For Partnership to become limited, it must be registered
with the Registrar of Companies otherwise it will be treated as ordinary partnership.
(c) Active and Sleeping Partners: Partners who take part in running the business
are active partners while those who do not take part in the running of the business
are sleeping partners.
(d) Quasi or Nominal Partners: A nominal partner is a partner only in name.
He contributes no capital and his name is only brought in to earn respectability
and to bring goodwill to the business.
Advantages of Partnership
(i) It has more capital than sole trading.
(ii) Partners have different ability and talents therefore, each partner specializes
in an aspect of business which he is best suited.
(iii) Partners meet to discuss matters relating to the firm.
(iv) There is usually more commitment to work.
(v) Profits are shared only by partners.
Disadvantages of Partnership
(i) Partners have unlimited liability for debts in case of business failure.
(ii) If one partner takes a wrong decision, it affects other partners.
(iii) Disagreement among partners causes confusion in the business.
(iv) Partnership comes to an end with the death or resignation of a partner.
(v) Decision is slower than with a sole proprietorship.
BUSINESS STUDIES SECOND TERM LESSON NOTE
EVALUATION
1. What is Partnership?
2. Outline two advantages and two disadvantages of Partnership.
3. Define Partnership.
4. Explain the following types of partnership: (a) Ordinary Partnership
(b) Quasi Partnership.
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