UNIT 1 - UNDERSTANDING BUSINESS ACTIVITY

Updated: May 1, 2021

Syllabus Overview

This section introduces the underlying ideas and concepts of business and includes the purpose and nature of business activity and how businesses can be classified. Enterprise and entrepreneurs, and why some businesses grow while others remain small are further important issues. How business size can be measured, types of business organization, business objectives and stakeholder objectives are the concluding topics

Understanding Business Activity

Why is the purpose of business activities?

What is opportunity cost?

Why is specialization important?

How to add value in business?


Classification of businesses

How are businesses classified?

What are industrial structures?


Enterprise, business growth and size

Who are entrepreneurs?

How do you measure the size of a business?

What is a business plan?

Why should governments support businesses?