BUSINESS STUDIES
FORM 1
MID TERM
TERM 1
INSTRUCTIONS
- Answer all the questions
- Define the following terms;
- Business
- Business studies
- Production
- Commerce (4 mks)
- List 3 importances of studying business studies ( 3 mks)
- List 2 types of business activities ( 2 mks)
- List 4 macro-environmental factors (4 mks)
- What are human wants (1 mk)
- State 4 characteristics of human wants (4 mks)
- Give 2 differences between goods and services (4 mks)
- List 2 classifications of economic resources (2 mks)
- Differentiate between renewable and non-renewable resources (4 mks)
- What are the 2 categories of secondary wants (2 mks)
MARKING SCHEME
- Define the following terms;
- Business - Any activity carried out by an individual or an organisation concerning provision of goods and services with the aim of making profit
- Business studies - The study of the activities that take place in and around production, distribution and consumption of goods and services
- Production- Creation of goods and services
Increasing the usefulness of goods and services - Commerce (4 mks)- The study of trade and aids to trade
- List 3 importances of studying business studies ( 3 mks)
- It is a career subject
- Equips the members of the society with knowledge and skills necessary to start a business
- Enables individuals to understand the role of government in business activities
- List 2 types of business activities ( 2 mks)
- Extraction
- Manufacturing
- Construction
- Processing of raw materials
- List 4 macro-environmental factors (4 mks)
- Legal-political environment
- Competitive environment
- Economic environment
- Technological environment
- What are human wants (1 mk)
- Human wants are the desires that human beings strive to satisfy using goods and services
- Human wants are the desires that human beings strive to satisfy using goods and services
- State 4 characteristics of human wants (4 mks)
- They are repetitive
- They are universal
- They are habitual
- They are insatiable
- Give 2 differences between goods and services (4 mks)
- Goods are tangible while services are intangible
- Goods can be standardized while services can’t be standardized
- Goods can be separated from the producer while services cannot be separated from the provider
- List 2 classifications of economic resources (2 mks)
- Human resources
- Natural resources
- Man-made resources
- Differentiate between renewable and non-renewable resources (4 mks)
- Renewable resources are those resources whose supply can be restored after use while non-renewable resources are the ones whose supply cannot be restored after use , i.e they become exhausted after use
- Renewable resources are those resources whose supply can be restored after use while non-renewable resources are the ones whose supply cannot be restored after use , i.e they become exhausted after use
- What are the 2 categories of secondary wants (2 mks)
- Comforts
- Luxuries
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