Question

Define the following terms as applied in business studies 

1. Accounting
2. Production
3. Utility
4. Human wants

Answer 1

1. Accounting-a systematic way of recording business activities which are used for decision making
2. Production-Creation of goods and services or increasing their usefulness through activities such as transporting them to where they are required
3. Utility-ability of a good or service to satisfy human wants
4. Human wants-the desires that human beings strive to satisfy by using goods and services

Answer 2

ACCOUNTING -is a systematic 
way of keeping accurate business records 
PRODUCTION - is the creation of goods and services
UTILITY-

Answer 3

1. Accounting _Refers to systematic way ay of recording business activities for future d
ecision making.
2.production Refers to creating goods and services.
3. Utility ability of a product to satisfy human wants

4. Human wants refers to human desire to strive to satisfy for use of goods and services .