Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Enterprising: The Nature And Purpose Of Economic Activity

  • As we live our lives we interact with businesses (enterprises) on a daily basis
  • The shop from which we buy bread and other groceries
  • The vendor who sells us vegetables
  • As is already apparent to you, businesses take many forms
  • However, all businesses have some things that are common to them
  • These elements can be used to define what a business is
  • There are many ways to define what a business is
  • A business is when someone ( or a group of individuals) working together in an organised way to achieve a certain purpose
  • We must add here that businesses and enterprises are one and the same thing
  • So a business also involves an entrepreneur combining the factors of production to satisfy needs and wants
  • As mentioned above there are two key elements of a business:
    • It has to be an organised and conscious effort
    • Secondly, there has to be set purpose(s) or objectives that the business owners intend to achieve
  • For most businesses, the overriding aim is to make a profit and increase the wealth of the owners(proprietors)
  • However, there are other business objectives besides these

To access more topics go to the Advanced Level Business Studies page

To access more topics go to the ZIMSEC Business Enterprise and Skills page

To access more topics go to the Cambridge AS A Level Business Studies page