JSS1 Business Studies Lesson Notes- Second Term

JSS1 Business Studies Lesson Notes- Second Term. The schemes of work used is in line with the approved government syllabus/curriculum.

Get in touch for complete lesson notes from week 1-12 in PDF. We also have NAPPS Scheme of work available.

Business Studies Scheme of Work for Second Term

WEEK TOPIC

1. Production – Meaning of Production, Types of production: industry – Extractive manufacturing and constructive industry. Commerce- Trade, Aids to Trade, Services. Effects of Production on the Environment/Society

2. Factors of production: land, labour, capital, entrepreneur and importance of each.

3. Forms of business organization: Types of business organization – Sole Trade/sole proprietorship, partnership, limited liability companies, cooperative society, advantages and disadvantages of each forms of business organization

4. Relationship between producers and consumers.

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5. Insurance: advantages and disadvantages of insurance

6. Methods of Buying: sample method, inspection method, description method, auction method.

7. Trade: Meaning, Home and foreign trade, visible import and export, invisible import and export.

8. Double entry bookkeeping: meaning of double entry, double entry treatment of asset, double entry treatment of liability, double entry treatment of expenses, meaning of journals, types of journals, meaning of ledgers, classes of ledger, classification of accounts: real, personal and impersonal

9 Revision

10, Revision

11 – 12 Examination

JSS1 Business Studies Lesson Notes- Second Term [Week 1-3]

WEEK 1

Topic: PRODUCTION

CONTENT: 1. Meaning and Forms of Production

2. Factors of Production

Sub-Topic 1: Meaning and Forms of Production

Production could be defined as any human activity that involves the making of physical goods and provision of services for the satisfaction of human wants. It is also seen as creation of utilities, utility means the ability of goods and services to satisfy human wants.

Forms of Production

There are three forms of production namely primary (extractive industry), secondary production (manufacturing and constructive industry) and tertiary production (commercial and personal or professional services).

Primary Production (Extractive Industry)

This type of production involves the extraction of raw materials or tapping and harnessing of natural resources from the land, sea and atmosphere. It includes farming, fishing, hunting, mining, quarrying, oil drilling etc. This form of production is referred to as primary production.

Secondary Production (Manufacturing and Constructive Industry)

This is the process of converting of raw materials or primary products from the extractive industry into finished or semi-finished goods. This class of production includes furniture making, road construction, bridges, paper milling, food processing, car production, chemical, textile etc.

Tertiary Production (Commercial and Professional Services)

It is made up of those who render commercial and professional services to satisfy other people. The help commercial services help to bring the raw materials, finished or semi-finished goods to those who need them (the users). Such services include, trading, banking, advertising, warehousing, insurance, transportation and communication. The professional services which are equally known as direct or personal are services provided or rendered directly or indirectly by people to give satisfaction to those who want them. These are services like teaching, catering, tailoring, hair dressing etc.

Evaluation:

1. What is Production?

2. State the three forms of production.

WEEK 2

Date:……………………

Topic: Factors of Production

The term factor of production is defined as all the visible and invisible resources

that are combined together for the purpose of production of goods and services. There are four factors of production.

(a) Land: Land refers to gift of nature or all the natural resources available, applied and used for production without the help of a man. It includes the fixed natural land and other natural resources such as water, forest, mineral deposits etc. The reward for land is rent.

(b) Labour: Labour means all human efforts physical or mental, skilled or unskilled directed toward the production of economic goods and services. The reward of labour is wages and salaries.

(c) Capital: These are wealth used for the production of further wealth. Capital consists of machinery and equipment, buildings, motor vehicles, tools, raw materials and money. The reward for capital is interest.

(d) Entrepreneur: This is a factor that organizes and coordinates the human and material resources in the production of goods and services. The entrepreneur is the initiator, innovator, risk-bearer, and decision-maker. These functions distinguish entrepreneurship from routine managerial activities. The entrepreneur gets profit as a reward for his services.

Evaluation:

1. Explain the term factors of production

2. Explain the four factors of production.

Reading Assignment:

Business Studies for Junior Secondary School Book 1 produced by Cross River State Government Chapter 5 pages 26-27

Weekend Assignment:

Objectives:

1. The first form of production usually referred to as primary production consists of

(a) manufacturing industry (b) extractive industry (c) commercial services

2. There are ——- forms of production (a) 2 (b) 5 (c) 3

3. ———- as a factor of production is a free gift of nature.

(a) land (b) capital (c) labour

4. The reward for capital is (a) rent (b) interest (c) profit

5. The factor of production that organizes or coordinates other factors is

(a) Entrepreneur (b) capital (c) labour

Theory:

1. What is production?

2. Explain the factors of production.

WEEK 3

Date: ………………………….

FORMS OF BUSINESS ORGANIZATION

CONTENT: 1. Types of Business Organisations

2. Advantages and Disadvantages of each of the Business Organisation

Sub-Topic 1: Meaning of Sole Trade

Meaning: 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 Station, 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.

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.

Evaluation:

1. State at least three advantages of Sole Trade

2. Identify at least three disadvantages of Sole Trade.

Reading Assignment:

Business Studies for Junior Secondary School Book 1 produced by Cross River State Chapter 7 pages 38-39

Partnership