BUSINESS STUDIES PRELIMINARY ANNOTATED SYLLABUS
THE NATURE OF BUSINESS
● Producing goods and services
● What is a good?
Goods are tangible objects meaning you can touch and feel them which are used once
or repeatedly (example: bread)
● What is a service?
A service is intangible which means you cannot touch it. Services are amenities,
facilities, benefits or help provided by other people (example: uber)
List all the functions of the business and briefly describe each one
1. Income: provides income to employees for providing labour
2. Employment: provides employment through hiring people to work for the
business (H.R: Skills and Qualifications)
3. Profit: What remains after all business expenses have been deducted from sales
revenue (revenue – expenses, this is kept by the business)
4. Wealth: wealth refers to the total value of assets, resources, and income that
individuals, businesses, or nations accumulate over time. It plays a key role in
economic growth and financial stability.
5. Innovation: improving an existing product.
6. Quality of Life: refers to the overall well-being and standard of living of
individuals or communities. It includes both material and non-material factors that
affect people's happiness and satisfaction.
7. Entrepreneurship and risk: the ability to start and assume the risk (risky to
start a business as there are chances of failing, and losing a lot of money,
and debt to rise) of a business project in the hope of making a profit
8. Choice: Allows customers to choose from a variety of the same type of item
CLASSIFICATION OF BUSINESS
● size – small to medium enterprises (SMEs), large
- How many employees are in each business size?
Market Share: Refers to the percentage of sales a business makes within its industry
● local, national, global
, - What do each of these mean?
Local Example: Local Area, sell to local consumers, i.e mechanic, hairdresser
National Example: i.e Multiple Locations - Woolworths
Global Example: Amazon
- What are FOUR reasons a business would expand globally?
To Increase Sales – This is because the business becomes widespread and attracts global
consumers
Boost Brand Image – This is because the business becomes widespread and enhances their
reputation
Accessibility and Convenience – This is because the business can attract more customer’s
needs and wants by being available to them
Expand to global trade and investment markets – This in turn increases share value, which
benefits the business as it allows for growth and expansion
Sales increase, which leads to profits to increase, which leads to value of the company to
increase, which increases share price, which attracts investors.
Domestic Country has limited population and space, forcing businesses to expand and
gain profit
, industry – primary, secondary, tertiary, quaternary, quinary
- Primary: The primary sector involves businesses that extract or harvest natural
resources directly from the Earth. These raw materials are often used as inputs for
businesses in the secondary sector. it is often affected by environmental concerns,
sustainability issues, and resource depletion.
Eg: Agriculture, fishing, mining
(refers to businesses that sell the same or similar products)
- Secondary: The secondary sector takes raw materials from the primary sector and
processes them into finished or semi-finished goods. This sector adds value to raw
materials and plays a crucial role in industrial development.
Source = Buy
Value = Combining raw materials to create a finalised finish product
Semi - Finished = Product that can be used to create another product
Eg: Screws, nails
- Tertiary: The tertiary sector focuses on providing services (intangible) rather than
goods (tangible). Businesses in this sector help individuals and other businesses with
expertise (skills/qualifications) , convenience, or essential needs.
Eg: Internet Companies, NDIS, Netflix, Uber, ServiceNSW, Cleaning services, Hairdressing
services, Educational services, Healthcare services
- Quaternary (BRANCH OF TERTIARY): services that involve the transfer of information
and knowledge,
e.g. education, telecommunication, finance
- Quinary (BRANCH OF TERTIARY): services that have traditionally been performed in
the home,
e.g. hospitality, tourism, childcare
THE NATURE OF BUSINESS
● Producing goods and services
● What is a good?
Goods are tangible objects meaning you can touch and feel them which are used once
or repeatedly (example: bread)
● What is a service?
A service is intangible which means you cannot touch it. Services are amenities,
facilities, benefits or help provided by other people (example: uber)
List all the functions of the business and briefly describe each one
1. Income: provides income to employees for providing labour
2. Employment: provides employment through hiring people to work for the
business (H.R: Skills and Qualifications)
3. Profit: What remains after all business expenses have been deducted from sales
revenue (revenue – expenses, this is kept by the business)
4. Wealth: wealth refers to the total value of assets, resources, and income that
individuals, businesses, or nations accumulate over time. It plays a key role in
economic growth and financial stability.
5. Innovation: improving an existing product.
6. Quality of Life: refers to the overall well-being and standard of living of
individuals or communities. It includes both material and non-material factors that
affect people's happiness and satisfaction.
7. Entrepreneurship and risk: the ability to start and assume the risk (risky to
start a business as there are chances of failing, and losing a lot of money,
and debt to rise) of a business project in the hope of making a profit
8. Choice: Allows customers to choose from a variety of the same type of item
CLASSIFICATION OF BUSINESS
● size – small to medium enterprises (SMEs), large
- How many employees are in each business size?
Market Share: Refers to the percentage of sales a business makes within its industry
● local, national, global
, - What do each of these mean?
Local Example: Local Area, sell to local consumers, i.e mechanic, hairdresser
National Example: i.e Multiple Locations - Woolworths
Global Example: Amazon
- What are FOUR reasons a business would expand globally?
To Increase Sales – This is because the business becomes widespread and attracts global
consumers
Boost Brand Image – This is because the business becomes widespread and enhances their
reputation
Accessibility and Convenience – This is because the business can attract more customer’s
needs and wants by being available to them
Expand to global trade and investment markets – This in turn increases share value, which
benefits the business as it allows for growth and expansion
Sales increase, which leads to profits to increase, which leads to value of the company to
increase, which increases share price, which attracts investors.
Domestic Country has limited population and space, forcing businesses to expand and
gain profit
, industry – primary, secondary, tertiary, quaternary, quinary
- Primary: The primary sector involves businesses that extract or harvest natural
resources directly from the Earth. These raw materials are often used as inputs for
businesses in the secondary sector. it is often affected by environmental concerns,
sustainability issues, and resource depletion.
Eg: Agriculture, fishing, mining
(refers to businesses that sell the same or similar products)
- Secondary: The secondary sector takes raw materials from the primary sector and
processes them into finished or semi-finished goods. This sector adds value to raw
materials and plays a crucial role in industrial development.
Source = Buy
Value = Combining raw materials to create a finalised finish product
Semi - Finished = Product that can be used to create another product
Eg: Screws, nails
- Tertiary: The tertiary sector focuses on providing services (intangible) rather than
goods (tangible). Businesses in this sector help individuals and other businesses with
expertise (skills/qualifications) , convenience, or essential needs.
Eg: Internet Companies, NDIS, Netflix, Uber, ServiceNSW, Cleaning services, Hairdressing
services, Educational services, Healthcare services
- Quaternary (BRANCH OF TERTIARY): services that involve the transfer of information
and knowledge,
e.g. education, telecommunication, finance
- Quinary (BRANCH OF TERTIARY): services that have traditionally been performed in
the home,
e.g. hospitality, tourism, childcare
