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CXC CSEC POB Study Guide 1H Key Unit Points

This document provides an overview of key concepts covered in a CXC CSEC study guide on principles of business, including the evolution of instruments of trade from bartering to modern banking, the distinction between private and public sectors, different types of business organizations, economic systems, and the responsibilities of businesses.

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annmariewebb
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4K views

CXC CSEC POB Study Guide 1H Key Unit Points

This document provides an overview of key concepts covered in a CXC CSEC study guide on principles of business, including the evolution of instruments of trade from bartering to modern banking, the distinction between private and public sectors, different types of business organizations, economic systems, and the responsibilities of businesses.

Uploaded by

annmariewebb
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
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CXC CSEC Study Guide: Principles of Business

STUDY GUIDE 1 THE NATURE OF BUSINESS

KEY POINTS
1. Students need to familiarize themselves with key terms and concepts used during the course of study. These includes concepts related to the business environment in which goods and services are produced and traded. 2. Instruments of trade developed in early times through the system of bartering and have evolved today to the use of bills of exchange and electronic banking systems using credit cards and electronic transfer instruments. 3. The Private Sector is funded by individuals who enter business to make a profit whereas the Pubic Sector is controlled by the Government for providing goods and services to the population. 4. Types of business include the sole-trader, partnership, co-operative, limited liability company and multi-national cooperation. 5. Economic systems include the traditional, free market, planned and mixed systems. 6. Business have responsibilities. economic, financial, political, ethical and social

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