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in Business Studies Form 1 by

Define the following terms as applied in business studies 

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

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