Importance of business education in modern millennium

2. Importance of Business
Education in modern
millennium

3. Submitted To
Name of Teacher: Asif Mahbub Karim
Department: Business Administration
Port City International University
 Submitted By
 Name of Group: Monopoly
 Name of Students:
 1.Rebeka Sultana , ID:00805596
 2.Afroza Sultana , ID:00805603
 3.Rifat Karim , ID:00805567
 4.Nowsin Faruk, ID:00805547
 5.MD.Jahidul Alam, ID:00805543
 Program: BBA
 Batch: 8

4. CONTENTS
 Definition of Business
 Business education
 Profession of Business Education
 Importance of Business Education in modern millennium

5. Definitions of Business
 Stephenson defines business as, "The regular
production or purchase and sale of goods
undertaken with an objective of earning profit
and acquiring wealth through the satisfaction
of human wants."
 According to Dicksee, "Business refers to a form
of activity conducted with an objective of
earning profits for the benefit of those on
whose behalf the activity is conducted."
 Lewis Henry defines business as, "Human
activity directed towards producing or
acquiring wealth through buying and selling of
goods."
 Thus, the term business means continuous
production and distribution of goods and
services with the aim of earning profits under
uncertain market conditions.

6. BUSINESS EDUCATION
 Business education involves teaching students the fundamentals, theories,
and processes of business. Education in this field occurs at several levels,
including secondary education and higher education or university
education.

7. Profession of Business Education
We always think about good food, good cloths and good residence. These are our basic
needs. But we can’t ignore the need for good career in our life. For a better future good
career is a must. So I think Banking is the appropriate sector for good career development.
There are lots of multinational companies spreading their business sector rapidly but the flow
of candidates towards banking career is increasing drastically.
There are some reasons for choosing banking career. The reasons are given below :
Smooth career growth, job security, gratuity, incentives, pension benefits.
Banking career is giving us smart amount of money
Giving us the best idea about new business and will give us the exact development scenario
of our country
Bank job also teaches us discipline and patience.
E-Banking system which makes the work easy for a banker
Banking sector helps to reduce inflation and boost up the economic growth.

8. Importance of Business Education in
modern millennium
Business is a very broad concept. There are several academic business disciplines. Therefore, the
need for subsections or areas of concentration within it soon became realized. A business education
is one particular subject area within the broader subject area of business. A business education
focuses on one aspect of business. For example, the subject of accounting is a business education,
and the subject of economics is a business education. In addition, there are even more
concentration subsections offered within certain business studies. For instance, finance is a business
study that is broken down into managerial finance, personal finance, and several others.
Key terms
 1. Increasing dependence on others: Over the years, people have become more and more
dependent on others. The knowledge of business education is increasing the understanding of
mutual dependence through business system. For example- you drive a car that is manufactured in
Japan.
2. International opportunities: In the 21st century, it has become indispensable for every one
especially individuals educated in business to take exiting opportunities that will exist around the
world. By studying business they can know how to start, operate, and sustain business successfully in
the competitive world.
3. Improving standard of living: Standard of living indicates measure of how well a person or family is
doing in terms of satisfying needs and wants with goods and services. This is possible through their
knowledge of business. So we must study business to develop our standard of living.

9. Importance of Business Education in
modern millennium
 4. Coping with change: As like as the world itself, business is also dynamic- always
changing, Coping with both predictable and unpredictable events we must have to study
business. If a man doesn’t study business, he/she is sure to fail to fit himself/herself in the
business world.
 5. Preventing misconceptions: Understanding business also prevents us accepting
misconceptions, misinformation, and inaccurate data as truths.
 6.Creating employment: Business creates more and more employment opportunities in
various industries and trades for skilled as well as unskilled workers.
 7.Division of labor: Division of labor implies the distribution of manpower in a community for
obtaining the maximum production and for improving the quality of output.
 8.Utilization of resources: A country’s resources are used to produce goods and services
that will meet the needs and wants of people. By business education, we can easily know
how to use properly our resources such as capital resources (fuel, raw materials, paper
and money), natural resources (oil, natural gas, mineral, timber, and water) and human
resources (human talent, skills and competence, available in the nation.)