The World of Business overview: N(T)-Level Elements of Business Skills (SEAB 7066) on what a business is, types of ownership, aims and objectives, stakeholders, and how business fits into Singapore's economy

Why this module matters

The World of Business is the starting point of N(T)-Level Elements of Business Skills (SEAB 7066). Before you can market a product or serve a customer well, you need to know what a business actually is, why it exists, and who cares about it. This module gives you that foundation: it explains how a business turns inputs into goods and services, the different ways a business can be owned, the goals a business sets, the groups affected by its decisions, and how all of this fits into Singapore's economy.

The ideas here come up again and again across the course and in the written paper, so it pays to learn them well. This guide ties together the matching dot-point pages, each with its own examples and practice. See the whole syllabus at /sg-n-level/elements-of-business-skills/syllabus and the subject hub at /sg-n-level/elements-of-business-skills.

What is a business

The module begins with what is a business: a business is an organisation that uses inputs (such as workers, money, materials and equipment) to make goods or provide services for customers. It exists to meet people's needs (things we must have, like food and shelter) and wants (things we would like, like bubble tea or a holiday), usually in order to earn money.

Types of business ownership

Next, types of business ownership describes the main ways a business in Singapore can be owned: a sole proprietor (one owner), a partnership (two or more owners) and a company (owned by shareholders). Each has its own advantages and disadvantages around control, profit-sharing, money for growth and the risk the owner takes.

Business aims and objectives

A business needs to know where it is going. Business aims and objectives explains common goals such as making a profit, surviving (especially when new), growing and giving good customer service, and the difference between a broad aim and a specific objective.

Business stakeholders

Many groups care about what a business does. Business stakeholders identifies the main ones - owners, employees, customers, suppliers and the local community - and describes what each one wants from the business.

Business and the economy

Finally, business and the economy shows how businesses provide jobs, goods and services for the whole country, and why the retail, hospitality and tourism industries are so important to Singapore. These industries are the main settings for the rest of the course.

How this module is examined

Elements of Business Skills (SEAB 7066) is assessed by Paper 1, a written paper worth 60% of the mark, made up of short-response and structured questions, and Paper 2, school-based coursework worth 40%. The World of Business ideas mostly appear in Paper 1, where questions reward clear knowledge and the ability to apply it to a real Singapore business.

• Define clearly. Many marks come from stating the meaning of a term such as need, want, stakeholder, aim or sole proprietor.
• Use examples. Back up your answer with a real or realistic Singapore example, such as a hawker stall, a hotel or a retail shop.
• Match the ownership to the situation. When asked which type of ownership suits a business, link the choice to the firm's size, the money it needs and the risk the owner can take.

Check your knowledge

A mix of recall and application questions covering the module. Try them before checking the solutions.

1. State the difference between a need and a want, with one example of each. (2 marks)
2. Name the three main types of business ownership. (3 marks)
3. Explain one advantage of being a sole proprietor. (2 marks)
4. A new food stall has just opened. Explain why survival is likely to be its main aim in the first year. (3 marks)
5. Identify two stakeholders of a hotel and state one thing each one wants. (4 marks)