BBI2O

Exploring Business…

Business: A Definition

An organization that produces or sells goods or services to satisfy the needs, wants, and demands of consumers for the purpose of making a profit

Needs vs. Wants

Needs an item necessary for survival Examples?

Wants an item not necessary for survival but

which adds pleasure and comfort to life Examples?

Goods and Services

Goods items that have monetary value and

which can be seen and touched. Services

assistance provided, usually in return for payment, to satisfy needs/wants of people or business. cannot be touched.

Examples?

What are some goods you might buy? What about services you might use?

Essentials vs. Luxuries

Essential Goods and Services are necessary for survival What are some examples of each?

Luxury Goods and Services are not necessary for survival What are some examples of each?

Activity

Using the newspapers provided, see if you can find at least 3 examples of each of the following Essential Good Essential Service Luxury Good Luxury Service

Producers and Consumers

Producers: individuals and/or businesses that make a product

Consumers: persons who buy goods and services also referred to as customers

Different types of business?

Profit and Non-Profit Large and Small Goods and Services Form of ownership

Sole proprietorship Partnership Corporation Cooperative Franchise

Assignment

Describe a business with which you are familiar

Include: Purpose (profit or non-profit) Size Ownership type Describe the goods/services it provides