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
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