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