What is Business?

  • What is a need vs. wants
  • Which is more profitable?
  • What is a fad/trend? – If you were a business owner which would you want?
  1. Businesses produce goods and services in order to satisfy consumer wants and needs
  2. Discussion: Maslow’s Needs
  3. Profit and Not-for-profit organizations

How Do Business Satisfy our Needs and Wants:

  • The Factors of Production – economic resources which businesses use to produce goods and services:
  1. Natural resources
  2. Human resources – physical and mental labour
  3. Capital resources – fixed capital, working capital, money capital
  4. Presentation:Introduction to Business

Assignment:  read 1-2 pages 6-11 complete questions K/U 1 T/I 3