- 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?
- Businesses produce goods and services in order to satisfy consumer wants and needs
- Discussion: Maslow’s Needs
- 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:
- Natural resources
- Human resources – physical and mental labour
- Capital resources – fixed capital, working capital, money capital
- Presentation:Introduction to Business
Assignment: read 1-2 pages 6-11 complete questions K/U 1 T/I 3