Module 2: What is a Business?

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What is a Business?:

What is a Business? Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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People have needs and wants . Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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need A nything a person must have to stay alive. Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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want A nything that is not needed for survival. Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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People exchange money for the things they need and want through businesses . Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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businesses Organizations that provide for people’s needs and wants by producing goods and services Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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good A nything physical that can be bought and sold. Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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service A nything non-physical that can be bought. Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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Businesses sell goods and services to consumers and producers . Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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consumers Customers who will use a good or service for personal needs producers Customers who will use a good or service to make another good or service

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Why it matters… A business will only be able to sell a good or service if it has the right product at the right time at the right price. Customers will only buy what they can afford. So, businesses have to know their customers’ level of income to decide what to sell and what price to charge. Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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