Module 2: What is a Business?

What is a Business? : 

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

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

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

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want Anything 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 Anything physical that can be bought and sold. Images from Microsoft Clipart © 2010 Mumina Abdullah EDTECH 512

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service Anything 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 consumersand 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