BBI 2 O Exploring Business Business A Definition

BBI 2 O Exploring Business…

Business: A Definition n 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 n Needs ¡ ¡ n 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 n Goods ¡ n 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. n cannot be touched.

Examples? n n What are some goods you might buy? What about services you might use?

Essentials vs. Luxuries n Essential Goods and Services are necessary for survival ¡ n What are some examples of each? Luxury Goods and Services are not necessary for survival ¡ What are some examples of each?

Activity n 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 n n 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? n n Profit and Non-Profit Large and Small Goods and Services Form of ownership ¡ ¡ ¡ Sole proprietorship Partnership Corporation Cooperative Franchise

Assignment n n Describe a business with which you are familiar Include: ¡ ¡ Purpose (profit or non-profit) Size Ownership type Describe the goods/services it provides

Maslow’s Hierarchy of Needs Self. Actualisation Morality, creativity, Spontaneity, Acceptance, Experience purpose, Meaning and inner potential Self-Esteem Needs Confidence, achievements, respect of others, connection and need for individuality Love and Belongingness Needs Friends, Family, Intimacy and Connection Safety and Security Needs Health, employment, Property, Family, Stability Physiological Needs Air, Food, Water, Shelter, Clothing and Sleep