Business Basics
What is a Business?
An organisation that produces or provides:
Such as....
An organisation that produces or provides:
- Goods (Tangible – You can touch it)
- and/or Services (Intangible)
Such as....
But what's the point?
Think of everything you own. What do you actually need – no, I mean really need – to live?
In business we say that firms exist to satisfy consumers 'Needs and Wants'.
Businesses do this first to survive and then in the hope of making a profit.
Discuss the following pictures in your group. Are they Needs or Wants (or both, you decide).
Think of everything you own. What do you actually need – no, I mean really need – to live?
In business we say that firms exist to satisfy consumers 'Needs and Wants'.
Businesses do this first to survive and then in the hope of making a profit.
Discuss the following pictures in your group. Are they Needs or Wants (or both, you decide).
So, how did you do? Needs are basically things that we NEED to survive. So, we're talking about:
'Wants' are basically everything else, like computers, phones, straighteners (girls, you do NOT need straighteners to survive!). The clever thing in business is that companies convince us that we actually need a want, like with phones. I even take mine to the toilet with me! Don't look disgusted - I bet you do too!
- Food
- Water
- Shelter
- Basic clothing
- Warmth
'Wants' are basically everything else, like computers, phones, straighteners (girls, you do NOT need straighteners to survive!). The clever thing in business is that companies convince us that we actually need a want, like with phones. I even take mine to the toilet with me! Don't look disgusted - I bet you do too!