2Today’s Learning Intention Identify what a Good and a Service is and recognise the difference between bothUnderstand what is meant by the terms Durable and Non-Durable
3What is the purpose of a Business? A business exists in order to make money and to do this they must decide whether to sell goods, services or both to their customers.
4Goods and Services Intangible Tangible SERVICE GOOD Is provided for you and you cannot necessarily see or touch it, which makes them…Is something you can see and touch which makes them…IntangibleTangibleGOODSERVICEIn pairs come up with 2 examples of a Good and 2 examples of a Service
5Durable and Non-Durable Goods can be durable or non-durableIn pairs come up with 2 examples of a durable good and 2 examples of a non-durable goodNON-DURABLEDURABLEThese goods only last for a short period of timeThese goods are long lasting
6Now complete Activity 1 in your notes and tasks booklet Once finished, complete the extension activity
7What do we now know...? The difference between a Good and a Service What Durable and Non-Durable means
9Today’s Learning Intention Identifying the differences between Needs and Wants
10NeedsWhat do you REALLY need to survive...? With your partner, agree on 3 things you both think you need in order to survive.
11Needs Wants Needs are items which people cannot live without. These are: Food, Water, Shelter and ClothingWants are unlimited. Each person will have different wants which will change with time.For example: I-pad, Sports Car, Holidays
12Now complete Activity 2 in your notes and tasks booklet Once finished, complete the extension activity
13What do we now know...?The difference between a Need and a Want
15Today’s Learning Intention To highlight factors that make a business successfulUnderstand what is meant by an Entrepreneur
16Someone who is a risk taker and has an idea to create a new product/service then turns it into a successful business.But how do they do this...?An Entrepreneur =
17What makes a Business successful? Enough money to start up the business- this is known as CapitalThe idea (Enterprise) from the entrepreneurLand/premises for setting up the business. Can also include natural resources used by the businessA workforce ( Labour) to start-up the businessCEL
18Now complete Activity 3 in your notes and tasks booklet
19EntrepreneursCan you think of any famous people who may be entrepreneurs...
20Now complete Activity 4 & Activity 5 in your notes and tasks booklet Once finished complete the extension activity on page 11
21What do we now know...? The factors that make a business successful What an Entrepreneur is
23Today’s Learning Intention To extend our knowledge on knowing what Skills and Qualities are
24Last period we were speaking about entrepreneurs... What skills and qualities do you think Simon Cowell has, which have helped him become successful...ConfidentCreativeHard WorkingDeterminedAmbitiousPeople Skills
25Skill Something that we learn to do and become good at e. g Skill Something that we learn to do and become good at e.g. Riding a bikeQualityA word used to describe a person’s personality and characteristics e.g.
26Now complete Activity 6 in your notes and task bookletOnce finished complete the extension activity on page 13
27What do we now know...?What is meant by a skill and examples of skillsWhat is meant by a quality and examples of qualities
29Today’s Learning Intention To extend our knowledge on knowing what different business types are
30Private SectorThis is the sector in which businesses are owned by individuals or groups of people.What aims may they have for their businesses…Aim A.K.A Goal, Target or Objective - something that a business hopes to achieve over a period of time.
31Aims of a Private Sector Business To surviveProvide a good quality product/serviceMaximise salesAims of a Private Sector BusinessMaximise profitTo grow
32Private Sector Sole Trader Someone who starts up a business on their own is a sole trader.It is owned, controlled and financed by one person.Example:PartnershipThis is a business set up and run by 2 or more people.It is owned, controlled and financed by the partners.Between 2-20 people can be included in the partnership agreement.Example:
33Now complete the following activities in your notes and tasks booklet: Activity 7Activity 8Activity 9
34What do we now know…? What is meant by the Private Sector What the aims of businesses that are within this sectorThe difference between a Sole Trader and a Partnership