Business in the U.S. Economy NOTES

U.S. Businesses & The Economy Public and privately owned companies contribute to the U.S. $16 TRILLION GDP Size of U.S. Businesses Most businesses in the U.S. are small businesses! Roles of U.S. Businesses Make & distribute goods and services Employ millions of people Pay taxes Impact on a Community New businesses can add jobs and increase the demand for local products and services

Business Activities Business Activities Generate Ideas Raise Capital Employ & Train Employees Buy Goods & Services Market Goods & Services Maintain Business Records All businesses in the United States, no matter how BIG or small, will perform these 6 activities

Types of Businesses Service Businesses Businesses that offer something intangible and can assist retailers, intermediaries, and producers. Web Designers Travel Agents Painters Retailers Businesses involved with the direct sale of products to consumers and other business. Focus on distribution and selling. Wholesalers Retail Stores Intermediaries Businesses involved in the processing of goods/services from producers to other businesses. Transportation Companies Storages Centers Sales Offices / Agents Data Processing Centers Producers Create products and services used by individuals and other businesses. Extractors Farmers Manufacturers

ASSIGNMENT Select a product that involves all of the types of businesses in its production and marketing. Create a illustration (hand draw, Word, or PowerPoint) that shows each business and its role in the production and sale of the product. Title your illustration and label the various businesses involved.

Example Ford Truck Producers Intermediaries Retailers Steel, Tire, Glass, Plastic, and Auto Manufacturers Intermediaries Sales Agents for producers and dealers that negotiate price and quantities or parts and equipment Retailers Dealerships and Individuals who sale the product to consumers