Junior Achievement 2.1 “The Business of Business”

Let’s review the terms you learned from the last lesson.  Goods:  Objects that satisfy people’s wants  Services:  Actions that can satisfy people’s wants  Consumer:  A person who purchases a good or service

 Producer:  A person who provides goods or performs services for others.  Business:  A company that makes and/or sells goods or provides services to consumers  Competition:  When two or more businesses try to win the same customers  Mission Statement:  A brief description of a company’s core purpose

Free Enterprise System

“The greatest power that a person possesses is the power to choose.” - J. Martin Kohe

Do you agree with that statement? Why or why not? Please write your response in your Daily Writing Prompt.

Choice  Making choices plays an important role in the world of business.

But what is “choice”?

Choice is the selection of one alternative instead of another.

What does “alternative” mean?

“Alternative” is an option you have when you make a decision.

Choice is a key element of free enterprise.

Free Enterprise means that people who own businesses can compete with each other to make a profit (money).

The “free” part means that our government can’t make too many laws to limit the freedoms of business.

What would happen if people couldn’t start their own businesses?

What are the benefits of choices (what we buy and where we buy it)?

How would our lives change if companies didn’t compete for our business?

How do people benefit from business competition?

How would your life change if you had a job?

What would happen if we no longer had money to spend?

These are questions to consider.