1. BellWork
Businesses make profits by providing goods and services that satisfy consumers’ wants and needs. Use the table to answer the following question. A check mark indicates the characteristics of each type of business
Goods
Services
Want
Need
Public
Private
Restaurant
Grocery Store
Post Office
Hair Salon
Discount Clothing Store
Movie Theater
Electric Company
If your money is limited, in which of the businesses are you going to spend your money. Explain your answer.

3. Objectives
Explain how profit and competition motivate businesses.
List the activities businesses undertake when developing products and services.
Explain how business impacts you and how you impact business.

4. The Main Idea
Businesses seek profit by providing goods and services in exchange for money. Companies thrive on competition, the contest between businesses to win customers. Competition and profit motivate businesses to continually strive to find new ways to satisfy customers.

5. Key Concepts
How to Define Business
Business Activities
Business and You

6. Key Terms
any commercial activity that seeks profit by providing good and services in exchange for money
business
the money left over after a business has paid the cost of providing its goods and services
profit

7. Key Terms
the contest between businesses to win customers
competition
the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market
market research

8. Key Terms
consumer
a person who uses goods or services

9. Your wants and needs are usually satisfied by a business.
How to Define Business
Your wants and needs are usually satisfied by a business.
business
any commercial activity that seeks profit by providing goods and services to others in exchange for money

10. Businesses seek to make a profit.
How to Define Business
Businesses seek to make a profit.
profit
the money left over after a business has paid the cost of providing its goods and services

11. How to Define Business
Businesses provide consumers with necessities, such as food, clothing, housing, medical care, and transportation.
Businesses also provide goods and services that make life easier and better.

12. The Motive of Business: To Make a Profit
Without a profit, a company cannot survive.
The wealth created by businesses benefits the entire community because businesses pay taxes and provide jobs.

13. The Significance of Competition
Competition happens when businesses continually try to improve their products and services and do better than one another.
competition
the contest between businesses to win customers

14. The Significance of Competition
Offer quality products
Offer outstanding service
Offer competitive prices

15. Graphic Organizer
The success of a business depends on how well key activities are coordinated, managed, and performed.
Identifying opportunities for products and/or services
Evaluating the demand for products and/or services
Managing the production of goods and/or services
Marketing the goods and/or services
Keeping records to satisfy government requirements and improve processes

16. Some business activities should be supported by market research.
the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market

17. Target Market
A target market is a group of people identified as those most likely to become customers.
Develop a list of shoe stores in your area and the likely target market for each.

18. Businesses make many decisions that impact you, the consumer.
Business and You
Businesses make many decisions that impact you, the consumer.
consumer
a person who uses goods and services

19. Businesses Affect Consumers
Graphic Organizer
Businesses Affect Consumers
Businesses decide what goods and services to produce.
Businesses affect the consumer when a product is discontinued.
Business affects you as a wage earner because they provide jobs.

20. Consumers Also Affect Businesses
Graphic Organizer
Consumers Also Affect Businesses
Consumers decide what kind of goods and services they want.
Consumers decide where they will buy the goods and services they want.
The decisions of consumers can determine the success or failure of a business.

21. Define business
Business is any activity involving the exchange of money for goods and services.

22. List the activities that every business undertakes when developing new products and services.
identify opportunities, evaluate demand, obtain money, manage production, market products, keep records

23. Describe why it is important to understand how business impacts you and how you impact business.
Answer pending.

24. Assignment
You are an assistant manager for a company that makes household appliances. Your manager has asked you to put together a presentation about the activities of business for its new sales associates.
Prepare a presentation that describes all of the activities that businesses undertake in order to sell products and services. Use the internet to find photos that represent all of the activities, and include the photos in your presentation. Also, please have write a one page report explaining this as well. Be prepared to present your presentation.
You will be evaluated on how well you meet the following performance indicators:
Explain the motivations of business
Describe business activities
Discuss how competition impacts the company’s decisions
Prepare a written report

25. Objectives
Explain how profit and competition motivate businesses.
List the activities businesses undertake when developing products and services.
Explain how business impacts you and how you impact business.

26. Exit Ticket
Create a diagram that shows how businesses affect consumers and how consumers affect businesses.

27. End of