A business can be started by an individual or group to meet customer needs and wants. It provides goods and services to generate wealth and jobs. There are two main types of business - goods producing businesses that make tangible products using resources like land, labor, capital and enterprise, and service businesses that provide intangible experiences by interacting with customers. The main resources needed by all businesses are limited, so they must find the most profitable ways to use them, such as choosing to make bread over more expensive cakes.

2. A business can be set up by an individual or a group of people.
Video: http://www.youtube.com/watch?v=vQMVXHftb-I
Why?
To meet needs and wants of customers.

3. http://www.womenlines.com/entrepreneur-of-the-month-suria-mohd/

4. $ Providing goods and services to the people
$ Contribute to the wealth of the country
$ Provide Jobs for people
Business
Goods
& Services
Wealth
Jobs

5. $ Goods Producing
$ Service

6. $ Produce goods that can be seen and touched.
$ Produce goods with the use of machines and /or labour
Examples :
Creative Technology Ltd (manufacturer of sound cards
for computers),Building and Construction.

8. Produce services that cannot be seen or touched but can be
experienced.
Services are performed when sellers interact with customers
Such as:
• Retail - Tangs
• Education - ITE
• Travel & Tourism – Travel Companies

10. Resources are needed for a business to produce goods &
services.
4 main groups of resources:
• Land
• Labour
• Capital
• Enterprise

11. Natural resource such as
• Rivers
• Forests
• minerals and
• Oil
Land is needed to grow crops or build factories to
produce goods to meet customers’ needs and wants.

12. Labour is the effort of
people involve in
producing goods and services.
Examples:
• chefs
• bus drivers
• tour guides

13. Capital refers to buildings, equipment & machinery used to
manufacture goods & services.

14. Enterprise refers to the use of business resources to produce
goods and services and earn profits.
Entrepreneur is a person who takes risks to start and run his
own business. But it has to be calculated risk.

15. Cannot produce enough goods and services for customers.
Why?
• Customers needs and wants are unlimited.
• Resources are limited.
• Businesses have to find other resources to bring them the
most profit.
Example: Baking Cakes Versus Baking Bread

16. Ingredients for Cakes
Total Cost: $20
Ingredients for Bread
Total Cost: $8
As the manufacturer, I would make bread because it costs cheaper.

17. Same business by selling the same or similar products.

18. Business that sells products that satisfy the same
needs of customers as the competitor BUT the
products fall under different categories.
VS.

20. Brainscape URL:
https://www.brainscape.com/study?pack_id=27713
04
Games:
http://www.kongregate.com/games/EdgebeeStudios
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