This document provides an introduction to business concepts and the learner's role in business. It discusses that businesses provide goods and services to satisfy wants and needs. As a consumer, the learner influences businesses through purchasing decisions and businesses can also impact choices. The document outlines that the learner will take on roles as a consumer, wage earner, and citizen in relation to business. When planning a career, the learner should consider their skills, the job market, personality, and interests.

1. BUSINESS IN
TODAY’S WORLD
INTRODUCTIONTO BUSINESS
Chapter 1

2. Learning Objectives
• Explain the difference between wants and needs
• Discuss what businesses do to provide goods and services
• Describe some steps in planning for a career
• Identify some jobs and skills in business and financial operations
• Explain the steps in decision making

3. Business terms
• wants
• needs
• goods
• services
• resource
• opportunity cost
• business
• ability
• aptitude
• career clusters

4. You and the BusinessWorld
• Business affects you and you affect business.
• You might not have thought about it much before, but you have already made
countless business decisions.
• As a consumer, you evaluate the cost and value of products, and you buy some.
• Your family makes decisions about where to live, and when and how to purchase
food and clothing.

5. Your Role as a Consumer
• You have a certain power as a consumer.
• When you buy a certain good or service, you are supporting the company that
produces it.You are basically sending a message to the company that you like its
product.
• You and other consumers are responsible for the company’s success or failure.The
business decision taken by you has benefited the business.
• What happens if you like a product, but not many others want it?

6. Your Role as a Consumer
• If only a few consumers purchase a product that you happen to like, the company
will eventually stop making it.
• In this case, the business decision taken by the business affects your choices.
• What if the owners of a store decide to move to a different location? Does that also
affect your choices?

7. Your Role As aWage Earner
• If you have a part-time job, or if you make and sell a product, then you are already
familiar with the world of work and earning a wage.
• Your work responsibilities will grow as you grow older, and so will the challenges.
• To develop your career, you need to consider what you would like to contribute
and what you would like to gain.
• What would you like to contribute to and gain from your work?

8. Your Role As aWage Earner
• Some people work to gain recognition, respect, or money.
• Others work to help others and to make a living.
• The kind of lifestyle you would like to have will be a factor as you enter the
workforce: what you can afford to buy will be tied directly to how much you earn.
• To make decisions about your future, you will need to consider at least four
factors: your skills, the job market, your personality, your interests

9. Your Role As a Citizen
• Business is largely affected by policies.
• For example, stricter environmental laws may increase costs for some businesses.
• As a citizen, you want to push for policies which ensure that your work can satisfy
your values and your goals.

10. End of Section 4

11. Quiz Check
• What are four factors to consider when making decisions about a future career?
• What three roles will you assume in the business world?