This document provides an introduction to business activity. It defines key terms like needs, wants, scarcity, and the different types of business organizations. It explains that needs are things required for survival, while wants are desires that are not necessary. Scarcity means resources are limited. There are three main types of enterprises - private, public, and non-profit. Private businesses aim to make a profit, public enterprises provide services, and non-profits serve communities without earning profits. The document also discusses demand, factors of production, and the concept of added value.