1. What is Business ?

2. Business

3. What is Business ?
Business exists to satisfy consumers needs and wants, by producing goods and services. These goods and services are produced and then sold in an attempt to make profit.

4. What are we going to Learn today?
We will be able to define the following terms :
Business,
Needs and Wants and
Opportunity Cost
We will do this by :
Discussion, and Worksheet Activity

5. Needs
Wants
&

6. What would you
like to have?
In pairs write a list of all the things you would like to have, then decide if they are Needs or Wants.

7. Wants
What would you
like to have?

8. Needs

9. Task 1
Read through the following slide, copy down the sentences and based on what we have discussed already try and fill in the gaps

10. Business exists to meet our _ _ _ _ _ and _ _ _ _ _ by producing _ _ _ _ _ and _ _ _ _ _ _ _ .
They must have the right _ _ _ _ _ _ _ at the right _ _ _ _ _ .
This has introduced the idea of _ _ _ _ _.
We cannot always satisfy all our _ _ _ _ _ and _ _ _ _ _ .
In order to have one thing, we must _ _ _ _ _ _ something else.

11. services
needs
product up
Need some help ?
wants
give
goods
money
price

12. They must have the right _ _ _ _ _ _ _ at the right _ _ _ _ _ .
Business exists to meet our _ _ _ _ _ and _ _ _ _ _ by producing _ _ _ _ _ and _ _ _ _ _ _ _ .
n e e d s
w a n t s
g o o d s
s e r v I c e s
They must have the right _ _ _ _ _ _ _ at the right _ _ _ _ _ .
p r o d u c t
p r I c e
This has introduced the idea of _ _ _ _ _.
mo n e y
We cannot always satisfy all our _ _ _ _ _ and _ _ _ _ _ .
n e e d s
w a n t s
In order to have one thing, we must _ _ _ _ _ _ something else.
g I v e
u p
This is what is called the OPPORTUNITY COST

13. "The Economic Problem" To Buy Or Not To Buy That Is The Question
We can’t always have everything we want. Sometimes we have to make a choice. This is known as “OPPORTUNITY COST : the next best option we could have chosen instead.

14. Sue receives £10 pocket money
Sue receives £10 pocket money. She wants to go to the cinema and ice-skating at the weekend. By the end of the week she only has £3.50 left. She has decided to go to the cinema as the film finishes next week.
Sue’s wants are: ___________________________________
The limiting factor is:________________________________
The Opportunity Cost of going to the cinema is: ___________
In the same way as individuals are forced to make choices due to scarce resources, businesses and governments also have to make decisions.