1. What is a Business?
Give it a shot….

2. Business
The production and/or sale of goods or services to satisfy the needs, wants and demands of consumers with the purpose of making a profit.

3. For Profit
An organization that produces or sells goods or services to meet needs, wants and demands of customers with the purpose of making a profit.
Profit means ………

4. For Profit
Profit: income left after all costs and expenses have been paid Revenue: money earned from the sale of goods or services Expenses: expenditures involved in running a business (ie. Wages, utility bills) Similarly costs are money spent for materials.

5. Thus…
REVENUE - EXPENSES = PROFIT (OR LOSS) Solvency: Having the ability to pay your debts and meet financial obligations SOLVENT????

6. Non-Profit
An charitable organization that does not seek profit as its primary motive, but instead raises funds for a specific goal.

7. Not-for-Profit Organization
An organization (often a charity) that doess not seek to make a profit from the operations of a business.
Exists to meet the needs of its members and may distribute “profit” back to members
Ex. Credit Union
Co-Operative: an independent association of persons who come together to meet their economic, social and cultural needs and goals. (A jointly owned business)