3. Understand what a business is and why they exist Understand businesses as systems Understand the basic characteristics of systems Understand different forms of business ownership Understand advantages and disadvantages of different forms of business ownership LESSON 1 Objectives

4. Advanced Organizer Question Before you begin, take a moment to write down the reasons that you think business exists.

6. Business Defined Businesses are organizations that take in resources and increase values of those resources for customers at a profit

7. Operate much like business Can exist if revenue and cost are equal Social objectives rather then profit Non-Profit Organizations

8. Would you consider the local telephone company to be a business? Yes No Review Questions