1. Objective: Understand the purpose of business Purpose of Business

2.   A business is a legal entity that is set-up or designed to make goods, sell goods, or provide a service. What is a business

3.   Businesses fulfill the needs and wants of consumers.  Consumers use goods and services  Customers purchase goods and services  Businesses sell or provide goods, services or both to consumers  Goods—clothing, cars, computers, CDs, *public services*  Services—hairdresser, dry cleaner, lawn care, babysitting, *public services* Purpose of Business

4.   Profit motive—desire to make money; see the opportunity to make money in the marketplace.  Opportunity to meet wants and needs of consumers  Opportunity to increase competition in the marketplace  Businesses are investment opportunities for individuals—future income Motivation to start a business

5.   Go to the class website and open the vocabulary document. Follow the instructions to complete the vocabulary for this section. Assignment