1. Types of Businesses
Producers
Intermediaries
Service Businesses

2. Producers
Create the products and services used by individuals and other businesses
Extractor
A business that takes resources from nature for direct consumption or for use in developing consumption or for use in developing other products
Examples: Pump Oil, Mine Coal, Cut Timber

3. Producers
Farmers cultivate land and use other natural resources to grow crops and livestock for compensation.
Manufacturers get supplies from other producers and convert them into products.

4. Intermediaries
Businesses involved in selling the goods and services of producers to consumers and other businesses
Retailers and wholesalers
Most specialize - Transportation companies, advertising agencies, storage centers, data processing centers

5. Service Businesses They offer something that is intangible
Carries out activities that are consumed by its customers
Does not offer products to sell
Examples?
Dentists
Lawyers
Painters

6. Pass the pen - P – Producer I – Intermediaries S – Service Business
Can a company be more than one?

7. Handout – July Employment
In which industries is employment growing?
In which industries is employment shrinking?
Which of the PIS is growing the most according to the charts?
Why do you think it is growing?

8. Which is the fastest growing business?
Producers
Intermediaries
Service Businesses
Over 60% of all US Employment is in service businesses