Chapter 1 - Introduction to Business
pg 13 for whole summary

business is to provide good and services to meet the needs and wants of customers.

providing goods and services to the people
providing jobs for the people
contributing to the wealth of the county

Businesses are challenged by competition and trends un the business environment. Businesses should not ignore there competitors and trends as they may affect the businesses ability to attract customers and carry out business activities.

Being aware of these challenges can help businesses activities to find better ways to attract more customers and satisfy their needs and wants

goods are things that are tangible
they can be seen and touched

services are things that
are intangible- they cannot be
touched or seen, but they can be experienced

goods producing businesses and service-providing businesses

goods producing
produce goods that are tangible
produce goods with the use of resources such as machines and labour

CAPITAL
refers to buildings and equipment
and machinery which are used to produce goods and services. it also includes the money needed to start the business

businesses use available resources to produce
the goods and services that satisfy the needs and wants of customers. they carry out activities such as ordering goods to be sold in stores or hiring waiters to serve guests in restaurants

ENTERPRISE
refers to the ability to see opportunities and take risks in producing goods and services that earn profit for the business. Entrepreneurs are people with an enterprising spirit who start and run their businesses

enterprise capital land labour

produce goods and services

to satisfy customers' needs and wants