Chapter 1 - Introduction to Business pg 13 for whole summary

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Chapter 1 - Introduction to Business pg 13 for whole summary

Chapter Summary

enterprise capital land labour

produce goods and services

to satisfy customers' needs and wants

Resources for Business Activities

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

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

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

Types of Businesses

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

goods producing businesses and service-providing businesses

Goods and Services

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

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

Changing Business Environment

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

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.

What is a business?

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

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