Chapter 1 - Introduction to Business

- Business is to meet the needs and wants of customers

1. providing goods and services to the people
2. providing jobs for the people
3. contributing to the wealth of the country

Competition , All businesses face competition.
Businesses compete with one another for
customers. Competition can be direct or indirect.

Businesses are challenged by the competition and trends in the businesses environment, Businesses should not ignore these competitors and trends as they may affect the businesses' ability to attract customers.

Goods are things that are tangible,
can be seen and touched.

Services are things that are intangible,
cannot be seen and touched.

Goods-Producing Businesses

Service-Providing Businesses

Capital refers to buildings, equipment and machinery

Enterprise refers to the ability to see
opportunities and take risks

Land refers to natural resources such as the
sea, forests, minerals, petroleum

Labour refers to the efforts of the people
involved in the production of goods and
services

Businesses use resources to produce goods
and services to satisfy customers' needs and wants.

Floating topic