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Learn: Purpose of Business
AQA GCSE Business 8132
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Welcome!Today, we're diving into the purpose of business. We'll explore why businesses exist and how they meet our needs and wants. Let's get started!
What is the Purpose of Business?A business exists to produce goods (physical items like clothes) or services (actions like haircuts). The main goal is to meet people's needs (essential items like food) and wants (non-essential items like games).
Quick check: What does a business produce?
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Needs vs WantsNeeds are things we must have to survive, such as food or shelter. Wants are items we desire but can live without, like designer clothes or video games.
A business fulfils our {{blank0}} by providing {{blank1}} and services.
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How Businesses Meet Needs and WantsBusinesses identify opportunities in the market to create products or services that people value. For example, a bakery provides bread (a need) and cakes (a want). By doing this, they fulfil customer demands and earn revenue.
Match the items on the left with their correct pairs on the right
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Review Time!Great work so far! You've learned about the purpose of business, the difference between needs and wants, and how businesses meet these demands. Let's test your understanding with a few questions.
Which of the following are examples of needs? (Select all that apply)
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What is the main purpose of a business?
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A {{blank0}} is something you must have to survive, while a {{blank1}} is something you would like to have.
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