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Learn: What a Business Is and Why Businesses Exist
AQA GCSE Business 8132
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Welcome!Welcome to today's lesson! We're going to explore what a business is and why businesses exist. By the end of this lesson, you'll have a clear understanding of the purpose of businesses and their role in society. Let's get started!
What is a Business?A business is an organisation that produces goods or provides services to meet the needs and wants of customers. Businesses can range from small, local shops to large multinational corporations. They exist to solve problems, create value, and make a profit.
What is the main purpose of a business?
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Why Do Businesses Exist?Businesses exist to meet the needs and wants of individuals and society. Needs are essential items such as food, water, and shelter, while wants are non-essential items like holidays or luxury goods. By fulfilling these, businesses create value and contribute to economic growth.
Which of these are common reasons businesses exist? (Select all that apply)
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Goods and ServicesBusinesses produce two main types of outputs: goods and services. Goods are physical products like clothing or electronics, while services are activities performed for customers, like hairdressing or car repair.
Goods are {{blank0}} items, while services are activities performed {{blank1}} customers.
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Examples of BusinessesLet's look at some examples of businesses and what they produce:
Match the items on the left with their correct pairs on the right
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Why Are Businesses Important?Businesses play a vital role in society. They create jobs, provide products and services, and help improve living standards. They also contribute to the economy by paying taxes and encouraging innovation.
What is one way businesses benefit society?
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Review Time!Great work! You've learned about what a business is, why they exist, and their role in society. Let's test your understanding with some final questions.
What is the difference between needs and wants?
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A {{blank0}} produces goods or services to meet customer {{blank1}}.
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Match the items on the left with their correct pairs on the right
Start the lesson to answer this matching question
Well Done!You've completed the lesson on what a business is and why businesses exist. Keep practising to strengthen your knowledge!
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