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Learn: What a Business Is and Why Businesses Exist
AQA GCSE Business 8132
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Welcome!Welcome to this personalised lesson! Today, we’ll explore what a business is and why businesses exist. Let’s begin with the basics and build your understanding step by step.
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 be small or large, and they exist to fulfil opportunities, solve problems, and improve lives.
Why Do Businesses Exist?Businesses exist for several reasons: to make a profit, provide employment, or meet a social purpose. For example, a bakery exists to sell bread, while a charity exists to help those in need. Businesses also contribute to the economy by creating jobs and providing goods and services.
Quick check: What is the main purpose of a business?
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Goods vs ServicesBusinesses can produce goods, which are physical products like bread or clothes, or services, which are non-physical actions like haircuts or transport. Goods can be stored, while services are usually consumed at the time they are provided.
Match the items on the left with their correct pairs on the right
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Needs and WantsNeeds are essential for survival, like food, water, and shelter. Wants are things we desire, like entertainment or luxury items. Businesses aim to meet both needs and wants depending on their products or services.
A need is something essential for {{blank0}}, like water or food. A want is something people {{blank1}}, like a new phone.
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Which of these is an example of a need?
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Review Time!Great work so far! You've learned what a business is, why businesses exist, and the difference between goods and services. Now, let’s test your understanding with a few questions.
Which of the following are examples of services? (Select all that apply)
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Quick check: What do businesses aim to meet?
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Match the items on the left with their correct pairs on the right
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Businesses produce goods, such as cars, or services, such as {{blank0}}. They aim to meet customer {{blank1}} and wants.
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