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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 on what a business is and why businesses exist. We're going to explore the basics of why businesses are important and how they operate. Let's get started!
What is a Business?A business is an organisation that provides goods or services to customers. Businesses aim to meet people's needs and wants. They exist to create products, provide services, and solve problems.
Quick check: Which of the following is a main purpose of a business?
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Why Do Businesses Exist?Businesses exist to fulfil opportunities, meet needs, and satisfy wants. They also help generate income for owners and employees, contribute to the economy, and solve problems for customers.
A business exists to provide {{blank0}} or {{blank1}} to meet customer needs.
Start the lesson to answer this fill in the blank question
Types of BusinessesThere are different types of businesses based on their ownership and structure. These include sole traders, partnerships, limited companies (Ltd), public limited companies (Plc), and not-for-profit organisations. Each has unique characteristics and ways of operating.
Match the items on the left with their correct pairs on the right
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Business Aims and ObjectivesBusinesses set aims and objectives to guide their activities. Common aims include making profit, achieving growth, maintaining survival, increasing market share, and ensuring customer satisfaction. Ethical behaviour and sustainability are also important to many businesses.
Which of the following are common aims of businesses? (Select all that apply)
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Review Time!You've learned about what businesses are, why they exist, and their different types and aims. Let's test your understanding with a few more questions.
What is the main purpose of a not-for-profit organisation?
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Match the items on the left with their correct pairs on the right
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A business aims to increase its {{blank0}} by selling products to more customers.
Start the lesson to answer this fill in the blank question
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