Lesson 2: Introduction to Business PDF

INTRODUCTION IN BUSINESS 2ND QUARTER IN GRADE-9 ENTREPRENEURSHIP PRAYER Look at the picture and Share your insight.  WILLIAM PRIDE, ROBERT HUGHES, AND JACK KAPOOR  Business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society...

INTRODUCTION IN BUSINESS 2ND QUARTER IN GRADE-9 ENTREPRENEURSHIP PRAYER Look at the picture and Share your insight.  WILLIAM PRIDE, ROBERT HUGHES, AND JACK KAPOOR  Business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs.  NEEDS VS. WANTS Needs  Wants an item  an item not necessary necessary for for survival but which adds pleasure and survival comfort to life Examples?  Examples?  MASLOW’S HIERARCHY OF NEEDS  According to Maslow, we have five categories of needs: physiological, safety, love, esteem, and self- actualization.  In this theory, higher needs in the hierarchy begin to emerge when people feel they have sufficiently satisfied the previous need.  According to those who study needs and use this pyramid, less than 1% of us reach the top of this pyramid. FOUR(4) TYPES OF BUSINESS GOALS  Profit Goal  Service Goal  Social Goal  Growth Goal  Three(3) key characteristics of the business First, businesses must be Second, businesses Third, businesses the result of individuals working together in an must satisfy a societal must seek to make a organized way. need. profit. THREE(3) MAJOR ACTIVITIES OF BUSINESS TYPES OF BUSINESSES  INDUSTRY  A group of businesses that all produce similar products is called an industry Example:Automobile manufacturers and automobile parts is the Automobile Industry  Separated into three categories – primary, secondary, and tertiary  DIFFERENT TYPE OF INDUSTRY Those involved in the first stage of development of products Primary Harvest natural resources that are later used to manufacture products Mining, fishing, agriculture, forestry, and oil Industry and gas extraction are all primary industries Large amounts of money is needed for research, equipment and machinery Automation reduces the need for labour  Manufacture raw materials into finished products Gold and silver ores are refined and made into jewellery Secondary Crude oil is refined into machine oil, gasoline, and plastics Industry Wheat is milled into flour and baked into breads and cookies Technology innovations has led to automation with computer assisted design Production is increasing using fewer workers  Provide services to consumers and other businesses Often involves selling or using products produced Tertiary by secondary industries Tertiary industries are rapidly expanding creating job opportunities in service occupations Industry Due to advances in technology (including electronics, communications, and computer science and aerospace), an aging population, busy consumers with less free time, and consumer demand for higher quality services  GOODS AND SERVICES  Businesses provide the goods and services to satisfy the needs and wants people have in their everyday lives.  Goods [tangible items]  Services [intangible ]  Some services are unpaid, such as those provided by volunteers doing community service work... Including you {40 community service hours} CONCLUSION Who would like to share his or her conclusion for todays lesson? QUESTIONS AND CLARIFICATION…