What is a Business?
What is a business?
An organization or activity that provides goods or services to customers.
What is a good?
A physical product you can touch.
Which sector includes farming, fishing, and oil extraction?
Primary sector.
What is an entrepreneur?
A person who starts or runs a business.
What is a need?
Something necessary for living or functioning.
Why do businesses exist?
To meet needs and wants and usually to make profit.
What is a service?
An action or help provided to customers.
Which sector makes or manufactures products?
Secondary sector.
Name one trait of an entrepreneur.
Creative, risk-taking, problem-solving, confident, resilient, hardworking.
What is a want?
Something people would like to have but can live without.
What is a customer?
A person who buys or uses a good or service.
Is a haircut a good or a service?
Service.
Which sector provides services to customers?
Tertiary sector.
Why do entrepreneurs take risks?
To try new ideas and create business opportunities.
Is water a need or a want?
Need.
Give one example of a business you use in daily life.
supermarket, restaurant, Talabat, Starbucks, Apple, etc.
Is a restaurant a good, service, or both?
Both, because it provides food and service.
Which sector includes technology, data, research, and information?
Quaternary sector.
Give one example of an entrepreneur.
Answers may vary.
Is a designer bag a need or a want?
Want.
Explain how a business can solve a problem for customers.
By providing a product or service that makes life easier or meets a need/want.
Give one business that provides both goods and services.
Restaurant, café, Apple Store, car wash with products, etc.
Put this chain in order: supermarket, farm, chocolate factory, market research.
Farm → chocolate factory → supermarket → market research.
Why is problem-solving important for entrepreneurs?
Because they need to fix challenges, meet customer needs, and improve their business.
Why do businesses study customer needs and wants?
To create products or services that customers will buy.