The role of businesses in society

Question 1

Businesses exist to…

Answer 1

1. • provide a good / service to satisfy human needs and wants
2. • make a profit (for the owner)
3. • fill a gap in the market
4. • allow the business person to be their own boss

Question 2

What is a need?

Answer 2

• things we must have to survive, such as water, food and shelter.

Question 3

What are wants?

Answer 3

• these are things that we currently do not have, but would like to have.

Question 4

What are goods?

Answer 4

• they’re tangible ie. an object of some sort that we can buy. You can normally feel, see and touch it.

Question 5

What are services?

Answer 5

• they’re intangible ie. something a business does for you. e.g a hairdresser gives you a haircut (hairdressers provide this service)