Why Do Businesses Exist?

Question 1

Why do businesses exist?

Answer 1

• Supplier of goods and services
• impact on the country and its residents
• the transformation process
• B2C
  -B2B
• sectors

Question 2

Why are businesses considered suppliers of goods and services?

Answer 2

Businesses supply goods and services to consumers and businesses.
Goods are tangible products which can he physically held.
Services are intangible products.

Question 3

How do businesses impact the country and its residents?

Answer 3

• businesses provide employment which allows individuals to earn an income and purchase goods and services (e.g. In 2019, Tescos employed around 300,000 staff.)
  -Businesses create new goods and services which can enhance the lives of consumers.
  -Businesses can allow a country to improve and develop the country’s reputation.