Good afternoon! Please start by setting up a Gmail account if you don't already have one. Start with the warm up questions and answer them to the best of your ability (no need to Google or use a text).  After you have answered them you can start with the textbook questions. If we have time I have an activity for us to enjoy.

What is Business?

Warm Up: Make a list of businesses you shop at regularly. Do they have anything in common? What are the main differences?

What is the difference between needs and wants? What are some examples of each?

Instructions: Read pages 5-8 in The World of Business and answer the following questions.

1. What is the purpose of a business?

2. What is the formal definition of business?

3. What are the 4 informal ways businesses can be identified? What is an example of each?

4. How do we define an entrepreneurs? What are some characteristics of a successful entrepreneur? What are some characteristics of an unsuccessful entrepreneur?

5. What is the definition of a need? What is a want? Are your definitions and examples consistent with the textbook?

6. What is the difference between a good and a service?

7. What is a non-for-profit? What type of work do they normally do?

8. a) What do we mean by the term co-branding? What are some of the benefits of co-branding? Besides Home Depot and Harvey’s what are some other businesses that benefit from co-branding?

b) Do you think more companies will co-brand in the future? Why?

9.  a) Explain the difference between essential goods and services and luxury goods and services. What are some services you think are luxuries?

b) Would you rather own an essential goods or services business or a luxury goods or services businesses. Provide reasons for decision.

10.  What are factors of production? (3 factors)

11. Explain the difference between a producer and a consumer? Can a business or a person be both?